Djibouti-based East Africa Bank has unveiled its first co-branded MasterCard payment card in Djibouti, with the roll-out of 5,000 MasterCard debit cards.
The collaboration between MasterCard and East Africa Bank will see a wider range of electronic payment solutions being introduced in the country, and made available for all citizens.
The displacement of cash with the introduction of safer, convenient electronic payment solutions will develop a more financially inclusive country. According to the World Bank, Djibouti has a financial exclusion rate of 87.7 percent, meaning that the majority of the one million citizens are unbanked or underbanked.
East Africa Bank (EAB) is a commercial bank headquartered in Djibouti, licensed and regulated by the Central Bank of Djibouti. The bank is a fully Sharia-compliant institution serving the broader Horn of Africa market. The bank is a subsidiary of DG Holdings LLC, located in Dubai International Finance Centre (DIFC), Dubai, UAE. Since its inception in 2010, the bank is experiencing a trajectory growth in balance sheet size and portfolio. Currently, the bank has presence in the Republic of Djibouti and plans are underway to extend its geographical coverage and network to more than 20 branches within three years in major economies of East African region.
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