Somalia has launched a new taxation system targeting transactions conducted via mobile money transfers, e-wallets, and other electronic payment methods.
This initiative aims to broaden the tax base and generate additional revenue, as mobile money has become a significant part of the country’s economy.
Approximately 155 million transactions, worth $2.7 billion or 36% of the GDP, are recorded monthly, indicating the extensive use of mobile money services in Somalia.
The new taxation system is part of a broader effort to regulate and oversee the rapidly growing mobile money sector, ensuring financial stability and inclusion.
This step is expected to help address issues related to consumer protection, regulatory oversight, and the security of mobile money services.
