Djibouti(Mogadishu24)-Saba African Bank and Djibouti Telecom signed an agreement on Sunday to facilitate mobile money services for the people of Djibouti. The agreement involved connecting the bank to D-Money, the largest mobile financial services provider, enabling customers to access money services such as withdrawal, send money, and bank deposits via their phones.

The service will also streamline salary and wage payments for employees, contributing to greater financial inclusion.

Abdulrafiq Farea Salim, CEO of Saba African Bank, expressed gratitude to Djibouti Telecom, and noted that the agreement will strengthen cooperation between the two companies.

“We are delighted to sign this agreement with D-money, which enhances the easy flow of money, such as withdrawal, send money, and other essential services. This agreement will strengthen our collaboration with Djibouti Telecom, further expanding our services to the people of Djibouti,” he said.

Mohamed Osobe Buuh, CEO of Djibouti Telecommunications company, highlighted the government’s efforts to promote financial inclusion through electronic money channels.

“This new agreement encompasses the electronic money channels between the Bank and D-money. Through this agreement, the customers of both D-money and Saba African Bank will be able to acquire financial services through their mobile phones. This is one of the Djibouti government’s efforts to expand electronic money transfer to promote the economy and enhance financial inclusion,” Mr. Osobe said.

Hibo Mohamud, CEO of D-money, emphasized the importance of interconnection between the mobile financial services provider and the banks. She revealed that D-money had already signed similar agreements with two other banks operating within the country.

“This interconnection and integration of electronic money channels are very important for D-money and the banks. We have previously signed an agreement with two banks, and we are planning to expand our services to several other banks within this year,” Mrs. Hibo stated.

She further stated that this interconnection will bridge the gap between those with bank accounts and those without access to banks.

“The services will bridge the gap between those who have access to banks and those who live in areas without banks, allowing them to receive electronic money sent from Standard Bank’s electronic channels for mobile phones,” she added.