The Central Bank of Somalia issued the country's first mobile money license to Hormuud Telecom Somalia Inc. as part of efforts to formalize the African nation's existing digital payments system and integrate it with the global financial system.

"In formalizing our existing digital payments infrastructure, we are accelerating the integration of Somalia's financial system into the global economy," central bank Governor Abdirahman Mohamed Abdullahi said.

Approximately 155 million mobile money transactions, worth $2.7 billion, are recorded in Somalia per month, according to a 2018 World Bank report.

Somalia has one of the most active mobile money markets in the world, outpacing most other countries in Africa, the central bank said.