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Hormuud Telecom Somalia Inc. is a privately held telecommunications company based in Mogadishu, Somalia.
EVC Plus was first introduced in 2012, it is a unique option to transfer and receive mobile money; it operates like SMS. According to Ahmed Mohamed Yusuf, CEO, Hormuud Telecom, over 67% of Somalis, especially the most vulnerable communities, use mobile money technology as a sole payment system.
Mobile Money is widely used in Somalia, data from the World Bank shows that mobile money transfer is crucial in Somali’s economic and infrastructure growth with 155 million transactions worth 2.7 billion dollars reported every month, majority of this transaction happens in EVC plus which dominate the mobile money market in Somalia.In Somalia. 70.2% of mobile money users pay education fees on the platform. 56.4% disburse donations and charity, 28.3% shop online from the platform as 18.0% receive cash transfers from NGOs and another 16.7% paying government taxes from the platforms.
EVC Plus allows users to purchase cellphone airtime for themselves or family members, pay water and electricity bills, and transfer money.
Hormuud Telecom telecom provides the cheapest 4G mobile internet in Africa and in the Arab world
In December 2012, Hormuud launched its Tri-Band 3G service for mobile and internet clients. The first of its kind in the country, this 3G mobile telecommunications technology offers users a faster and more secure connection.
In July 2014, Hormuud Telecom along with NationLink and Somtel signed an interconnection agreement. The cooperative deal will see the firms establish the Somali Telecommunication Company (STC), which will allow their mobile clients to communicate across all three networks.