MasterCard to onboard 100k Somalis into digital economy
Global tech firm Mastercard has teamed with Shari'ah-compliant bank, SomBank, to onboard 100,000 Somalis into the digital economy in 2023.
The two companies this week pledged to expand their commitment to financial inclusion by assuring to bring thousands of Somalis into the new economy.
Consulting firm PwC study Payments 2025 & Beyond notes payments support the development of digital economies and drive innovation.
MasterCard and Sombank are pushing to bring digital payments to consumers in Somalia, introducing the SomBank Card, a MasterCard-branded debit card.
The card will initially be distributed to 100,000 SomBank customers in 2023, with plans to expand the program in the coming years.
The company said: “The purpose of the partnership is to promote the adoption of 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.”
Shehryar Ali, country manager for East Africa at MasterCard, added: “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 this partnership will help drive economic growth and improve the lives of millions of Somalis."
Similarly, Abdullahi Aden, CEO of SomBank, said: “We are excited to partner with Mastercard to bring digital payment solutions to our customers.
"Our partnership with Mastercard will enable us to offer our customers a seamless way to conduct transactions, whether purchasing goods and services, paying bills or sending money to friends and family."