Bank clients have over the years considered Automated Teller Machines an easy way out in money Withdrawal as opposed to the usual queuing. Banks have invested heavily on expanding reach of the Automated machines across the country. Today, the ATM not only connects you to your bank but to other platforms in the same sector not forgetting the Mobile money industry which has also ventured in the ATMs.
This might be a norm in the country but is not in Somalia. Citizens of the republic can now enjoy ATM services with the country launching the first ever cash withdrawal machine today. The machine installed by Saalam Somali Bank in an up-market hotel allows customers to withdraw US dollars.
The recurring conflict involving clan and religious based militia groups is without a doubt to blame for the undeveloped banking sector in the country. The country’s Capital, Mogadishu has been hit by instability for more than two decades therefore suffocating its economy which has resulted to dollar use preference to the country’s currency the shilling.
The move might seem an upgrade for the banking sector but Salaam Somali Bank’s ATM will only allow customers to withdraw dollars from their international bank accounts, using Visa cards, MasterCard and American Express. Also, the financial institution is looking to roll out other currencies to accommodate people from the diaspora and foreigners.
Being an ATM situated in an upmarket hotel, the use is definitely limited to the target market which is the high-end individuals and in this case the foreigners. Salaam Somali Bank (SSB) bears the critical responsibility of leading the way forward in establishing a stable and dynamic banking system replete with dynamic and cutting-edge products and services which clearly does not go in line with the recent launch.