12 06 2015
MasterCard is the first International payment network to enter the country and this means to nearly scientific breakthrough in a country ravaged by war and anarchy.
It’s not Premier Bank that benefits the new arrangement, but Somalia’s whole emerging financial market stands a chance as this opens door to the outside world and paves the way for other international financial institutions.
Somali Minister of Planning and International Co-operation was so jubilant and optimistic by saying “Somalia has made significant strides to rebuild the country and instill peace and stability” he was attending the World Economic Forum held in Cape Town where MasterCard has presented its new venture in Somalia.
This marks a historic milestone, signaling Somalia’s financial liberation following years of being excluded from participating in the global economy. Somalia has abundant history of business and trading legacies in Africa. In the medieval ages Somali traders were active members of silk-road trading Network that served the connecting dots between the continents on cultural and business ties.
Today despite the long time standing anarchy Somali telecommunication industry is one of the finest and cheapest networks in the continent.
The introduction of MasterCard to Somali markets has the potential to solve hitches with the money transfer companies which generates over a billion dollar a year. The country’s rich remittance market has suffered several setbacks for the last couple of years after legal battle with Europeans and USA anti-money laundering and terror agencies.
Kenya which hosts biggest Somali business market has joined Euro-American league by shutting down several important remittance companies in the country. MasterCard may offer alternative, save and acceptable market for both Somalis and concerned governments.
Somali Government has since longtime complaining for not accessing the International banking system inside the country to withdraw the donors fund from their overseas accounts. The E-commerce of the country is also expected to grow and now Somali traders can engage online markets smoothly because of MasterCard’s introduction.