Visa has announced a partnership with IBS Bank, which will enable the bank to deepen its payments services in Somalia by going live with its acquiring business on the Visa platform.
Through the partnership, IBS Bank will accelerate its banking services by accessing Visa’s global footprint to offer customers more convenient, secure and reliable ways to access and spend their funds.
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.
IBS Bank is at the forefront of innovation in Somalia and will continue to look for new ways of giving Somalis the means to enhance their financial prospects. Visa will offer support to 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 population.
IBS Bank Chief Executive Officer Mahat Mohamed, had this to say, “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.”