Somalia is a backward country where the youth are suffering from unemployment, but at the same time, more than 60% of the population here consists of youth. These young people have creative minds and despite not having jobs, they find ways to earn money online by learning skills in the digital field.
This is the reason why a significant change has been seen in the digital economy of Somalia. Here, 80% of the people now have mobile phones, and because of this, mobile phones have significantly increased mobile money services such as M-Pesa and Hormuud Telecom. According to a survey, it has been found that the country’s GDP has increased by 3% to 4% through digital technology in Somalia.
This is a field that has nothing to do with the country’s political situation or tribal conflicts. Despite the political instability and conflicts in the country, people use mobile money services and earn employment without facing these challenges sitting at home. And thus, the country’s GDP is also increasing.
Mobile Money and Financial Inclusion in Somalia
Digital technology is being emphasized in Somalia. Attention is being given to the youth to learn skills in digital technology so that those youth who could not get a job despite reading and writing can be able to earn employment in a dignified manner.
The number of youths in Somalia is more than 70% of the total population here. And here 80% of people have mobile phones. This is the reason why the usage of mobile money services like M-Pesa and Hormuud has increased by almost 60% here. And thanks to these mobile money services, Somalia’s GDP has increased by almost 40%.
Youth Empowerment Through Technology and Entrepreneurship
Since Somalia is a backward country that suffers from many serious challenges, unemployment and poverty are high here. There is a lack of jobs due to political instability, conflicts, and terrorism. Here 70% of the total population are only youths and this is the reason why it is necessary to make them skilled to provide employment to these youths. Youth are being empowered through information technology and entrepreneurship.
Attention is also being paid to international capital to promote technology and entrepreneurship in Somalia. Tech. Sectors like industry and e-commerce are increasing by 20% annually. Here, 60% of the population are young children under the age of 25 years for whom technology is paving the way.
Challenges and Opportunities in Somalia’s Digital Infrastructure
Somalia’s digital infrastructure faces many challenges. The biggest challenge here is the lack of easy access to the internet. Of course, 80% of people here have mobile phones, but despite this, only 30% of the population here has access to reliable internet. Due to the non-availability of the Internet, mobile money services are also affected.
Digital technology is the only sector that increases the economy of Somalia by 40%. And this sector will suffer the most challenges, so the economy of the country can suffer a lot. Under international investment, many steps are being taken to provide internet easily here.
Digital technology has significantly increased the economy of Somalia. Employment is being made available to the unemployed youth in Somalia through the digital economy. About 70% of the population in Somalia is based on the youth and empowering them is very important for the future of Somalia.
The digital economy and technology are also facing many challenges. Among these challenges, the biggest challenge is the lack of easy access to the Internet. Steps are also being taken to make the Internet accessible to people through many investment companies.
