Somalia: E-Dahab Complies With Somaliland Govt Regulations on Money Transfer
The new regulation bars also mobile payment companies from providing foreign exchange services through the mobile payment systems.
The regulation is intended to stabilize the exchange rate of Somaliland currency to US dollars and to eliminate use of dollars as a functional currency in the local economy.
It is also further aimed at reducing rising inflation in the country.
The Central Bank of Somaliland has already confirmed the new regulation which it says its for the good of the country's economy.
E-Dahab mobile payment, owned by leading international money transfer company Dahabshiil said it will comply with and implement these regulations; and will continue to serve its mobile payment customers by providing convenient mobile payment services that will allow making payments under $100 in Somaliland Shillings.
"Our mission and vision remains to serve our clients to the best of our ability through eDahab. We will continue to support local independent foreign exchange providers," Dahabshiil Chief Executive Officer Abdirashid Duale said.
"E-Dahab mobile payment application will not offer foreign exchange services to customers," he added.
Customers who want to deposit money or keep US dollars of above 100 US dollars through eDahab will still be allowed to do so.
The new regulation will help Somaliland to keep up with countries at the forefront of mobile payment like Kenya and Uganda, who offer these services in their national currencies. In Kenya for instance MPesa only deals with Kenya shillings.
eDahab has revolutionized money transfer and remittance market in the horn of Africa.
Through E-Dahab, you can deposit or withdraw money without having to set foot in the bank.
E-Dahab money transfer is one of the success stories in the horn of Africa. It permits customers to upload funds to their mobile devices and use the credit to pay for purchases and send money to individuals in other countries through telecommunication provider, Somtel.