Mastercard, a renowned global payment services provider, has partnered with SomBank, a Sharia-compliant bank in Somalia, to roll out SomBank Card, a Mastercard-branded debit card.
The groups are collaborating together to expand consumers’ access to digital payment methods in Somalia and so increase inclusion therein. As part of the partnership’s first phase, 100,000 SomBank clients will be issued the SomBank Card in 2023, with expansion thereafter envisaged.
Digital payment services are being provided as part of this collaboration to meet the rising need for simple and secure financial transactions in Somalia. The SomBank Card may be used at any store or ATM that accepts Mastercard, as well as for online payments. As a result of this collaboration, more Somalis will be able to make benefit of digital payment alternatives, expanding the digital economy’s reach.
“Mastercard, a leading global technology business, is pleased to collaborate with SomBank to provide digital payments in Somalia. Shehryar Ali, Mastercard’s East African Country Manager, said that this development bolstered the company’s dedication to collaborating with financial institutions to expand access to the digital economy. “We believe that by providing secure and convenient payment solutions, this partnership will help drive economic growth and improve the lives of millions of Somalis.”
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Creating digital payment alternatives
This partnership is in line with Mastercard’s overall aim to strengthen its foothold in emerging digital markets. The digital environment in Somalia is encouraging, with rising (although still modest) internet penetration and smartphone use. Mastercard had previously partnered with MyBank and Premier Bank in Somalia in 2021 to further the country’s move towards fully digital banking.
The collaboration between Mastercard and SomBank is a significant step towards full financial inclusion in Somalia. With the launch of the SomBank Card, customers will have a simple and secure way to pay for purchases and have access to basic banking services.
The two companies are working together to increase the number of Somalis who are able to fully engage in the economy as digital payment alternatives become more widely available and making important progress towards a fully digitalized and accessible banking system in Somalia via our cooperation.
“According to CEO of SomBank, Abdullahi Aden, “Today is a truly remarkable day for us, as we take another step towards making banking more accessible to our customers.” he said the company is thrilled to be collaborating with Mastercard to provide digital payment options to the bank’s clientele.
About Mastercard
Mastercard is a multinational technology company in the payments sector. The company aims to facilitate a global digital economy that is open to everybody, easy to use, and full of possibilities for people all over the world. Using secure data and networks, collaborations and enthusiasm, its ideas and solutions enable people, financial institutions, governments and organisations to reach their maximum potential.
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About Sombank
Founded in 2019, SomBank is a fully-fledged Shari’ah compliant bank approved by the Central Bank of Somalia (CBS) offering banking services on a complete Shari’ah system, based in Mogadishu, Somalia.
The bank deals with Islamic Finance, Commercial Banking, Trade Finance, Mobile Banking, and Crossborder payment. Its value proposition is to be “The Home of Shari’ah Compliant Banking” delivering innovative Shari’ah Compliant Financial Products, Services and Solutions to our valued”.
So far SomBank has not raised any funding rounds yet, does not have any institutional investors and does not have any Angel Investors.