HEADLINES:

MasterCard Becomes First International Payments to Enter Somalia

0
Wednesday June 03, 2015 - 19:09:53 in Articles by Super Admin
  • Visits: 3103
  • (Rating 0.0/5 Stars) Total Votes: 0
  • 1 0
  • Share via Social Media

    MasterCard Becomes First International Payments to Enter Somalia

    (Medeshi)- At the World Economic Forum on Africa today, MasterCard announced its partnership with Premier Bank, becoming the first international payments network to enter Somalia.

    Share on Twitter Share on facebook Share on Digg Share on Stumbleupon Share on Delicious Share on Google Plus

(Medeshi)- At the World Economic Forum on Africa today, 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 the collapse of the government and financial services system in 1991.

"Somalia has made significant strides to rebuild the country and instil peace and stability. Today marks a historic milestone, signalling Somalia’s financial liberation following years of being excluded from participating in the global economy,” says Abdirahman Yusuf Ali Aynte, the Minister of Planning and International Cooperation of Somalia.

Premier Bank ATMs can accept cards for cash withdrawal, while the bank will also issue 5,000 MasterCard debit cards this year, followed by prepaid cards, and point of sale (POS) machines.

The introduction of the MasterCard payments network means that government agencies now have an efficient platform through which to transfer salary disbursements. Foreigners, expatriates and international aid organisations sending funds to Somalia can do so via a formal, traceable network that complies with international security standards, eliminating the risks of transferring and transporting cash.

Remittances contribute well over US$1 billion to Somalia’s economy annually, or over 35 percent of GDP, funds that are an essential source of income for individuals and necessary for the development of the country.

"Reassuring foreign investors, Somalis in the diaspora and those distributing aid that our financial systems are secure and properly regulated is critical to Somalia’s economic well-being,” he adds.

Premier Bank’s MasterCard-branded debit cards enable Somalis to withdraw funds from any MasterCard-licensed ATM globally, shop online, and pay for goods and services at millions of merchants that accept MasterCard payment cards around the world.

"We can now provide our customers with a safe, cost-effective, convenient means of transacting, both at home and abroad,” says Mahat Mohamed Ahmed, Managing Director of Premier Bank. "It is our hope that increasing payment card usage in Somalia will encourage merchants and citizens to demand more electronic payments services as they engage with and contribute to the formal economy.”

Demonstrating the value of close collaboration in the banking and payments technology industries, this landmark partnership is a significant step towards reducing Somalia’s dependence on cash, increasing financial inclusion and ultimately contributing to the country’s financial stability.

"To promote economic growth in Somalia, which has long been isolated from the global economy, there is a need for electronic payment solutions that align with international security and regulation standards,’’ says Daniel Monehin, Division President for sub-Saharan Africa, MasterCard.

"Our agreement with Premier Bank comes at a time when MasterCard is working closely with governments and financial institutions across Africa to introduce safe and simple financial solutions, achieving our vision of a world beyond cash,” he says.
Africa Business Community
Share on Social Media

Kenya to Reopen Border With Somalia

NAIROBI — The Kenyan government says it will open the border with Somalia to boost trade and allow the flow of people between the two countries. Kenyan President Uhuru Kenyatta also pledged to help Somalia in the fight against al-Shabab militants and support and train government workers. His remarks followed a meeting he had in Nairobi with his Somali counterpart, Mohamed Abdullahi Mohamed. Full Article

 

[Sirculus:] Dowladaha Caalamka oo qarinaya deb gubi doona Somalia Yemen ilaa Canfarta kadib markii 1500 dilaacday badda - Calaamadahii Aakhiru Sabanka.

Waagacusub.net - Admiral Maksimov oo ahaa taliyaha Ciidamadda Badda ee Ruushka qaybta Waqooyi oo warbixin sira ku kashifay in Ciidamada badda ee dunida ee ku qulqulayeey badda Somalia iyo gacanka carbeed iyagoo ku gabanayey la dagaalanka budhcad badeeda ,iyo argagixisada u arrinkaas ahaa Been abuur lagu daboolayey dilaac weeyn oo badda kala baray iyo God weyn oo albaab u eg oo ka furmay badda u dhaxaysa Somalia iyo Yemen . Full Article

 

[Topnews:-] Wasiiru Dowlaha Madaxtooyadda Somalia oo fadeexadaha Farmaajo iyo qiyaanooyinkiisa kashifay

Wasiiru dowlaha Madaxtooyadda Somalia Xildhibaan Mahad Salaad oo si geesinimo leh u garbaashay Farmaajo iyo fadeexadda hareeyay ,isagoo sheegay in Xildhibaanaduna sugayaan dhamaantood Wasiiro oo aysan kaba hadli karin xadgudubyadda sii kordhaya. Full Article

 

Turkish Airlines steps in to help famine-hit Somalia

Turkish Airlines have responded to a call to help send aid to famine-struck Somalia. Full Article

 

Dutch PM Rutte's VVD emerges top in first exit poll

Dutch PM Rutte has claimed victory in elections in the Netherlands that saw his party beat out far-right challenger Wilders. Some see the Dutch poll as a litmus test for populists ahead of French and German elections. Full Article

 

First Hijacking of a Merchant Vessel by Somali Pirates in Five Years.

