Mastercard has partnered with Premier Bank, a Sharia-compliant commercial bank in Somalia, to launch Premier Payment Gateway. The Premier Payment Gateway is a digital payments platform that enables Somali businesses to accept international card payments for online purchases. This initiative is expected to expand market reach, increase revenue for local businesses, and contribute to the growth of Somalia’s digital economy.
The initiative is powered by the Mastercard Payment Gateway Services (MPGS), and provides a secure way for Somali businesses and merchants to accept Mastercard and other payment cards from customers worldwide. This capability ensures that merchants receive payments in foreign currency without lengthy settlement processes, thereby attracting foreign currency into Somalia and boosting the local economy.
By simplifying the process for Somali merchants to receive payments in foreign currencies, the Premier Payment Gateway platform attracts and retains foreign currency into the country and supports broader economic growth and financial inclusion goals. It is a centralized gateway to streamline tax and fee collections, improving efficiency and reducing leakage.
Speaking at the launch of the new initiative, Shehryar Ali, Country Manager for East Africa and Indian Ocean Islands at Mastercard said, “Through this collaboration, businesses will have access to a safe online payment gateway that will enable them to accept payments, expand their customer base, and boost their revenues. This supports Mastercard’s efforts to bring 50 million micro and small businesses into the digital economy by 2025, underscoring our commitment to fostering financial inclusion and supporting businesses globally.”
On his part, Dr. Mohamed Ghedi Jumale, CEO of Premier Bank stated, “As part of our aspiration to be a market leader through impactful transformation, innovation, and digitization, Premier Bank has collaborated with Mastercard to launch an innovative e-commerce solution designed to help local businesses grow internationally. This partnership will provide secure, around-the-clock payment services to our customers, allowing the bank to expand our customer base both locally and globally by meeting diverse requirements.”
This alliance brings international standards and security to Somalia’s financial services, enhancing trust and reliability for both merchants and consumers. This initiative also sets a precedent for fintech companies operating in emerging markets, demonstrating the potential for fintech solutions to drive economic growth and financial inclusion.