Premier Bank eyes Mogadishu market with cross-border payment services

 

When the then Somalia Interior Minister, Abdirahman Mohamed Hussein, withdrew cash from an ATM during the opening ceremony of Premier Bank in Mogadishu, Somalia, on May 12, 2015. [Courtesy, AMISOM]

The Premier Bank is now betting on SWIFT payment to enhance payment services aimed at transforming international money transfers.

This, the bank said, will enable target businesses and individuals in Somalia’s Mogadishu to send and receive funds globally faster, simpler, and more securely than ever before.

The bank’s head of business, Abdishakur Afrah, said the upgrade replaces the long-standing hassles that slowed cross-border transactions for over two decades.

He said with SWIFT connection, its customers can seamlessly transact in major global currencies United States Dollar (USD), including Euro (EUR), Chinese Yuan (CNY), UAE Dirham (AED), Saudi Riyal (SAR) and other major currencies, eliminating previous currency limitations that hindered the country’s importers and exporters.

“This service is a game-changer for the country’s economy because after years of effort, we have broken down barriers to global financial connectivity, empowering businesses to compete effectively on the international stage and attracting foreign investment,” said Mr Afrah.

According to him, by facilitating swift and reliable fund transfers, Premier Bank aims to accelerate trade, stimulate economic growth, and support the country’s strategic integration into regional and global markets.

“We are a licensed commercial bank operating throughout East Africa, known for pioneering innovative financial solutions centred on customer needs. This latest advancement reinforces our leadership role in fostering a robust and inclusive financial ecosystem,” he said.

He said the service provides a convenient channel that enables international money remittance and payments worldwide through banks.

"Money transfer across banks is safe, fast, and guaranteed through Premier Bank’s SWIFT service. Experience seamless transaction processing to and from our local counterparties with real-time settlement with our RTGS Services," he said.

Mr Afrah said that with a wide network of correspondent banks, the service further offers its customers cross-border transfer services connecting them to a global banking network with fast settlements worldwide.

He said customers will, however, have to provide supporting documentation for transactions of $10,000 and above.

The bank also aims to assist international organisations to set up offices in Somalia and, in the reconstruction process, be another key market segment under corporate banking.

Afrah said that with the IMF and World Bank confirming their commitment to assist Somalia in rebuilding its economy, the move presents an opportunity for the bank to work with these institutions to finance SME projects in Somalia.