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Mastercard and SomBank partner to launch debit cards in Somalia 💳🇸🇴

Mastercard and SomBank partner to launch debit cards in Somalia 💳🇸🇴

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#banking
#payments
Somalia’s government is betting on QR codes, but low internet and smartphone penetration make debit cards a more resonant move. Mastercard is betting on cards with SomBank.

Mastercard has partnered with SomBank, a Sharia-compliant bank in Somalia, to launch the SomBank Card, a Mastercard-branded debit card. The collaboration aims to enhance financial inclusion in Somalia by providing customers with access to digital payment options. In the initial phase, 100,000 SomBank customers will receive the SomBank Card in 2023, with potential expansion in the future. The partnership aligns with Mastercard's strategy to expand in regions with digital growth potential. The introduction of the SomBank Card will offer a convenient payment solution and drive economic growth in Somalia. The move towards digital payments complements Somalia's efforts to rebuild its financial infrastructure and increase accessibility to essential financial services. The partnership with Mastercard represents a significant step towards a more inclusive and digitized financial ecosystem in the country.


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