Wednesday, October 08, 2014

Africa: Mogadishu Gets Somalia's First ATM

VOA News

Somalia's first-ever cash withdrawal machine has been installed in the capital, Mogadishu.

The Mogadishu-based Salaam Somali Bank installed the machine in a hotel used by diaspora, foreigners and government officials.

Bank official Moalim Abukar told VOA Somali Service the machine will allow customers to withdraw money from their foreign accounts.

Abukar said that the installation of the ATM was "a big step forward" and it represents the growth and strength of Mogadishu’s business community.

Somalia has a rudimentary banking sector, with many people relying on remittances from abroad.

The national currency, the shilling, is almost worthless and many businessmen and foreigners deal in U.S. dollars.