Somalia's IBS Bank has partnered with Visa to deepen its payments services in Somalia in a move expected to accelerate its banking services locally and globally.
IBS Bank Chief Executive Officer Mahat Mohamed said "We went live with Visa acquiring in May this year and within a month we have seen an outstanding response in the market. In our first month, we have had 341 transactions (ATM withdrawals) with a total value of $85K. Our partnership with Visa 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."
IBS Bank has a growing network of 7 branches in key districts in Mogadishu and makes provision for services such as cash withdrawals and balance enquiries. In addition, the wider Point of Sale acceptance footprint is growing, and Visa cardholders can also pay for goods and services from merchants that accept Visa across the country.
"We are happy to officially welcome IBS Bank customers onto the Visa network where they can enjoy secure and convenient payment experiences," said Kevin Langley, Visa's General Manager East Africa. "This development is in line with our commitment to reduce cash usage and deepen financial inclusion in Somalia and across Africa."
IBS Bank will continue to be at the forefront of innovation and will continue to look for new ways of giving Somalis the means to enhance their financial prospects. Visa will support IBS Bank by engaging with key stakeholders to assist where possible on infrastructural challenges and ensure that innovative payment solutions enable financial inclusion for Somalia's Visa's experience of offering superior products and value to its clients has driven growth in over 200 countries and territories around the world and we hope to attain the same results in Somalia," added Langley.
VisaNet, Visa's centralized processing network will be utilized in Somalia to help facilitate the transfer of value and information among Visa's client financial institutions, consumers, merchants, businesses and government in a faster, more reliable and more secure way.population.