The use of the internet has made possible for Somalia to move towards being truly cashless economy. in 2018 A World Bank has reported approximately 155 mobile money million transactions, worth of $2.7 billion were recorded in Somalia per month. Needless to say that this was made possible by the use of “internet”. In Somalia mobile money has superseded the use of cash with over 70% of adult Somalis using mobile money services regularly.
More than two thirds of all payments made in Somalia are via mobile money platforms. The mobile money sector is unregulated but the country is recovering from political instability and internationally-backed government has been trying to rebuild its institutions including the banking system and rejoin the global financial system. This will help for the sector to have corresponding banking relations and integrate with the international financial system. It is important to emphasize that the use of the internet is still young and growing in Somalia and Somali Internet Chapter (som-isoc) is working with various technology stake holders in technology communities in Somalia and around the world to improve the digital literacy of young people in Somalia.