Posts

Re-introducing the Somali Shilling in Beledweyne

Where in the world have people abandoned paper money entirely? It is not Silicon Valley and not Singapore but, of all places, Beledweyne, the capital of Hiiraan region of Somalia. Since November 2017, the Somali Shilling has not been used in Beledweyne. Mobile money and hard currency US dollars are the only acceptable modes of payment in the market. Although the understanding and literacy of the majority of the residents in using mobile money is low, the community in Beledweyne have no other option but to use mobile technology and US dollars for daily transactions. The EVC Plus Service of Hormuud Telecommunications Company and E-Dahab of Somtel Telecommunications Company provide the only acceptable electronic money in the city. Read more