This teaching case also delves into the strategic decisions

What is it about?

Abdishakur M. Afrah, who served as the Head of Business Development at Premier Bank, oversaw a substantial banking portfolio, which included Premier Wallet—the first digital wallet in Somalia. This case outlines Premier Wallet's journey and its transformative impact on the banking sector. Due to the mobile wallet, consumers could, for the first time, engage in purchasing, withdrawing cash, shopping online, and topping up without needing a bank account at Premier Bank. This allowed for the financial inclusion of the unbanked Somali population. The case also highlights Wallet Send, a disruptive feature that challenged the prevalent Hawala system in Somalia. This feature enabled customers to send money across 110 countries via their smartphones, facilitating direct deposits to the mobile or bank accounts of their family and friends or to cash withdrawal points nearby. Despite these advanced features, Premier Wallet struggled with broader acceptance, hindered by a mere 9% internet penetration, the absence of a national ID system, and stiff competition from WAAFI, a fintech application supported by Hormuud Telecom, Somalia's leading telecommunications company. The case also delves into the strategic decisions Afrah had to make to position Premier Wallet as the top mobile money option for consumers in Somalia

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