Mogadishu (Dawan Africa) – MyBank has officially announced that its customers can now access their bank accounts via Waafi, the all-in-one e-wallet app operated by Hormuud Telecom. The integration, announced on Thursday, connects MyBank services to Waafi’s more than Two million active users across Somalia—a significant expansion in digital reach.
The development stems from a formal agreement signed in October 2024 during the Somali Winners Conference, where MyBank and Hormuud committed to interlinking their banking and digital payment systems. This makes MyBank the first fully licensed commercial bank outside Hormuud’s corporate portfolio to integrate directly with the Waafi app.
The collaboration enables MyBank customers to perform a wide range of transactions—such as balance inquiries and utility payments—via Waafi without visiting physical branches. This aligns with national efforts to expand financial inclusion, as recent World Bank data shows that fewer than 15% of Somali adults have access to formal banking services.
“The interoperability between financial institutions makes life easier for citizens and plays a vital role in increasing the number of people using formal banking services, which remains very low across the country,” said MyBank CEO Abdulrazak Mohamed Ahmed, to with Dawan Africa.
Waafi, launched by Hormuud Telecom, integrates mobile money, payments, communication, and entertainment services. The app has surpassed one million downloads and processes over 155 million transactions monthly, valued at approximately USD 2.7 billion. Mobile money is ubiquitous in Somalia—with around 87% of the population using mobile money services, though only about 15% hold bank accounts. The mobile penetration rate in the country also exceeds 70%, according to the GSMA.
Founded in 2018, MyBank was established in response to Somalia’s $2.2 billion financial services gap and is licensed by the Central Bank of Somalia. The bank has invested in digital infrastructure and aims to expand nationwide.
The Waafi integration forms part of MyBank’s five-year strategic plan to extend its digital footprint and serve underserved populations through mobile technology.
