control. In 2008, Dahabshiil Group acquired a majority stake in Somtel Network, a Hargeisa-based telecommunications firm specialising in high speed broadband, mobile internet, LTE services, mobile money transfer and mobile phone services. The acquisition provided Dahabshiil with the necessary platform for a subsequent expansion into mobile banking, a growth industry in the regional banking sector. In 2014, Somalia's three largest telecommunication operators, Hormuud Telecom, NationLink and Somtel, also signed an interconnection agreement. The cooperative deal will see the firms establish the Somali Telecommunication Company (STC), which will allow their mobile clients to communicate across the three networks. Investment in the telecom industry is held to be one of the clearest signs that Somalia's economy has continued to develop. The sector provides key communication services, and in the process facilitates job creation and income generation. Regulation Somalia's telecommunication sector is governed by the National Communications Law (also called the Telecoms Act) that was signed into law by president Abdullahi Farmajo on 2 October 2017, after passing the Cabinet and the two Houses of Parliament (Senate and House of the People). It entered into effect immediately. This Act had a very long way in coming, as its drafting had already started in 2005. It was already approved by the Somali Cabinet in 2012. The new law paves the way for the establishment of a National Communications Regulatory Commission in the broadcasting and telecommunications sectors. The bill was passed following consultations between government representatives and communications, academic and civil society stakeholders. According to the Ministry of Information, Posts and Telecommunication, the Act is expected to create an environment conducive to investment and the certainty it provides will encourage further infrastructural development, resulting in more efficient service delivery. Firms Companies providing telecommunication services in Somalia include: Mail The Somali Postal Service (Somali Post) is the national postal service of the Federal Government of Somalia. It is part of the Ministry of Information, Posts and Telecommunication. The national postal infrastructure was completely destroyed during the civil war. In order to fill the vacuum, Somali Post signed an agreement in 2003 with the United Arab Emirates' Emirates Post to process mail to and from Somalia. Emirates Post's mail transit hub at the Dubai International Airport was then used to forward mail from Somalia to the UAE and various Western destinations, including Italy, the Netherlands, the United Kingdom, Sweden, Switzerland and Canada. Concurrently, the Somali Transitional Federal