DFS Market Assessment, Somalia

2020-02-29 - 2020-05-31

The objective of this study is to perform an assessment of financial inclusion in Somalia and the state of play and potential of digital financial services across Somalia in order to understand the opportunities for digitization of financial transactions in the country.
Through secondary research, KIIs and demand side customer research, the following was achieved in a final report and presentation: Understand the operating environment of banked and unbanked individuals in Somalia; Map the financial services sectors, including banks, microfinance institutions, payment service providers, digital financial service (DFS) providers; Understand the digital financial services operating environment and the key stakeholders; and, Understand the demand for digitally enabled financial services with a focus on money transfers in Somalia Ultimately, help IFC identify potential clients and activities to support in fostering financial inclusion and enabling digital financial services in Somalia