Follow us on Telegram for the latest Tech news and reviews


News

Visa Collaborates with IBS Bank Somalia to drive Payments Inclusion

Visa

Earlier this week, IBS Bank announced a partnership with Visa to deepen its payments services in Somalia by going live with its acquiring business on the Visa platform. Through this 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 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 population.

“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.

Also Read: Visa Announces Fintech Fast-Track Program in Central & Eastern Europe, Middle East and Africa


About author

Tech Arena is an independent technology news website that mainly covers social media news, mobile and gadget news and reviews, apps and software among others. The site focuses on tech news from all over the world that directly impact Kenya.
    Related posts
    GadgetsNews

    Huawei Showcases Next Generation Of Cutting-Edge Products For Smart And Healthy Living

    NewsStartups

    Hisa App Joins NVIDIA Inception programme

    News

    Bamba Secures $3.2 million through a seed round led by 468 Capital

    News

    Kris Senanu to leave Safaricom this month

    Sign up for our Newsletter and
    stay informed

    Worth reading...
    TrueCaller Brings a Free Internet Voice Calling Feature