- MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card 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
- The initiative is expected to contribute to significantly boosting digital payments penetration in Somalia and will be supported by an awareness programme, educating customers on the card benefits and usage
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. It will enable consumers to transact in-store at various points of sale and ATMs while also giving them the ability to make online purchases through e-commerce channels.
These services will also benefit underserved sectors in Somalia by providing additional transaction terminals, enabling broader 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 significantly boost digital payments penetration in Somalia and will be supported by an awareness programme, educating customers on the card benefits and usage.
Commenting on the development, Country Manager for East Africa, Mastercard Shehryar Ali, said the move is the first of many to enable digital inclusion in Somalia.
He added through this collaboration the company is advancing the banking sector in the market, increasing digital payments and building choice in a robust digital economy that can help unlock financial inclusion.
“Many countries across the Sub-Saharan region are successfully adapting to e-commerce services and QR solutions, simplifying transactions and making the payment process more efficient for all stakeholders. As a leader in the payments technology industry, we are proud to partner with MyBank to grow connections, improve digitization and enhance the digital payments landscape in Somali,” Ali said.
Through its technology, expertise, global network and partnerships, Mastercard collaborates to build a robust digital economy that can unlock a world beyond cash where everyone thrives.
Mastercard has made a global commitment to bring 50 million micro and small businesses into the digital economy by 2025, with a direct focus on providing 25 million women entrepreneurs with solutions that can help them grow their businesses.
At the same time, MyBank Limited CEO Abdulrazak M. Ahmed said the bank is proud to be taking this vital 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,” Ahmed said.
The card industry in Somalia is still relatively new.
In 2015, Mastercard became the first international payments network to make the issuing and acceptance of card payments possible in the country.
Progress made in improving the usage benefits of cards is paramount to growing the economy.
Hany Fekry, Regional President, Northern and Sub-Saharan Africa, Network International, said through partnerships like this, the stakeholders will continue to deliver on their commitment to further financial inclusion and enhance digital payment acceptance in emerging markets, especially in the critical SME sector.
“Network’s on-ground experience in supporting the banking sector in Africa and empowering small businesses to adapt to the digital economy will play a key role in the continued success of this milestone collaboration,” he said.
This comes days after the Mastercard Academy launched ‘The Entrepreneur’s Odyssey’, a digital education platform that brings together a range of world-class academic and business resources to help small businesses learn and thrive.
The Entrepreneur’s Odyssey is a mobile and tablet-friendly, self-paced curriculum that includes online lessons across 21 modules with a total of 28 videos of approximately 20-30 minutes each.
According to Mastercard, the platform follows a five-pathway approach which is open to all aspiring and established entrepreneurs with no limits on the number of viewers and is free to watch. The platform will also be offered to government partners.