The global payments and technology company, MasterCard, has partnered with Somalia’s Premier Bank to issue MasterCard payment cards in Somalia, making MasterCard the first international payments network in the country.
The announcement was made at the World Economic Forum today, according to a news release made available to TechCabal.
With this development, Premier bank will now issue and accept the first MasterCard-branded payment cards in Somalia. Premier bank’s ATM will accept cards for cash withdrawals while the bank will also issue 5,000 MasterCard debit cards this year including prepaid cards and point of sales (POS) machines.
Mr Abdirahman Yusuf Ali Aynte, the Minister of Planning and International Cooperation of Somalia said, “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.”
Premier bank’s MasterCard-branded debit cards will enable Somalis withdraw funds from any MasterCard-licensed ATM globally, shop online and pay for good and services at several merchants that accept the card payment around the world.