Somalia
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Mastercard partners with SomBank to launch debit card in Somalia


Wednesday July 5, 2023

 

Mogadishu (HOL) Mastercard, the global payment company, and SomBank, a Somalia-based financial institution, have announced a partnership to launch a Mastercard-branded debit card known as the SomBank Card in Somalia, with the aim of increasing the availability of digital payment options in the country.

The partnership will allow SomBank to issue Mastercard payments, providing customers with additional payment methods for various transactions such as purchases, withdrawals, and online transactions. The SomBank Card will initially be distributed to 100,000 customers in 2023, enabling access to Mastercard-accepted merchants and ATMs, as well as SomBank's network of branches and agents.

Mastercard's East Africa Country Manager, Shehryar Ali, voiced his support for the initiative, stating, "Our collaboration with SomBank is in line with Mastercard's unwavering commitment to financial inclusion. We are devoted to working with financial entities to usher more people into the digital economy. Through secure and convenient payment solutions, we aim to foster economic growth and enhance the lives of millions in Somalia."

Echoing Ali's sentiment, SomBank CEO Abdullahi Aden emphasized, "This is a landmark day as we move closer to making banking more accessible. Our alliance with Mastercard will offer our customers a seamless transaction experience, be it for purchases, bill payments, or transferring money to friends and family."

The collaboration between Mastercard and SomBank is seen as a step towards improving financial inclusion in Somalia by making digital payment solutions more accessible, encouraging greater participation in the economy. The partnership also gives people access to key financial services such as savings, loans, and insurance.

The collaboration forms part of Mastercard's broader strategy to expand its presence in regions with strong digital growth prospects, such as Somalia, where increased internet penetration and smartphone usage continue to foster digital development. In 2021, Mastercard partnered with Somalia's MyBank and Premier Bank to further digitalize financial services.