MyBank, Mastercard and Network International have partnered to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia.
The development is part of continued efforts to expand access to the digital economy and drive financial inclusion.
The card is physical and not virtual. In this case, it is the first card of its own for MyBank in Somalia, which will see customers perform in-store transactions at various PoS and ATMs.
In the same instance, the card gives customers the ability to make online purchases through ecommerce platforms.
Of course, the said services will also benefit underserved sectors in Somalia, through the provision of additional transaction terminals, enabling wider financial inclusion in the country.
According to a statement from the involved parties, 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 partnership will play a key role in boosting digital payments penetration in Somalia and will be supported by an awareness programme, educating customers on the card benefits and usage.
“As Mastercard, this is the first of many as we are enabling digital inclusion in Somalia. Through this collaboration, we are advancing the banking sector in this market, increasing digital payments and building choice in a strong digital economy that can help unlock financial inclusion,” says Mr Shehryar Ali, Country Manager for East Africa, Mastercard.
“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,” says Mr Abdulrazak M. Ahmed, MyBank Limited CEO.