The partnership is expected to bring 100,000 Somalis into the digital economy in 2023
A technology company in the payments industry, Mastercard, has partnered with SomBank to promote the adoption of digital payment solutions in Somalia.
The partnership with SomBank – a financial institution in Somalia will allow the lender to issue and accept card payments, providing customers with a safe and secure, payment solution for various transactions, including purchases, withdrawals, and online payments.
It also seeks to bring more Somalis into the digital fold, with a target of about 100,000 Somalis expected to join the digital economy in 2023.
The SomBank Card, a Mastercard-branded debit card will offer a convenient payment solution for everyday transactions across Somalia offering access to a wide network of merchants and ATMs that accept Mastercard payments and through the bank’s extensive network of branches and agents.
“Mastercard is proud to partner with SomBank to bring digital payments to Somalia. This also supports our commitment to work with financial institutions to bring more people into the digital economy,” said Shehryar Ali, country manager for East Africa at Mastercard.
The partnership is a significant milestone in the ongoing effort to foster financial inclusion in Somalia. By providing access to digital payment solutions, Mastercard and SomBank are enabling more people to participate in the economy and access essential financial services, such as savings, loans, and insurance.
“By providing access to secure and convenient payment solutions, we believe that this partnership will help drive economic growth and improve the lives of millions of Somalis,” said Ali.
The card will initially be distributed to 100,000 SomBank customers in 2023, with plans to expand the program in the coming years.
“This is a truly remarkable day for us, as we take another step towards making banking more accessible for our customers. We are excited to partner with Mastercard to bring digital payment solutions to our customers,” said Abdullahi Aden, CEO of SomBank.
“Our partnership with Mastercard will enable us to offer our customers a seamless way to conduct transactions, whether they are purchasing goods and services, paying bills, or sending money to friends and family,” said Aden.