IBS press release for the launch of Mastercard in Somalia

“Today is a moment of celebration in the banking industry in Somalia and in IBS Bank”, said the CEO Mr. Mahat Mohamed. “IBS together with MasterCard are pleased to announce their partnership that will see the bank avail a wider range of the MasterCard products locally in Somalia” the CEO added. The partnership is also to ensure that the MasterCard services are provided more efficiently and classified under different categories. The bank has just been through a short period of testing the cards in the market and even before the official launch, the response has been overwhelming which is a show of the great potential existing in the market.

This action by the bank is in response to the needs of the hard working Somalis who require a variety of financial products that will increase their efforts to build businesses, create jobs, grow the economy and uplift the living standards of the people. IBS Bank as a financial institution is committed to making banking more and more useful to the customer’s lives. The bank is consistently offering and will continue to offer new products and services that meet the financial needs of the people. This is part of the implementation of its wider strategy of driving financial inclusion and opening up the market to access more financial services. In this agenda, IBS Bank is determined to introduce innovative products that create convenience in banking to meet the ever changing lifestyles of the people in Somalia and the wider region and thereby grow the financial sector.

For MasterCard to have agreed to enter into this relationship with IBS Bank is a reflection of the trust the global and local partners place in the quality and the reliable service standards IBS Bank maintains in its operations.

IBS Bank has introduced 4 different versions of the card; classic Standard in Kafiye as normal MasterCard, Dheeman for ladies, and Kulmiye for students and a 4th card in the form of Worldelite – Dalmar. Each card has different features and serves different segments of the market.

MasterCard will change the lives of customers by enabling them to have cashless transactions inside and outside Somalia, enable customers to access ATMs at any time avoiding the queues at the branches and enabling customers the convenience of online purchases of goods and services from anywhere including the comfort of their homes.

IBS Bank becomes the first in East Africa to launch the prestigious Worldelite MasterCard which is the highest category of MasterCard debit cards. This is also a reflection and recognition of the Somali way of life as business people of repute not only within Somalia but also internationally. Worldelite offers many benefits that in monetary and other gains one cannot place a price; for example, discounts in hotels round the world, in shopping and on airline travel

booking, early check in at 9 am and late checkout at 6 pm in major hotels, free VIP airport lounges admission at more than 1,000 lounges all over the world, medical insurance when you travel, insurance against loss of baggage, higher capacity to do shopping for business and personal expenditure. Being the first high quality MasterCard product in the East African market, IBS Bank has placed itself at the center of being an innovative bank in the thriving financial services in the region”.

In the spirit of our new brand IBS Bank “Empowers You” the customer with MasterCard. Call us, visit us and we will make you happy.

About IBS Bank

IBS Bank is a financial bank with headquarters in Mogadishu. It is a fully fledged bank offering a wide variety of sharia banking services in both retail, corporate, mortgage, trading and treasury services.

The bank has been voted the best bank in the market several times and promises to continue offering services and products those customers will continue to value always in a manner that will delight.

We undertake to empower our customers in all spheres of their lives in a manner that meets their needs without compromising on integrity and best industry standards.

For any enquiries contact IBS at card Center +252 613 74 44 44 and Email-support@ibosbnk.com. Website- www.ibsbank.so

About MasterCard

Mastercard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MastercardMEA and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the MEA Engagement Bureau.