Premier Bank, a leading financial institution in East Africa, has implemented the fastest system for sending and receiving money within the country.
Mr. Abdifatah Abdirahman, General Manager of Delta, highlighted that this integration of swift services will streamline the transaction process.
“Previously, we lacked swift processes that could facilitate money exchange. Sending money to Somalia initially took 5 days to a week. Now, through the Premier Bank’s Swift service, it’s a matter of hours,” said Mr. Abdifatah.
This swift service is exclusive to Premier Bank and offers cost-effective services.
“This swift banking service has transformed transaction costs from anywhere worldwide. The expenses have notably decreased. This has also boosted our business and attracted a considerable customer base,” the manager noted.
“At first, clients sending money from their diaspora relatives had to endure multiple bank stops, which escalated charges,” he added.
The Somali community, especially businesspeople, has long faced challenges due to the lack of a swift system that could ease payments and salaries.
Ms. Leyla Musse Ibrahim, Business Development Manager, underlined that this service will address the past obstacles faced by the Somali population.
“This system also eases the sending and receiving of various global currencies within Somalia, an achievement compared to the previous system,” said Ms. Leyla.
Somalia’s Federal Minister of Commerce and Industry, Hon. Jibril Abdirashid Hajji Abdi, stated the potential of this initiative to attract entrepreneurs and contribute to the country’s economy.
“This move will offer opportunities for domestic entrepreneurs and facilitate their engagement in future investment plans within Somalia and the region. It will foster the local industries and regional growth, further contributing to the economic growth of the country,” stated Jibril Abdirashid, the Federal Minister.
This integrated swift service will provide solutions for traders involved in import and export, government agencies, non-governmental organizations engaged in aid and development, international organization employees receiving salaries through banks, as well as investors and expatriates sending funds back to their home countries.
Abdullahi Maalim, an international university lecturer in business and financial studies, emphasized the importance of this swift service for global business industries.
“The integration has facilitated money transfers for businesses around the world to and from Somalia. It has streamlined services for companies, factories, and industries with swift codes,” stated Abdullahi Maalim Elmi.
Premier Bank in Kenya officially started operations in June 2023 after taking over the ownership of First Community Bank, which was previously the link for the SWIFT service responsible for the inflow and outflow of money to and from Somalia. This issue puts a new stage in the system of sending and receiving money in the country.