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Somalia’s First-ever cash Withdrawal Machine Installed

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Somalia’s First-ever cash Withdrawal Machine Installed


Somalia’s first-ever cash withdrawal
machine has been installed in the capital, Mogadishu.
Reports say some Somalians are
confused about how the machine works because they have never used one before.
The machine, installed by Salaam
Somali Bank in an upmarket hotel, allows customers to withdraw US dollars.
Investigations show that Somalia has
a rudimentary banking sector, with many people relying on remittances from
abroad.
The country which is faced with
security challenges since 2012, has dearly paid for its development with
imminent economic hardship.
This is evident as the country’s
currency, the shilling, is almost worthless and many businessmen and foreigners
deal in dollars.

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The machine allows people to withdraw money from their international bank
accounts, using cards like Visa, MasterCard and American Express, our
correspondent says.
A spokesman for Salaam Somali Bank,
Said Abukar, said people can only withdraw US dollars.
“We may add other international
currencies in the future. People from the diaspora and foreigners have welcomed
the move with enthusiasm. We are planning to install more ATMs in
Mogadishu,” he said.
Omar Hassan, a visitor from the UK,
said the installation of the machine was a “big step forward” for
Somalia.
“I have been staying in
Mogadishu for longer than I originally planned so I ran out of cash. I couldn’t
believe my luck when I heard about the
new cash machine,” he said, as he stood in the queue to withdraw cash.

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1 Comment on "Somalia’s First-ever cash Withdrawal Machine Installed"

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Victor Ndah
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Wow congrats to the Somalians, atleast they now have something to be proud of.. Kudos once again…

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