How Can Companies Increase Their Revenue?

An accomplished executive in the finance industry, Garad Nor serves as the president and CEO of Banana Pay, LLC, and as the CEO of Tawakal Express. In this capacity, Garad Nor is responsible for the overall success of both organizations and has overseen their substantive growth in annual revenue.

Below are the four ways business leaders can increase their revenue:

Increase average transaction size
Through this method of increasing revenue, businesses entice each customer to buy more. In most situations, this is done by upselling, a process that involves educating customers about a higher-end service or product. Since each customer is spending more every time they buy something, companies can increase their revenue.

Increase customer base
Regardless of whether the average transaction size increases, companies can still boost their annual revenue by expanding their customer base. More customers mean more revenue because they are generating more transactions.

Boost transaction frequency
Companies that struggle with increasing their customer base and are hesitant about increasing transaction size can still improve their revenue by encouraging existing customers to buy from them more often. This increase in frequency means more money is flowing into a business, even if they don’t increase their transaction size or customer base.

Raise prices
Revenue can be increased by raising the price of products and services. By doing this, companies can enjoy higher profits while keeping their average transaction size, transaction frequency, and volume the same.

How to Apply for a Banking License in Somalia

A successful entrepreneur with a background in finance, Garad Nor serves as the chief executive officer of Tawakal Express in Minneapolis, Minnesota. Garad Nor oversees the operations and development of the company’s three significant remittance services including eTawakal, T-Plus, and Banana Pay. The company has been granted full commercial banking license from the Central Bank of Somalia (CBS).

Under the Financial Institution Law No. 130, a bank can be licensed to operate banking transactions either in Somalia or abroad, from within Somalia. The application for a license starts with a consultation with the central bank. An applicant must meet all statutory requirements administered by the bank including financial capability, professional competency, legal compliance, and public service.

In terms of investment capital, CBS requires a minimum principal amount of $5 million. Lastly, an applicant is required to submit a business plan that provides detailed information about the business, services offered, organizational structure, financial projections, capital and solvency, risk management, and legal and regulatory compliance procedures.

Along with the memorandum and articles of incorporation, the application must be submitted to the Central Bank of Somalia in writing by or on behalf of the applicant. More information on the licensing procedure are available at centralbank.gov.so.