Debit Card Launched in Somaliland
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(No Ratings Yet) Loading ...By Adebayo Somuyiwa
Published: October 30, 2009
Debit Card Launched in Somaliland
By Adebayo Somuyiwa
A debit card service was launched for the first time ever in Somaliland this week. The region broke away from Somalia in 1991, when the country’s government collapsed, and has been relatively stable ever since. The new debit cards will allow customers to pay for goods and services at any commercial establishment, transferring money directly from the card holder’s account to the merchant’s account via an internet connection. It also offers a cash-back service that lets customers add an extra amount to the transaction and receive the cash in return. The company that launched the system, Dahabshiil, said it will also make the transfer of remittances more secure and accessible. Money sent to Somalia by emigrants working abroad amounts to around one billion US dollars a year.
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