East Africa Bank partners MasterCard in Djibouti for e-payments

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.

Currently, 5% of the local customers own a payment card whereas teh country relies mostly on cash. Wages are paid into a bank account, but it is difficult for them to access their funds, according to Mr. Hirsi Dirir, Chief Executive Officer of East Africa Bank.

The displacement of cash with the introduction of electronic payment solutions will develop a more financially inclusive country. According to the World Bank, Djibouti has a financial exclusion rate of 87.7%, meaning that the majority of the one million citizens are unbanked or underbanked.