Leading payment services provider, Mastercard has partnered with SomBank, a Sharia-compliant bank in Somalia to produce and issue 100,000 debit cards to SomBank customers. While the first phase of the partnership will see 100,000 cards issued to customers in 2023, this number could rise in subsequent years.
This partnership will deepen financial inclusion in Somalia, enabling more Somalis to access card services. Last month, we reported that the Central Bank of Somalia had launched a QR code standard, which it said will speed up financial inclusion in the country.
SomBank's partnership with Mastercard aims to do the same, improving access to digital financial services in Somalia. Customers of the bank will be able to make digital transactions at ATMs and businesses that accept Mastercard payments.
"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," Abdullahi Aden, SomBank CEO said in a statement.
"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. "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," Shehryar Ali, Country Manager for East Africa at Mastercard added.