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Somalia increases its ATM count ... to 1

After decades of conflict, the installation of Somalia's first-ever ATM represents the hope of better things to come.

October 8, 2014

The Republic of Somalia has welcomed its first-ever automated teller machine.

The machine, operated by Salaam Somali Bank and located in an upscale hotel in the capital city of Mogadishu, went live on Wednesday, according to a report by the African tech publication Kachwanya.

The Mogadishu ATM accepts only MasterCard, Visa and American Express cards, and dispenses only U.S. dollars, because the Somali shilling is "almost worthless" and business is generally transacted in American money, a BBC Africa report said.

That Somalia is just now getting its first cash machine is indicative of the devastating effect of two decades of armed conflict on the nation's economy and banking system, and the installation of the nation's first ATM is a hopeful sign of emerging stability.

Salaam Somali Bank has plans to add more machines in the Mogadishu market, a spokesperson told BBC Africa.