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MasterCard and Somalia’s Premier Bank Collaborate to Introduce Country’s First International Payments Network

MasterCard is the first international payments network to enter Somalia, following its partnership with Premier Bank, which was announced today at the World Economic Forum on Africa.

Premier Bank will issue and accept the first MasterCard-branded payment cards in Somalia, a country which hasn’t had any form of formal banking service since the collapse of the government and financial services system in 1991.

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.

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.

Read the full release here.