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 to make purchases, withdrawals, and online payments at any Mastercard-accepted location, addressing Somalia’s demand for secure and convenient financial solutions. This collaboration aligns with Mastercard’s commitment to foster financial inclusion globally by partnering with financial institutions to bring more people into the digital economy.
Shehryar Ali, Mastercard’s Country Manager for East Africa, emphasized the partnership’s potential to drive economic growth and improve livelihoods in Somalia. “By providing access to secure and convenient payment solutions, we believe that this partnership will help drive economic growth and improve the lives of millions of Somalis,” he said.
Somalia’s digital development landscape, although hindered by low internet and smartphone penetration, shows potential for growth in digital payments. In 2021, Mastercard established partnerships with Somali banks MyBank and Premier Bank to advance digital financial services in the region. This latest collaboration builds on those efforts, responding to Somalia’s unique needs by introducing debit cards as a practical solution, particularly as QR code adoption faces challenges.
The SomBank Card initiative supports Somalia’s broader goals to rebuild its financial infrastructure, which suffered greatly after the 1991 civil wars. In 2022, Somalia introduced SOMQR, a standardized QR code, though experts have noted that, given current digital limitations, cards remain a more viable solution.
This partnership represents a milestone in Somalia’s journey towards a more inclusive, digitized financial ecosystem, empowering individuals and businesses with enhanced access to financial services and driving economic participation across the country.
