Always Moving Always Sharing Somaliland

SAVINGS MECHANISMS
Depending on income, currency and location, people use various forms of savings.
USD
DAHABSHIIL
The mostly popular bank for saving, typically used by the
upper class and business people.
ZAAD
While some use Zaad as a temporary savings mechanism,
(while waiting to cash out) most of our participants do not
trust the infrastructure or the operator (Telesom) enough to
keep their money in the service. More sophisticated users
(those who understand the fragility of the digital ecosystem/
lack financial backing in the event of a crash) moved money
out of Zaad to USD on a daily or weekly basis.
As of May 2015, all formal savings products (available
via Daar Salama and Dahabshiil banks) held money
exclusively in USD. We anticipate that with the rise of
shillings in the mobile money landscape will come
shillings-based accounts.
SLSH
HAGBAD
Rotating savings and loan associations, widely used by those
with lower and middle income, including rural populations
(sometimes called “Go Merry Round”).
STORE IN TOWN
Large sums of cash are saved in trusted shops in town for safe
keeping. Shops then function as a debit/credit account for
goods. Often used by housewives (money set up by husband)
and pastoralists (those who find it is difficult to store and
carry large sums of cash).
BOX OF CASH
Rudimentary concealing of bank notes, the less safe yet widely
used form of saving. Discreetly storing high volume
Somaliland Shilling is impractical, due to physical bulk.
INVESTMENT
LIVESTOCK
Purchasing and caring for livestock is a common form of
investment among farmers and pastoralists.
B&MG - SOMALILAND MOBILE MONEY STUDIO D RADIODURANS
MAY 2015
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