Monday November 22, 2021
As part of continued efforts to expand access to the digital economy and drive financial inclusion in Somalia, MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia.
The new physical card is a first for MyBank in the country and will enable consumers to transact in-store at various points of sale and at ATMs, while also giving them the ability to make online purchases through e-commerce channels.
These services will also benefit underserved sectors in Somalia, through the provision of additional transaction terminals, enabling wider financial inclusion in the country.
MyBank’s agreement with Network International gives the bank access to Mastercard’s global network, thus enabling its customers, business clients and other users to enjoy more convenient, secure, and easy-to-use ways to pay wherever Mastercard is accepted across the world.
The initiative will contribute to significantly boosting digital payments penetration in Somalia and will be supported by an awareness program, educating customers on the card benefits and usage.
Shehryar Ali, Country Manager for East Africa, Mastercard said the collaboration will enable the firm to advance the banking sector in this market, increasing digital payments and building choice in a strong digital economy that can help unlock financial inclusion.
“We’re proud to be taking this important step towards providing safe and efficient access to financial services to people and businesses in Somalia. Partnering with Mastercard, and Network International which brings considerable expertise in the global payments technology space, confidently positions us to be able to do so,” said Abdulrazak M. Ahmed, MyBank Limited CEO added.
Hany Fekry, Regional President, Northern and Sub-Saharan Africa, Network International assured that the firm will continue to deliver on our commitment to further financial inclusion and enhance digital payment acceptance in emerging markets, especially in the critical SME sector.