Partnership signals first MasterCard payment card issued in Djibouti
The collaboration between MasterCard and East Africa Bank will see a wider range of electronic payment solutions being introduced in the country, and made available for all citizens.
“Only 5% of the population in Djibouti currently has a payment card, and the country is heavily dependent on cash. Salaries are paid directly into a bank account, but as many people don’t have a payment card it is difficult for them to access their funds. The same applies to Somalia where MasterCard now will be available via Dahabshil Bank” said Mr. Hirsi Dirir, Chief Executive Officer of East Africa Bank.
The displacement of cash with the introduction of safer, convenient electronic payment solutions will develop a more financially inclusive country. According to the World Bank, Djibouti has a financial exclusion rate of 87.7 percent, meaning that the majority of the one million citizens are unbanked or underbanked.
Anthony Karingi, regional manager, East Africa, MasterCard said, “Cardholders will have easier access to their funds. They are able to use their payment card at Point of Sale (POS) terminals in Djibouti but also in 210 countries across the world, where MasterCard is accepted, making travelling outside of the country easier, and safer.”
“We are committed to East Africa, and look forward to working alongside East Africa Bank to make Djibouti a more inclusive economy, one that is less dependent on cash,” said Karingi.
The East Africa Bank will roll-out 5,000 MasterCard debit cards to curb the reliance on cash in Djibouti. Mr Hirsi Dirir (right), CEO of East Africa Bank celebrated the milestone by hosting Mr. Anthony Karingi (left), East Africa regional manager for MasterCard, where he highlighted the need to introduce safer and more convenient payment solutions to help make Djibouti a more inclusive economy. Mr. Ali Daoud, head of the Financial Intelligence Unit for the Central Bank of Djibouti attended the launch event to show his support for the partnership.
About East Africa Bank
East Africa Bank (EAB) is a commercial bank headquartered in Djibouti, licensed and regulated by the Central Bank of Djibouti. The bank is a fully Sharia-compliant institution serving the broader Horn of Africa market. The bank is a subsidiary of DG Holdings LLC, located in Dubai International Finance Centre (DIFC), Dubai, UAE. Since its inception in 2010, the bank is experiencing a trajectory growth in balance sheet size and portfolio. Currently, the bank has presence in the Republic of Djibouti and plans are underway to extend its geographical coverage and network to more than 20 branches within three years in major economies of East African region.
MasterCard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MasterCardMEA and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the MEA Engagement Bureau.
Geraldine Trennery, MasterCard, Geraldine_trennery@mastercard.com
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