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In a move to boost confidence in Somalia’s financial and banking sector, Visa has partnered with the International Bank of Somalia (IBS Bank) to launch Somalia’s first Visa card payment service. This partnership will enable Somalians to enjoy cashless payment systems for both domestic and international transactions.
“For Visa to come to Somalia, it means that we are on the right path of growth and progress. We will continue to make partnerships and bring convenient and innovative financial solutions to the people”, said the Chief Executive Officer (CEO) of IBS Bank.

At the launch, Somalia’s Central Bank Governor, Abdirahman Mohammed Abdullahi commented that the partnership would link Somalia to the global financial system and show the growing confidence in the country’s banking and finance sector. After 30 years outside the global financial system, Somalia has recently normalized its relations with the International Monetary Fund, the World Bank and other international financial institutions.
Two years ago, Somalia had about five licensed banks and it boasts of 13 licensed commercial banks today. New players are continuously coming to the board, evidence of the country’s appetite for growth.
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