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In a bid to advance digital payment solutions, global payment platform Mastercard has joined forces with SomBank, an innovative financial institution in Somalia.
This partnership will empower SomBank to issue and accept Mastercard payments, offering customers a secure and convenient payment solution for various transactions, including purchases, withdrawals, and online payments.
The SomBank Card, a debit card branded by Mastercard, will provide a hassle-free payment option for everyday transactions across Somalia. Cardholders will gain access to a vast network of merchants and ATMs that accept Mastercard payments, as well as SomBank’s extensive branch and agent network.
“We are thrilled to collaborate with SomBank to introduce digital payments in Somalia. As a global technology company committed to financial inclusion, Mastercard is dedicated to working with financial institutions to bring more individuals into the digital economy,” said Shehryar Ali, Country Manager for East Africa at Mastercard.
By offering secure and convenient payment solutions, this partnership aims to drive economic growth and enhance the lives of millions of Somalis.
The initial phase will involve the distribution of the card to 100,000 SomBank customers in 2023, with plans to expand the program in the years to come.
Abdullahi Aden, CEO of SomBank, expressed his excitement about the partnership, stating, “Today marks a significant milestone as we strive to make banking more accessible for our customers. Our collaboration with Mastercard will provide our customers with a seamless way to carry out transactions, whether they are making purchases, paying bills, or sending money to friends and family.”
This partnership represents a crucial step in promoting financial inclusion in Somalia. By granting access to digital payment solutions, Mastercard and SomBank are enabling more individuals to participate in the economy and access essential financial services such as savings, loans, and insurance.
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