Somalia Opens Cash Machine In Mogadishu
TVC NEWS [ MOGADISHU]- 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.
A source disclosed to TVC NEWS that 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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| A Somalia cash machine in Mogadishu the capital. |
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.
A source disclosed to TVC NEWS that 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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