Mastercard payment cards now accepted in Somalia
MasterCard becomes the first international payments network to enter the East African nation.MasterCard has unveiled a partnership with Premier Bank to issue the first international payment cards in Somalia.
"Somalia has made significant strides to rebuild the country and instil peace and stability. Today marks a historic milestone, signalling Somalia's financial liberation following years of being excluded from participating in the global economy," says Abdirahman Yusuf Ali Aynte, the Minister of planning and international cooperation of Somalia, quoted in a MasterCard press release.
"Reassuring foreign investors, Somalis in the diaspora and those distributing aid that our financial systems are secure and properly regulated is critical to Somalia's economic well-being," he added.
The bank will issue 5,000 MasterCard debit cards this year, followed by prepaid cards, and point of sale machines.
Foreigners, expatriates and international aid organisations sending funds to Somalia can now do so via a formal, traceable network that complies with international security standards, eliminating the risks of transferring and transporting cash, MasterCard said.
The cards will enable Somalis to withdraw funds from any MasterCard-licensed ATM globally, shop online, and pay for goods and services at millions of merchants that accept MasterCard payment cards around the world.