Category: Business

 The development of business in Somalia has been a complex and challenging journey. The country has faced years of political instability, civil war, and economic hardship, which have all had a negative impact on the business environment. However, in recent years, Somalia has started to see some positive changes in its business sector, thanks to economic reforms and increased investment. One of the key factors in the development of business in Somalia has been the government’s efforts to improve the business climate. The government has implemented a number of reforms aimed at reducing red tape, improving access to credit, and creating a more transparent and predictable regulatory environment. This has helped to attract more foreign investment and encourage local entrepreneurs to start businesses. Another important factor in the development of business in Somalia has been the growth of the telecommunications sector. The country has seen a rapid expansion of mobile phone networks and internet connectivity, which has helped to connect businesses to the global marketplace and improve communication and collaboration between businesses. The agriculture sector has also played a significant role in the development of business in Somalia. The country has vast agricultural potential, with fertile land and a favorable climate for crops such as bananas, maize, and sorghum. Agriculture has provided opportunities for small-scale farmers to increase their productivity and access markets both domestically and internationally. Despite these positive developments, Somalia still faces significant challenges in its business environment. The country continues to grapple with security issues, corruption, and inadequate infrastructure, which can hinder business growth and investment. In conclusion, the development of business in Somalia is a work in progress. While the country has made strides in improving its business climate and attracting investment, there is still much work to be done to create a more vibrant and sustainable business environment. With continued reforms, increased investment, and a focus on addressing challenges, Somalia has the potential to become a flourishing hub for business and entrepreneurship in the region.

Somalia, 12 September 2023: Mastercard is launching Classic and Platinum Debit Cards in partnership with Amal Bank, one of the largest banks in Somalia in terms of its branch network and customers. This partnership will grant consumers greater accessibility to Mastercard’s global services, and Amal Bank’s local availability and services.  As leaders in technology and payment services, Mastercard and Amal Bank’s joint offering will strengthen their value proposition for customers in Somalia. With the new joint Classic and Platinum Debit Cards, consumers will be able to make global transactions, enjoy the freedom of easier, safer, and more convenient banking services, and have greater access to the global marketplace. “Our partnership with Mastercard is a proud moment not only for Amal Bank, but we know that it will also bring many Somalian consumers into the digital fold.  This forms part of our strategy to serve both the banked and the underbanked within Somalia, offering them access to safer, easier, and more convenient payment offerings,” says Said Ali Shire, CEO of Amal Bank. “Get it at your local branch, and enjoy it globally.” Available to Classic and Platinum Debit Card holders, the Amal Bank card can be used across POS (Point of Sale) and ATM (Automated Teller Machine) terminals in Somalia, when travelling outside of the country, and on eCommerce sites.  To apply for an Amal Bank card, consumers can visit their nearest branch, along with proof of identity. Priceless services and experiences include airline, hotel and travel discounts and access to a suite of airport lounges are amongst the benefits for the Platinum Debit card holders. The new suite of cards will include contactless payment, ensuring a fast and secure checkout experience, whilst also empowering consumers to choose how they want to pay.   “Mastercard is committed to driving financial inclusion and providing digital solutions that help customers make secure and seamless transactions. By providing consumers with access to safe and convenient payment solutions such as this, we believe that this partnership will help drive economic growth and improve the lives of millions of Somalians,” says Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard.  “We are proud to collaborate with Amal Bank to enhance the drive to access financial services, enabling more people to enter the digital economy, and as a leader in the payments technology industry, we will continue to provide our customers with the best solutions and experiences,” adds Ali.   This will grant Amal Bank’s customers access to MasterCard’s global payment services, along with the bank’s enhanced service availability and convenience. Customers will be able to leverage Mastercard’s global footprint and Amal Bank’s National footprint.  Source: MasterCard