Mastercard, SomBank Partner to Launch Digital Debit Card in Somalia

Brian Yatich
By Brian Yatich 3 Min Read

Mastercard and SomBank have joined forces to introduce a new debit card in Somalia, signalling a major step towards advancing digital payments in the country.

With the launch of the SomBank Card, empowered by Mastercard, the partnership aims to enhance financial inclusion by offering secure and convenient payment options to customers.

This collaboration allows SomBank to issue and accept Mastercard payments, enabling users to effortlessly conduct a range of transactions, including purchases, withdrawals, and online payments.

Through the extensive network of merchants and ATMs accepting Mastercard payments, as well as SomBank’s wide-reaching branches and agents, the SomBank Card aims to provide a seamless payment experience across Somalia.

Mastercard’s commitment to financial inclusion aligns perfectly with the goals of this partnership, as Shehryar Ali, the Country Manager for East Africa at Mastercard, explains, “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. 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.”

The first phase of the initiative will see the distribution of the SomBank Card to 100,000 SomBank customers in 2023. However, the collaboration has ambitious plans for expansion in the coming years, aiming to include even more individuals in Somalia’s digital economy.

The CEO of SomBank, Abdullahi Aden, expressed his excitement about the partnership, saying that it’s a great step towards making banking more accessible for our customers.

“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.”

This partnership is expected to play a pivotal role in driving financial inclusion and economic growth in Somalia, offering individuals increased access to essential financial services, such as savings accounts, loans, and insurance.

As the collaboration between Mastercard and SomBank continues to flourish, it is anticipated that an increasing number of Somalis will be empowered to participate fully in the country’s thriving digital economy.

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