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Al-qaeda IBS bank Somalia launches Visa Card Payment

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Saturday July 17, 2021 - 04:21:12 in Latest News by Super Admin
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    Al-qaeda IBS bank Somalia launches Visa Card Payment

    Sunatimes.com - IBS Bank Somalia, which is believed to have the largest amount of money, Al-Qaeda Finance Secretary Fazul Abdallah from Comoros has started issuing Visa Card Payments for the first time. Al-Shabaab's finance secretary confirmed

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Sunatimes.com - IBS Bank Somalia, which is believed to have the largest amount of money, Al-Qaeda Finance Secretary Fazul Abdallah from Comoros has started issuing Visa Card Payments for the first time. Al-Shabaab's finance secretary confirmed that Mohamed Ali Warsame had $ 157 million in cash, according to Khalif Ereg, who was later bribed with $ 2 million.
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 both global and local cashless payment opportunities. 

"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 Mahat Mohamed, the CEO of IBS Bank.


Somalia, a country that had no formal banking or financial system since the collapse of its government in 1991, has been making serious headways in reawakening the pulse of its financial entities. 

In 2014, 47 years after the Automated Teller Machine was invented and 25 years after it was introduced in Nigeria and Kenya, Salaam Bank installed the first-ever ATM in Somalia in Mogadishu, the capital state. The ATM was to facilitate cash withdrawals (dollars) for only diaspora returnees and foreigners. 

Then a year later in June 2015, MasterCard became the first international payment network to enter the Somalia market in partnership with Premier Bank and issued 5,000 debit cards to be used by Premier Bank account holders, for domestic transactions.

"New players are coming on board now. Two years ago, we had about five licensed banks, and today we are talking of 13 licensed commercial banks. That goes to demonstrate the appetite that is there.” Mohamed added.





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