Mastercard partners Mybank to augment ecommerce in Somalia

Friday 26 November 2021 15:11 CET | News

Mastercard has teamed up with online banking e-payment company Mybank to grow access to the digital economy and drive financial inclusion in Somalia.

MyBank, Mastercard and Network International collaborated to launch a new Mastercard debit card that seamlessly enables online shopping in Somalia. This may build ecommerce in the area, and grow the potential for expansion of access to financial technology.

The new physical card is a first for MyBank in the country and will enable consumers to transact in-store at various points-of-sale and at ATMs, while also giving them the ability to make online purchases through ecommerce channels. These services will also benefit underserved sectors in Somalia, through the provision of additional transaction terminals, enabling wider financial inclusion in the country.

MyBank's agreement with Network International gives the bank access to Mastercard's global network, thus enabling its customers, business clients and other users to benefit from payments wherever Mastercard is accepted across the world. The initiative will contribute to boosting digital payments penetration in Somalia and will be supported by an awareness programme, educating customers on the card benefits and usage.

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Keywords: Mastercard, debit card, partnership, financial inclusion, expansion, ecommerce
Categories: Payments & Commerce | Cards
Countries: Somalia
This article is part of category

Payments & Commerce