Mastercard, a global technology company in the payments industry, recently announced its partnership with SomBank, one of the innovative financial institutions in Somalia aimed to launch a new 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 payments.
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.