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Hormuud Telecom partners with the Federal Government of Somalia’s Ministry of Environment to accelerate climate initiatives
<ul> <li> The Somali Ministry of Environment and Climate Change and Hormuud Telecom enters a Private Public Partnership to accelerate climate action </li> <li> The MoU will see the partners channel international climate finance via the Ministry into green projects in the country </li> <li> The MoU emphasises the role of private sector innovation and investment to support low-carbon growth, climate adaptation, and mitigation efforts </li> </ul> <p> The partnership strengthens the collaboration between parties to channel international climate finance into green projects in-country. <a href="https://www.theeastafrican.co.ke/tea/science-health/somalia-taps-100m-from-un-backed-green-climate-fund-4555906" target="_blank" rel="noopener noreferrer">It comes as the Green Climate Fund (GCF) committed $100m, set to be distributed in 2024.</a> </p> <p> The collaboration also emphasizes the significance of the private sector in providing the technological innovation and investment to support low-carbon growth, climate adaptation, and mitigation efforts, critical to realizing the Government’s Resilience and Recovery Framework. </p> <p> This MoU sets the stage for future green projects that will help Somalia become a renewable powerhouse within the East African Community, harnessing the potential of its annual average <a href="https://www.climate.top/somalia/mogadishu/sunlight/#:~:text=The%20longest%20day%20is%200h,haze%20or%20low%20sun%20intensity." target="_blank" rel="noopener noreferrer">3083 hours of sunshine</a>, and longest coastline in Africa. </p> <h3>H.E Khadija Mohamed Al-Makhzoumi, Somali Minister of Environment and Climate Change said:</h3> <q>We’re committed to building a climate-resilient Somalia – and this is a leap forward. By leveraging the strengths of the private sector and its unrivalled insights into local opportunities for sustainable development, we’re clearing the road ahead to address the pressing climate challenges our nation faces. </q> <p> Somalia and the East African region are on the frontline of climate change. Somalia is rated 185 on the Climate Vulnerability Index, with recurrent years of drought pushing it to the brink of famine in 2023. This was followed by November’s ‘once in a century’ floods, displacing over a million people. With a lack of infrastructure to mitigate climate shocks, government action, backed by the private sector, could not be timelier. </p> <p> Hormuud Telecom and Salaam Somali Bank already play a crucial role in climate adaption. Hormuud Telecom is transitioning its infrastructure to use 100% renewable energy, currently 84% of its equipment currently operates on solar energy. Meanwhile, Salaam Somali Bank financed Somalia’s first solar panel plant, which brought renewable energy prices down by 25%, and launched a livestock insurance programme to mitigate the drought with the World Bank funded project ‘Drive Project’, implemented by ZEP-RE, which has reached over 100,000 pastoralists. </p> <h3> Mr. Shuayb Haji Nur Mohamed, Managing Director of Salaam Somali Bank commented: </h3> <q> Climate finance holds the key to unlocking resilience in a country like Somalia, on the frontlines of the climate crisis, and this MoU essentially puts that key in our hands. As The Banker magazine’s International Islamic Bank of the Year, we’re a trusted pillar of the community, with a deep understanding of the opportunities for investment into innovative, home-grown climate solutions </q> <p> They also plays a role in disaster response. Through the Hormuud Salaam Foundation, it distributed USD $1mil in cash aid to affected communities following the November 2023 floods, and Hormuud Telecom rapidly developed an innovative early warning system, played as the dial tone on customers phones to alert people to the situation as it developed. </p> <h3>Mr. Ahmed Yusuf, CEO of Hormuud Telecom, said:</h3> <q> Sustainability is built into the bricks and mortar of what we do – our operations are driven by creating a better future for Somalis. This partnership allows us to leverage our extensive infrastructure and resources to power Somalia’s climate resilience initiatives and make real strides towards a sustainable tomorrow. </q> <p> The MoU will also raise climate impact awareness and promote climate-resilient practices, including tree planting. Partnerships with research institutions are also planned to enhance knowledge sharing, and to influence climate policy at an EAC regional level. </p> <p> Whilst accessing GCF funds requires further accreditation, this partnership establishes a strong foundation for aligning local efforts with the broader EAC and international climate goals. </p>
Salaam Somali Bank Announces Launch of Visa Prepaid and Debit Cards
<ul> <li>Visa collaboration aims to transform the speed, efficiency, and security of payments across Somalia with the introduction of Prepaid and Debit cards.</li> <li>New product meets the demands of a growing economy.</li> <li>Visa Prepaid cards will help channel Somalia's aid flows to vulnerable communities, promoting financial inclusion for those without a bank account.</li> </ul> <p> The partnership will improve the speed, efficiency, and security of digital payments in Somalia, making it easier for customers and businesses to transact. The Debit card is the first product to be connected to Salaam Somali Bank’s point of service systems, used by businesses throughout the country.The card can also be used at ATMs, and for e-commerce transactions. </p> <p> The launch took place at an event on 13th July, 2024, and was attended by the Governor of the Somali Central Bank and Ministers of Finance, Commerce and Industry. </p> <p> Salaam Somali Bank has onboarded over 80,000 new customers and opened accounts with 40,000 daily transactions through its mobile banking service. By integrating with Visa’s payment structures, the bank can now support similar transactions, giving it the capacity to meet the demand of an economy projected to grow by <a href="https://www.imf.org/en/News/Articles/2024/03/08/pr-2477-somalia-staff-level-agreement-on-the-first-review-of-the-ecf-arrangement#:~:text=On%20the%20back%20of%20these,greater%20remittances%2C%20and%20higher%20investment." target="_blank" rel="noopener noreferrer">3.4% in GDP in 2024</a>. </p> <p> Visa Debit cards will also boost transaction security in the country, by adhering to international security standards and offering the highest protection against fraud with zero liability for unauthorized transactions. </p> <p> By adopting the region’s most popular debit card, the partnership will support trade growth through efficient cross border transactions. The partnership comes just five months after Somalia joined the East African Community – one of Africa’s largest economic areas. </p> <p> Visa Debit cards enable customers to draw funds directly from their account from anywhere in the world, easing mobility and simplifying international business transactions in a country where 76% of the population are entrepreneurs. </p> <p> This initiative is a significant development for <a href="https://civil-protection-humanitarian-aid.ec.europa.eu/where/africa/somalia_en#:~:text=In%202024%2C%20at%20least%206.9,saving%20humanitarian%20and%20protection%20assistance." target="_blank" rel="noopener noreferrer"> the 6.9 million Somalis</a> that require humanitarian assistance. Visa Prepaid cards offer a secure and efficient solution to deliver Somalia's $2billion in annual aid flows directly to vulnerable communities. </p> <p> These pre-loaded cards will enable international NGOs to distribute aid directly to pre-identified beneficiaries. Recipients gain secure access to these funds without needing a bank account, a move that supports financial inclusion in a country where only <a href="https://downloads.unido.org/ot/21/18/21185699/1_UNIDO_MoCI%20Report%20Financial%20Sector_final.pdf" target="_blank" rel="noopener noreferrer">15% have bank accounts</a>. </p> <p> Customers can manage their cards through the dedicated WAAFI app, streamlining the process for INGOs while increasing flexibility and autonomy for beneficiaries through electronic cash aid. </p> <h3>Shuayb Haji Nur Mohamed, Managing Director of Salaam Somali Bank, said: </h3> <q> The launch of our Visa card services is another cornerstone laid. We’ve always been a bank that’s backed entrepreneurs and firmly believe that financial inclusion is the route to economic growth. These services are not just about providing more options; they are about opening doors to global markets and economic participation which will fuel our nation's progress. </q>