Mastercard Partners with SomBank to Launch Debit Cards, Expanding Digital Payments in Somalia
Mastercard has joined forces with SomBank, a Sharia-compliant financial institution, to launch the SomBank Card, a Mastercard-branded debit card aimed at expanding financial inclusion in Somalia. This partnership provides digital payment access to SomBank customers, initially targeting 100,000 cardholders in 2023 with plans for further rollout in the coming years. The SomBank Card allows customers […]
Beyond Innovation, Nigerian Fintechs Must Embrace Partnerships to Drive True Financial Inclusion
Over the past decade, Nigerian fintechs have revolutionized banking, challenging traditional institutions by offering digital, convenience-driven services. However, while fintechs have made banking easier for existing customers, they still face criticism for not significantly advancing financial inclusion. According to a KPMG report, over one-third of Nigerian adults remain financially excluded, with many digital banks largely […]
