The partnership is a watershed moment for Sudan, which since the fall of dictator Omar al-Bashir in 2019, has taken steps to rejoin the global financial system. Until now it was impossible to use a Sudanese bank account abroad. Faisal Islamic Bank of Sudan (FIB), one of the country’s largest lenders, has become the first indigenous bank to obtain a card issuing and acquiring license from US company Mastercard. This will enable the bank’s customers to withdraw funds from ATMs globally, shop online, and transact at millions of merchants around the world that accept Mastercard payment cards. The milestone adds to the first successful international Mastercard transaction in Sudan in June 2020 by the Qatar National Bank (QNB).
Committed to developing and growing the payments landscape and are delighted to partner with Faisal Islamic Bank and Network International to strengthen the domestic payment ecosystem in Sudan, and further increase the adoption of digital payment solutions through the convenience of cards. Sudan has attracted very little foreign investment over the past three decades as businesses were unable to send money to and from the country. US signed a Memorandum of Understanding (MoU) with Sudan in January to provide a “bridge loan” so the heavily indebted country could begin clearing $16bn in arrears owed to the World Bank. The deal will help pave the way for Khartoum to apply for debt relief from international lenders. According to the Central Bank of Sudan, there are 34 banks in Sudan. Many of the financial institutions were unable to lend or offer services to customers during the harsh economic conditions of the Bashir era. It is hoped that more Sudanese banks will enter into partnerships with global financial giants like Mastercard and Visa to bring a range of services to the private sector and the domestic market.