The partnership is a step towards financial inclusion in Somalia, by providing digital payment solutions and access to financial services
The deal will allow SomBank to issue and accept Mastercard payments, including purchases, withdrawals and online payments.
The Mastercard branded SomBank card will offer a solution for everyday transactions across Somalia at merchants and ATMs.
The card will initially be distributed to 100,000 SomBank customers in 2023, with plans to expand in the coming years.
The partnership is a step towards financial inclusion in Somalia, by providing digital payment solutions and access to financial services, such as loans, savings and insurance.
This latest partnership is part of Mastercard’s continued efforts in the country. In 2021, the payments provider partnered with MyBank and Network International in a similar deal.
Shehryar Ali, country manager for East Africa at Mastercard, believes the partnership will bring more people into the digital economy.
He said: “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.”
Abdullahi Aden, chief executive officer of SomBank, commented: “This is a truly remarkable day for us, as we take another 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.”