This attack reinforces the need for vessels to follow Best Management Practices (BMP) within the High Risk Area. Full Article

 

My meeting with a forgotten terrorist in Somalia

Once an Al Shabab leader, Sheikh Hassan Dahir Aweys now lives in legal limbo, a case study in Somalia's stumbling search for stability. Full Article

 

[Topnews:-] Fashilka Farmaajo? Al-Shabaab oo faafiyay Magacyadda dadkeey dileen intii Farmaajo Madaxweyne ka noqday Somalia

Waagacusub.net - Warbixin lagu faafiyey baraha Al shabaab ku leeyihiin Internetka ayaa lagu sheegay magacyada la dilay iyo goobaha kale ee la weeraryay inkastoo aysan si rasmi ah u sheegan dilalka qaar in ay masuuliyada iyaga leeyihiin Full Article

 

[Daawo] Fanaanad Somalia oo Kastuumo iyo Funaanad kaliya hees ku soo qaaday muuqaal yaab badan

[Daawo] Fanaanad Somalia oo Kastuumo iyo Funaanad kaliya hees ku soo qaaday muuqaal yaab badan Full Article

 

[Daawo] Somaliland oo aqbashay ka mid ahaanshaha Somalia

Daawo Somaliland oo aqbashay ka mid ahaanshaha Somalia Full Article

 


Leave a comment

  Tip

  Tip

  Tip

  Tip

  Tip


UK excludes Somaliland from donor meeting over postponed elections

A top British official said on Tuesday that Somaliland would not be invited to a donor conference on Somalia in May because it had repeatedly postponed Presidential elections.

Saudi Arabia Airstrike Kills Dozens of Somali Migrants Off Yemen's Coast

SANA, Yemen — More than 30 Somali migrants, including children, were killed in the Red Sea on Friday when a military helicopter opened fire on their boat, according to Yemeni and United Nations officials.

As Parliament argues over the National Insurance U-turn, Boris Johnson rides an armoured vehicle in Mogadishu

As Philip Hammond and Theresa May were torn into by the Labour party over the National Insurance U-turn - though not, in some people's opinion, by Jeremy Corbyn - Boris Johnson rode an armoured vehicle in Mogadishu.

Far-Right Dutch MP Geert Wilders FAILS to make inroads in general ...

Far-Right Dutch MP Geert Wilders FAILS to make inroads in general election and accuses victorious PM of treating his populist supporters like 'semi-Nazis' as Merkel and co celebrate

Dutch PM Rutte's VVD emerges top in first exit poll

Dutch PM Rutte has claimed victory in elections in the Netherlands that saw his party beat out far-right challenger Wilders. Some see the Dutch poll as a litmus test for populists ahead of French and German elections.

UK excludes Somaliland from donor meeting over postponed elections

A top British official said on Tuesday that Somaliland would not be invited to a donor conference on Somalia in May because it had repeatedly postponed Presidential elections. Full Article

 

Kenya to Reopen Border With Somalia

NAIROBI — The Kenyan government says it will open the border with Somalia to boost trade and allow the flow of people between the two countries. Kenyan President Uhuru Kenyatta also pledged to help Somalia in the fight against al-Shabab militants and support and train government workers. His remarks followed a meeting he had in Nairobi with his Somali counterpart, Mohamed Abdullahi Mohamed. Full Article

 

Topnews:- Madaxii Waaxda Gaadiidka Alshabab Gobalada Baay & Bakool oo Ka Mid Noqday Xildhibaanada Cusub

Xildhibaan Idiris Cabdi Dhaqtar oo ka mid ah Xildhibaanada lagu soo doortay Magaalada Baydhabo ee Xarunta KMG u ah Maamulka Koonfur Galbeed ayaa' dadka wax ka yaqaanno ku tilmaameen in uu yahay Shaqsi u shaqeeya Kooxda al Shabaab asagoo xilal kala duwan kasoo qabtay kooxdaasi. Full Article

 

Saudi Arabia Airstrike Kills Dozens of Somali Migrants Off Yemen's Coast

SANA, Yemen — More than 30 Somali migrants, including children, were killed in the Red Sea on Friday when a military helicopter opened fire on their boat, according to Yemeni and United Nations officials. Full Article

 

As Parliament argues over the National Insurance U-turn, Boris Johnson rides an armoured vehicle in Mogadishu

As Philip Hammond and Theresa May were torn into by the Labour party over the National Insurance U-turn - though not, in some people's opinion, by Jeremy Corbyn - Boris Johnson rode an armoured vehicle in Mogadishu. Full Article

 

Ethiopian professor writes about Ethiopia's policy of destabilizing Somalia

Ethiopian foreign policy and the Ogaden War: the shift from "containment" to "destabilization," 1977–1991 Full Article

 

Ethiopian military and political backing for sale by a corrupt officer called Gabre Part 1

The most Ethiopian corrupt military officer who is called Haile Gabre known by Somalis as General Gabre becoming extremely wealthy from the huge sums of money that he is getting from opportunistic Somali politicians who want to buy the sympathy of Addis Ababa, one of his juniors told Waagacusub anonymously. Full Article

 

Suspected Shabab Security officer elected by Somali senate.

Sunatimes.com - The vast majority of the Somali people were dismayed by the selection of Abshir Mohamed Bukhari who is well known for his radical views and unlimited support for the terrorist group Al-Shabab, a Somali based terror group that have links to Al-Qaeda and newly founded ISIS. Full Article

 

As ISIS Struggles for Influence in Somalia, al-Shabab Remains the Main Threat

The so-called Islamic State received some modest good news recently from Somalia, in what has otherwise been a dismal stretch of losses for the jihadi group. In October Full Article

 

Amid dwindling donor support, one million displaced Somali refugees grow hopeless, UN agency warns

UNHCR Special Envoy Mohamed Abdi Affey (second, right) listens to a Somali refugee in Dadaab, Kenya, who has opted to return home under a voluntary repatriation programme. Photo: UNHCR/Modesta Ndubi Full Article