IBS Bank Announces Launch of Ria Money Transfer Services in Somalia
Mogadishu, Somalia – August 20, 2023
In a major step toward enhancing financial access in Somalia, the International Bank of Somalia (IBS Bank) has officially announced the launch of Ria Money Transfer services. This partnership brings one of the world’s leading international payment providers to Somali customers, enabling them to receive money from over 165 countries through any IBS Bank branch.
“IBS Bank is happy to bring Ria Money Transfer services to the people of Somalia,” said Mahat Mohamed Ahmed, CEO of IBS Bank. “This is going to be a powerful tool for Somalis and friends. It is significant and it will help the economy of the country to prosper.”
Ria operates the largest real-time international payments network globally, offering transfers to mobile wallets, bank accounts, and cash pickup locations across 200 countries and territories. Its omnichannel services provide customers with unmatched flexibility in how they send and receive money, promoting financial inclusion and economic growth.
A First for Somalia
IBS Bank becomes the first financial institution in Somalia to offer this kind of international money transfer service. The bank has consistently led the market in introducing innovative banking products and services, and this launch continues that tradition.
“We value our customers and are committed to introducing the best banking solutions,” added Mahat Mohamed Ahmed. “IBS Bank will continue to serve its customers and all the people of Somalia by always being the most innovative bank through continuous innovations and initiatives of this nature to make banking easy and more accessible.”
Ria’s Commitment to Africa
Malik Seck, Managing Director for Africa at Ria Money Transfer, expressed enthusiasm about the partnership: “Whether it’s connecting our service to the far-reaching corners of the world, or to a trusted, local financial services platform, at Ria we’re proud to provide international money transfer solutions that help families thrive. We’re thrilled that this partnership with IBS Bank will allow more Somalians to receive funds quickly, easily and safely, from their loved ones abroad.”
The launch of Ria Money Transfer services by IBS Bank marks a transformative moment in Somalia’s financial landscape. By bridging global remittance networks with local banking infrastructure, IBS Bank is not only expanding access to international financial services but also reinforcing its commitment to innovation, inclusion, and economic empowerment. This partnership with Ria opens new doors for Somali families, entrepreneurs, and diaspora communities, making cross-border transactions faster, safer, and more accessible than ever before.
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