The CXO of the Year Who Rebuilt Somalia’s Telecom Industry

We are thrilled to present this exclusive interview with Ahmed Yusuf, CEO of Hormuud Telecom, who won the prestigious 2023 CXO of the Year Award in the Africa Tech Festival Awards.

This accolade highlights not only the exceptional leadership and innovation within the African tech landscape but also the remarkable journey of Hormuud Telecom under the stewardship of its CEO.

From pioneering mobile money in Somalia to driving the nation towards becoming the world’s first cashless economy, this piece delves into the inspiring story of resilience, ambition, and collective effort that led to this well-deserved recognition.

Why do you believe you won?

It’s a reflection of Hormuud Telecom’s collective effort, ambition and determination – not just my own. Somalia has rapidly changed over the last decade, and telecoms have been at the helm of this, reconnecting Somalis with each other and with the world.

When I returned to Somalia after the civil war, the country was almost devoid of infrastructure and 98% of the Somali Shilling was counterfeit. Hormuud not only rebuilt infrastructure – from telephone masts to basic GSM services and fibre optic cables – we introduced mobile money to the country. Free at the point of use, this ensured that people had a reliable means to transact.

Now, with over 80% of people using mobile money every day, we stand on the cusp of being the world’s first cashless economy. Our mobile money platform, EVC Plus, reaching its 13-year anniversary was one of the proudest moments in my career. It proved how you can turn a challenge into an opportunity that can benefit millions.

These are significant milestones not just for Somalia, but for the continent’s ongoing digital transformation. We’re setting an example for how technology and telecoms infrastructure can form crucial foundations for a country emerging from instability to prosperity.

Is there anyone you would like to express your gratitude towards for your success? If so, who, and why?

The award may have been for the CEO, but it would not have been possible without the amazing team I have behind me. I’m grateful for their commitment to a future where no Somali is left behind.

I am also deeply grateful to the resilient people of Somalia, who inspire me, and are the reason Hormuud Telecom exists. Having the entire country get behind me and vote during the first round of the award was truly uplifting. Raised in rural Somalia I have a deep appreciation for our diverse communities, and my mission has always been to help get the country emerge from hardship stronger than ever.

Lastly, I would like to thank our partners and stakeholders. Their collaboration and trust is invaluable. We’re proud to stand alongside partners such as the Federal Government of Somalia, local banks, and INGOs aligned in our mission of building a Somalia that is stable, secure, and open for business.

What have you/Hormuud Telecom been up to since then?

It may have been less than a year since the awards, but we’ve been busy! 2023 ended with Somalia joining the EAC and achieving full debt relief, which has opened the door to new opportunities.

We successfully launched 5G connectivity across Somalia’s cities and towns - a pivotal step towards Somalia becoming a cashless economy. Coverage now stands at around 81%. We’re dedicated to bridging the digital divide, even in the hardest-to-reach areas of our country. The next puzzle piece is getting low-cost smartphones into the hands of Somalis, so that everyone can reap the benefits of connectivity.

And it doesn’t stop there. We have some exciting developments in the pipeline for the second half of the year, geared towards expanding digital and financial inclusion throughout every square metre of the country. Watch this space.

How has winning the award impacted your career/Hormuud Telecom? What opportunities, projects or milestones have you reached since your win?

Winning the CXO of the Year award meant more than just a trophy. It showed the world and the sector that the future is bright, underlining our belief that Somalia is a trailblazer in Africa’s digital economy, and it rise from any challenges thrown at it.

One of Somalia’s biggest challenges is climate change – we’re facing recurrent flooding cycles, droughts, and disasters. Naturally, climate resilience has at the top of Hormuud Telecom’s agenda. Just last month, we signed the GSMA’s Humanitarian Connectivity Charter, which underlines our commitment to use telecoms to save lives through our disaster response mechanisms. We’ve already introduced a ringtone alert system, to warn communities of flooding risks and other extreme climate events at the earliest opportunity. Collaboration with public and private partners will allow us to keep developing risk management systems.

We also signed a milestone private-public partnership with the Federal Government of Somalia’s Ministry of Environment to accelerate Somalia’s climate preparedness initiatives and supercharge innovation in climate solutions. For example, Somalia has huge potential for solar energy, thanks to its 365 days of sunshine a year -- Hormuud’s telecoms masts are already running on 84% solar power.

What advice would you give to those entering the awards this year?

Stay true to your vision and focus on the impact you want to create. To have a true impact on the people you serve, innovation and resilience are key, especially when operating in difficult environments.

Additionally, creativity is the most essential trait for navigating challenges. Complicated problems require creative solutions – for example in Somalia, as little as 16% of the population have traditional bank accounts. Yet mobile phone penetration is nearly triple that – and thus our mobile money service was born. Where there’s a will, there’s a way.

Finally, never forget that effecting change is possible, but it’s a team effort – value and uplift those around you. Celebrate your achievements, learn from your setbacks, and always strive to push the boundaries of what is possible

Enter the 2024 Africa Tech Festival Awards

As we look forward to another year of groundbreaking achievements, the call for nominations for the 2024 Africa Tech Festival Awards is now open.

Whether you are a trailblazer in the tech industry or someone who is making a difference in your community through innovation, now it's your turn to step into the spotlight.

Share your story, inspire others, and perhaps, you could be the next to join the ranks of those who are shaping Africa's digital future.

Learn more & submit your entry for free