Hormuud and GetPhone expand smartphone finance into four new Somali states due to high demand
Hormuud Telecom and GetPhone are expanding their smartphone financing programme through 15 additional branches across Jubaland, Southwest, Hirshabelle and Galmudug, after more than 2,500 smartphones were sold since the programme launched. Early repayment data also shows little difference so far between lower- and higher-scoring borrowers.
GetPhone has deliberately financed customers across a wide range of credit scores to test how closely those scores predict actual repayment. Preliminary analysis of nearly 1,700 contracts signed in August shows customers with credit scores under 500 have repaid 89.7% of amounts due, compared with 90.5% among customers scoring 650 or above.
An estimated 89% of customers in GetPhone’s August portfolio are buying their first smartphone, while nearly two-thirds are under 35. Average reported monthly household income is around $264, while the two phones currently available through the programme cost approximately $238 and $317 if bought outright, meaning either can cost around a month’s household income. SME traders and private-sector employees together account for nearly 60% of the portfolio, and women account for over 20%.
Afreximbank issues a $29 million guarantee to scale EAC Customs Bond, easing movement of goods across East Africa
African Export-Import Bank (Afreximbank) has issued a US$ 29 million guarantee to BSMART Technology Ltd to support the implementation and scaling of the EAC Customs Bond, the technology-enabled regional customs guarantee solution that facilitates the movement of goods across East African countries.
Aimed at strengthening the financial capacity underpinning the EAC Customs Bond and supporting the transition to a more seamless digital and integrated customs environment, the facility will enable BSMART Technology Ltd to strengthen the implementation and market uptake of the EAC Customs Bond.
The financial support builds on Afreximbank’s close collaboration with the EAC Secretariat, which began with the pilot phase of the EAC Customs Bond in August 2025 and the subsequent launch of the Bond during the Heads of State Summit in March 2026. Through the Afreximbank African Collaborative Transit Guarantee Scheme (AACTGS), the Bank has been in the lead in supporting the development of regional customs guarantee and digital solutions that facilitate intra-African trade.
