VOICED : Somalia abandons shillings for mobile money transfers

Somalia is at the forefront of mobile money usage, with about a third of adults using their phones for transactions. The Somali shilling's hyperinflation has led to a reliance on the US dollar, prompting innovation in mobile payment platforms like Zada. Despite warnings about inflation, Somalis continue to bypass traditional banking systems using mobile technology.

What percentage of adults in Somalia are using mobile phones for transactions?

• About 1/2

• About 1/3

• About 1/4

• About 3/4

Why is the US dollar a natural choice for mobile money transactions in Somalia?

• Somalis have traditionally used the dollar for transactions.

• The Somali government mandates the use of the dollar.

• The US dollar is the only currency accepted in Somalia.

• The Somali shilling is more valuable than the dollar.

What is a major reason for the high inflation of the Somali shilling?

• Stable economic conditions

• Low inflation rates

• High demand for the shilling

• Excessive printing of currency

Which mobile money platform in Somalia was inspired by Kenya's M-Pesa?

• Zada

• PayPal

• CashApp

• Venmo

What is a potential risk of Somalia's reliance on the US dollar for transactions?

• Decreased inflation rates

• Degradation of the Somali shilling

• Strengthening of local banks

• Increased value of the Somali shilling