Premier Wallet: Banking The Unbanked Population In Somalia

Mohamed Muse Hassan

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78 kali
24.10.169
332.1
Case Studies
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Abdishakur M. Afrah, who served as the Head of Business Development at Premier Bank, oversaw a substantial banking portfolio, which included Premier Wallet – the first digital wallet in Somalia. This case study outlines Premier Wallet’s journey and its transformative impact on the banking sector. Owing to the mobile wallet, consumers could, for the first time, engage in purchasing, withdrawing cash, shopping online and topping up without needing a bank account at Premier Bank. This allowed for the financial inclusion of the unbanked Somali population. This case study also highlights the Wallet Send feature, a disruptive feature that challenged the prevalent Hawala system in Somalia. This feature enabled customers to send money across 110 countries via their smartphones, facilitating direct deposits to the mobile or bank accounts of their family and friends or to cash withdrawal points nearby. Despite these advanced features, Premier Wallet struggled with broader acceptance, hindered by a mere 9% internet penetration, the absence of a national identification (ID) system and stiff competition from WAAFI, a fintech application supported by Hormuud Telecom, Somalia’s leading telecommunications company. The case study also delves into the strategic decisions Afrah had to make to position Premier Wallet as the top mobile money option for consumers in Somalia.

Subjek

BANK
 

Katalog

Premier Wallet: Banking The Unbanked Population In Somalia
ISSN: 2045-0621
10p.: pdf file.; 508 .KB
English

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Pengarang

Mohamed Muse Hassan
Perorangan
 
 

Penerbit

Emerald
New York
2024

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