People living and working in Somalia will now be able to make cash withdrawal transactions from their international banks after a bank in the country installed the first ever Automatic Teller Machine (ATM).
The ATM, which has been installed at a high-end hotel in Somali’s capital Mogadishu, will allow people to withdraw money from their international bank accounts by use of Visa, MasterCard or American Express cards.
Installed by Somali’s Salaam Bank, the new cash withdrawal machine will allow the people living in Somalia to withdraw money in the American dollar currency and has put plans in place to introduce other currencies.
Said Abukar, the spokesperson at Salaam Bank said, “We may add other international currencies in the future. People from the diaspora and foreigners have welcomed the move with enthusiasm.”
Abukar added that the Somalian Bank is planning to roll out more ATMs across the city of Mogadishu.
With the Somalia Shilling being rendered almost worthless, many business men and foreigners staying in the country have hailed the new move saying it was a big step forward for the country.
Omar Hassan, visiting from the United Kingdom said, “I have been staying in Mogadishu for longer than I originally planned so I ran out of cash. Hearing about the new cash machine has brought me luck,” reports BBC.
Most people staying in the country have had to rely on payments from overseas due to the nature of Somalia’s banking sector.