Somalia Launches First Nationwide Instant Payment System Powered by BPC

Posted on by kara | 5734 Views | 14 min read
Somalia

Somalia Payment Switch (SPS1) has successfully launched the country’s first-ever Instant Payment System with QR payments support, powered by BPC’s next-generation SmartVista platform, a global leader in payment solutions2. Championed by the Central Bank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financial inclusion and enhancing economic stability.

UNDP and Visa Partner to Boost Digital Transformation and Financial Inclusion in Somalia

Posted on by kara | 3837 Views | 13 min read
UNDP

The United Nations Development Programme (UNDP) in Somalia and Visa, a global leader in digital payments have signed a partnership agreement aimed at helping accelerate the implementation of the Sustainable Development Goals (SDGs) in Somalia through digital financial inclusion and digital transformation with relevant institutions in Somalia. The collaboration was announced at an event organized

African Development Bank Group Approves $6.6 Million Grant to Strengthen Somalia’s Financial Architecture for Growth

Posted on by kara | 3713 Views | 6 min read
African Development Bank

African Development Bank Group has approved a $6.6 million grant to assist the Federal Government of Somalia (FGS) in enhancing state capacity to develop its financial infrastructure, promoting inclusive and equitable growth. The Somalia Financial Sector Development Project will concentrate on strengthening the capabilities of financial institutions, including the Central Bank of Somalia, Somalia Development

Waafi by Salaam Bank Taps Paymentology to Enable Somalia’s Contactless Payment Vision

Posted on by kara | 8191 Views | 10 min read

Paymentology’s cloud-first card issuing, and analytics platform powers Waafi by Salaam Bank to launch digital and physical cards across Somalia Paymentology, the leading global issuer-processor, proudly announces its partnership with Salaam Bank’s Waafi, on the launch of its co-branded tokenised tap-to-pay digital companion card, and physical card, for Waafi mobile app users in the Horn

Paysend Introduces 50 New Receiving Countries to its Global Payments Network

Posted on by Staff Reporter | 76438 Views | 6 min read

Paysend, the UK-based fintech with over 7 million customers, today announces that 50 new receiving countries have been introduced to its global payments network since the start of 2022. These additional payments corridors mean that Paysend customers can now send money to over 170 countries worldwide. Notable additional countries supported by Paysend include: Antigua and

MyBank, Mastercard and Network International Elevate Ecommerce in Somalia with New Debit Card Launch

Posted on by Staff Reporter | 25568 Views | 14 min read

Mastercard debit card can be used for both in-store and online purchases  Partnership will be instrumental in enhancing Somalia’s digital economy and prospects for financial inclusion   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 Priceless Planet Coalition Welcomes Premier Bank in Somalia as Strategic Partner to Fight Climate Change

Posted on by Staff Writer | 7560 Views | 15 min read

Established by Mastercard in 2020, the Coalition unites the efforts of companies, merchants, banks, cities, and consumers to restore 100 million trees worldwide by 2025. Premier Bank has signed on as the latest contributor to the Coalition’s efforts to make the planet a more sustainable place to live. Africa, like many other parts of the

Central Bank of Somalia and Somali Financial Institutions Work to Modernize Banking Sector

Posted on by Staff Writer | 6620 Views | 13 min read

The Central Bank of Somalia (CBS) and Somali Financial Institutions (SFIs) are taking crucial steps to modernize national payments systems. Supported by the World Bank, the CBS and private financial institutions are streamlining their efforts to strengthen the inter-bank payment, clearing and settlement systems in Somalia. This development follows a five-day consultative forum held in

MasterCard Becomes First International Payments Network to Enter Somalia

Posted on by Staff Writer | 9338 Views | 11 min read

At the World Economic Forum on Africa, MasterCard announced its partnership with Premier Bank, becoming the first international payments network to enter Somalia. As a result of the partnership, Premier Bank will now issue and accept the first MasterCard-branded payment cards in Somalia, a country that hasn’t had any form of formal banking service since