Nairobi, Kenya – Somalia’s growing digital finance sector took center stage last week as IBS Bank and its mobile money subsidiary eBesa participated in Seamless East Africa 2025, held at the Kenyatta International Convention Centre (KICC) in Nairobi.
Representing the institution was Mohamed Bashir Osman, Head of Mobile Money at IBS Bank, who contributed to two high-level panel discussions alongside leading voices in regional banking, payments, and fintech.
Bridging Systems and Communities: eBesa’s Role
On Day 1, Mr. Osman joined the panel “The Advancement of Digital Wallets: Enhancing Interoperability, Integrating eCommerce & Empowering SMEs.” He highlighted how eBesa is not just a digital wallet—but a platform for access, trust, and inclusion.
Somalia’s mobile money story is often underreported. With a population of 19 million, the country has achieved 73% mobile money adoption (World Bank, 2017), far outpacing traditional banking which remains below 15% penetration. Driven by necessity and innovation, Somalia’s financial ecosystem leapfrogged the formal banking phase and embraced mobile-first solutions.
Mr. Osman shared how eBesa’s multi-channel platform—delivered via USSD, mobile app, and web—has opened doors for young entrepreneurs, traders, students, and families to access financial tools in real-time. From secure salary payments to group savings and virtual Mastercards, eBesa is enabling people to transact across borders and boundaries with ease.
Day 2: Agility in Action
The following day, Mr. Osman joined a second panel discussion titled “Achieving Agility: POS, SMS, Mobile eCommerce & P2P,” alongside Mr. Hartnell Ndungi, Chief Data Officer at Absa Group, and Ms. Lucy Kiai, Head of Credit—Financial Services at Safaricom PLC, who moderated the conversation.
Drawing from eBesa’s operational experience, Mr. Osman emphasized that agility in digital finance means building for reality—not assumptions. He shared market insights that reflected the unique transaction behaviors and preferences of Somali users:
- USSD dominates, handling 78% of transactions, due to limited smartphone penetration.
- P2P transfers account for half of transaction volume, while salaries and remittances drive another 30%.
- Card-based systems and POS terminals, despite being offered at no cost to merchants, saw limited uptake—underscoring a clear market preference for fee-free mobile transfers.
These insights resonated with peers across the region facing similar infrastructure gaps and connectivity barriers.
Exploring Future Partnerships
In addition to the panels, Mr. Osman met with several technology partners to explore enhancements in wallet infrastructure, remittance settlement, merchant services, and card issuing capabilities.
A particularly insightful exchange took place with Mr. Victor Malu of the Mojaloop Foundation, whose work on open-source interoperability aligns closely with eBesa’s long-term ambition to integrate into broader cross-border financial ecosystems.
A Message from the Team
“What we’re doing at eBesa isn’t just about transactions—it’s about dignity, access, and opportunity. Seamless East Africa showed that Somalia is not behind—it’s forging its own path forward. And others are beginning to notice.”
– Mohamed Bashir Osman, Head of Mobile Money, IBS Bank
IBS Bank remains committed to advancing secure, inclusive, and forward-looking financial solutions that empower individuals, communities, and businesses throughout Somalia and beyond.
