Somalia leads in mobile money but still wants to print its first cash notes in 25 years

Somalis send $1.4 billion home every year. (Reuters/Feisal Omar)

Somalia leads in mobile money but still wants to print its first cash notes in 25 years

The collapse of the Somali government in 1991 saw the rise of unique political, economic and social outfits, all clambering to fill the void of government institutions. One of them was the emergence of a nonconforming monetary system, controlled by warlords and rogue businessmen, who contracted foreign printers and imported counterfeit money. This left the Somali economy in shambles, largely dependent on dollars for trade, and effectively created a freewheeling “economy without state.” READ MORE

Source: https://qz.com/