Visa Inc. has signed an agreement with Somalia’s Premier Bank that will enable Visa cardholders in Somalia use Premier Bank’s ATM network in the country.
Premier Bank is Visa’s first client in Somalia.
“Visa continues to be at the forefront to help build sustainable financial institutions and inclusive financial systems. We hope that this partnership will encourage further electronification of commerce in Somalia,” said Visa General Manager, Southern and East Africa, Jabu Basopo.
In addition to cash withdrawals and balance enquiries, Visa cardholders will also be able to pay for goods and services, where applicable, as the Point of Sale acceptance footprint is growing in Somalia.
The partnership is part of a wider strategy to strengthen formal banking services in the country that has been ravaged by war since the collapse of the government and financial services system in 1991.
The managing director of Premier Bank Mahat Mohamed Ahmed said, “This partnership is bound to accelerate the growth of electronic payment in Somalia and ensure that as many Somalis as possible are brought into the formal banking system”.
Visa will support Premier Bank by engaging with key stakeholders to assist in infrastructural challenges and ensuring that innovative payment solutions enable financial inclusion for Somalia’s population as the Bank seeks new ways of giving Somalis the means to improve their financial prospects.
VisaNet, its centralized processing network will be used in the country to help facilitate the transfer of value and information among Visa’s client financial institutions, consumers, merchants, businesses and the government in a fast, reliable and secure way.
Visa offers payment technology solutions to varied clients in more than 200 countries and territories worldwide and hopes to attain the same results in Somalia.