Mastercard, a leading global
technology company in the payments industry, recently announced its partnership
with SomBank, one of the innovative financial institutions in Somalia. The
purpose of the partnership is to promote the adoption of digital payment
solutions in the country, bringing more Somalis into the digital fold.
The partnership allows SomBank to
issue and accept Mastercard payments, providing customers with a safe and
secure, payment solution for various transactions, including purchases,
withdrawals, and online payment.
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.
"As
a global technology company with a deep commitment to financial inclusion,
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.
"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.”
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.”
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: Nana Appiah Acquaye