The Somali financial sector has grown rapidly in recent years thanks to a vibrant mobile-money market. According to a 2018 World Bank report, while 70% of the adult population used mobile-money services, just 15% had a bank account. Today, Somalia has 13 banking institutions under the supervision of the central bank.
The previous collapse of the formal banking systems paved the way for mobile-money services. In a country plagued with insecurity, mobile money has proven to be both safe and secure.