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…