Somalia: Clients to use ATM card in new Premier Bank scheme

MOGADISHU, Somalia-Known for lack of modern standard banking services, Somalia has now caught up with Visa Inc. to adopt Visa card service in a new electronic scheme launched by the country’s Premier Bank, Garowe Online reports.

Visa card holders can now withdraw money from Automated Teller Machines (ATMs) throughout the country, Premier Bank said in statement.

“We are delighted to partner with Premier Bank as our first client in Somalia. Visa continues to be at the forefront to help rebuild sustainable financial institutions and inclusive financial systems,” Jabu Basopo, Visa Inc. Southern and East Africa General Manager unveiled.

The new system would allow Somali customers to diversify payments in electronic transaction in a country that has lacked standard banking system for over two decades.

Premier Bank General Manager, Mahad Mohamed Ahmed, sees hope in cashless Somalia through the new system: “The agreement we struck with Visa Inc. will pave the way for growth in electronic payments and transactions in Somalia.”

He added that his bank will continue adaption of cashless payments in the East African country.

It is to be noted that Premier Somalia had marked the first Bank to secure membership license from MasterCard, and distributed its branded payment cards last year.

Registered with Central Bank of Somalia (CBS), The Islamic Bank currently runs four branches in Mogadishu.

Premier limited provides financial services to micro businesses and battered financial institutions in addition to the usage of ATM cards afresh.

Visa is a US-based global payments technology company whose network connects thousands of financial institutions with millions of cardholders.

GAROWEONLINE