The Role of Mobile Money for Socio-economic Development of Mogadisho, Somalia

Abstract

This study is mainly aimed at identifying the role of Mobile Money for the socio-economic development of household income and financial security in Mogadishu, Somalia since mobile money has a positive effect on the standard living of the society and generally of the nation. Two hundred fifty respondents were selected from the different groups in the society who used mobile money as their daily life using purposive techniques. A self-administered questionnaire was used for collecting primary data and a literature review is made to gather secondary data. The study has found that mobile money has a positive effect on socio-economic development. Because mobile money is a source in which households got income from their relative as remittance that increases the modern living of the households. The Mobile payments facilities are: to pay any kind of bills such as agriculture production, education purpose, transportation and health sector. Moreover, the research has found out mobile money has a positive effect on women’s investment in the Micro-finance system and poverty alleviation.