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Mobile money and Somali social networks Cultivating monetary alternatives in a volatile world

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Mobile money and Somali social networks …

Mobile money and Somali social networks
Cultivating monetary alternatives in a volatile world

Published in: Economy & Finance, Technology

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  • 1. Centre of African Studies University of Edinburgh Gianluca Iazzolino Mobile money and Somali social networks Cultivating monetary alternatives in a volatile world November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 2. Fast Money Medium Money Slow Money November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 3. Eastleigh – Mogadishu Kidogo Cheap stuff remittances Somali diaspora trade investments Kenyan Somalis transnational networks refugees Money laundering Low-end globalization Terrorist hideout November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 4. Somali Presidential Elections Volatile Times 10 Sep Attack on the Anglican Church of Kenya, Juja road 30 Sep IED detonated on a passenger bus, ten dead 12 Nov GoK Directive ordering refugees encampment 13 Dec Explosion outside the Hidaya mosque: five dead Kenyan General Elections 4 Mar Kenya Supreme Court rules against GoK directive Westgate Mall Attack 12 Aug 21 Sep 7 Dec 2012 Sep Nov Jan 2013 Mar May Jul Sep Flight of Somali refugees and capital from Eastleigh Hawala company Dahabshiil granted reprieve 21 Jan 5 Nov Barclay UK announces it will be closing MTO accounts in Britain, including Dahabshiil, by August 31 2013 Barclay's decision postponed 30 Aug 15 May SS CB announces restrictions on the allocation of hard currency November 20 2013 iHub Nairobi 2013 Nov Afrikoin Emerging Africa Digital Money Trends & Innovation 15 Jun
  • 5. Terrorism financing Hawala Lifeline November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 6. A Network of Providers of Banking Services Terrorism financing Hawala Lifeline A Network of Providers of Investment Services November 20 2013 iHub Nairobi A Credit/Debt Transfer System Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 7. A Network of Providers of Banking Services Terrorism financing under scrutiny cheap multicurrency Hawala Lifeline A Network of Providers of Investment Services international A Credit/Debt Transfer System large amount of money November 20 2013 iHub Nairobi no ID required Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 8. Safe Private Flexible Technical/cultural barriers for seniors KSh Small money vulnerable to monitoring ID required November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 9. Hawala/M-Pesa relations Replacement Informal Inter-Operability December 4-5 2013 UC Irvine IMTFI's Fifth Annual Conference for Funded Researchers
  • 10. Eastleigh’s Exchange Market Hawala agents KSh USD KSH USD USD Customers KSh November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation Money vendors
  • 11. Eastleigh’s Exchange Market Hawala agents KSH KSh USD USD USD Customers KSh KSH KSh Gold sellers November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation Money vendors
  • 12. Eastleigh’s Exchange Market investors Wholesalers USD KSh USD Hawala agents Various businesses USD KSh KSH KSh USD USD M-Pesa agents KSH USD Customers KSh KSH KSH KSh Gold sellers November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation Money vendors
  • 13. “Gendered” values and temporal axis Men Livestock Long Term Big Businesses (oil, transport...) Medium Businesses (Wholesalers) Short Term Hard Currencies Mobile Money Small Businesses (Retailers) Local Currencies Camel Milk Trade Gold Women November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation
  • 14. Cultivation of multiplicity or “You never know what may happen tomorrow” Mobility as a self-perpetuating strategy, revolving around the pursuit of resources that allow crossing borders, boundaries and thresholds (documents - ID, passports, UNHCR mandates, degrees – and hard currencies) December 4-5 2013 UC Irvine IMTFI's Fifth Annual Conference for Funded Researchers
  • 15. What Next? ? November 20 2013 iHub Nairobi Afrikoin Emerging Africa Digital Money Trends & Innovation