Global payment platform Mastercard has partnered with SomBank, to launch a debit card that will offer a convenient payment solution for everyday transactions across Somalia.
The SomBank Card, a Mastercard-branded debit card, will provide access to a wide network of merchants and ATMs that accept Mastercard payments and the bank’s extensive network of branches and agents.
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.
Mastercard East Africa Manager Shehryar Ali noted that 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. 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.
On his part, SomBank Chief Executive Officer(CEO), Abdullahi Aden noted that the Lender is excited to partner with Mastercard to bring digital payment solutions to its customers.
“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 enable more people to participate in the economy and access essential financial services such as savings, loans, and insurance.
