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

Posted on by Staff Reporter | 18551 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 | 1613 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 | 1283 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 | 1169 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

NCR Installs First-ever ATM in Somalia

Posted on by wademinnie | 1220 Views | 9 min read

NCR Corporation continues to deliver consumer transaction technologies and financial services around the world by installing Somalia’s first-ever automated teller machine (ATM) in Mogadishu, the East African country’s capital, with Salaam Somali Bank. “We are excited to bring the first ATM to Mogadishu. The installation serves as a sign of hope for the city as

Rapid Communications to Launch Virtual Banking Services in Somalia

Posted on by wademinnie | 1360 Views | 5 min read

The mass market in Somalia will now be able to access various banking products virtually through their mobile phone after Kenya’s Rapid communications recently acquired 16% shareholding in Nationlink telecom, a GSM operator, along with the license for banking services. The company currently manages the content management system (CMS) platform for Nationlink telecom and with

WorldRemit Secures $40m Funding from Accel Partners

Posted on by wademinnie | 1317 Views | 5 min read

European investment company Accel Partners has invested US$40 million in WorldRemit, an online money remittance service operating in Ghana and Somalia, providing the service’s first Series A investment. Founded in 2009, WorldRemit has partnerships with Safaricom’s M-Pesa, international banks and mobile operators, providing remittance transaction services to approximately 1.3 million people every year “We expect