As a result of the partnership, Premier Bank will now issue and accept the first MasterCard-branded payment cards in Somalia, a country that hasn’t had any form of formal banking service since the collapse of the government and financial services system in 1991. Premier Bank ATMs can accept cards for cash withdrawal, while the bank will also issue 5,000 MasterCard debit cards in 2015, followed by prepaid cards, and point of sale (POS) machines.
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.
Remittances contribute well over US$1 billion to Somalia’s economy annually, or over 35 percent of GDP, funds that are an essential source of income for individuals and necessary for the development of the country. Premier Bank’s MasterCard-branded debit cards enable Somalis to withdraw funds from any MasterCard-licensed ATM globally, shop online, and pay for goods and services at millions of merchants that accept MasterCard payment cards around the world.
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