Somali: Salaam Somali bank launches visa prepaid & debit cards

Somalia’s largest financial institution, Salaam Somali Bank has announced a strategic partnership with Visa to introduce Visa debit and prepaid cards across its branches and online platforms. This collaboration aims to enhance the speed, efficiency, and security of digital payments in Somalia, benefiting both customers and businesses.

The newly introduced Visa debit card will be the first product linked to Salaam Somali Bank’s point of sale (POS) systems, widely used by businesses throughout the country. In addition to POS systems, the card can be used at ATMs and for e-commerce transactions, offering greater flexibility and convenience to account holders. With over 80,000 new customers onboarded and 40,000 daily transactions through its mobile banking service, the bank is now poised to support similar volumes through Visa’s payment structures.

The partnership is expected to boost trade growth by enabling efficient cross-border transactions. Somalia’s economy is projected to grow by 3.4% in GDP in 2024, and the adoption of Visa debit cards will facilitate smoother international business dealings, particularly for the 76% of the population engaged in entrepreneurship. This move comes shortly after Somalia acceded to the East African Community, one of Africa’s largest economic areas.

Customers can manage their Visa cards through the WAAFI app, which will streamline processes for International Non-Governmental Organizations (INGOs) and provide beneficiaries with greater flexibility and autonomy through electronic cash aid. This technological integration underscores the bank’s commitment to financial inclusion and economic growth.

At the launch event, Shuayb Haji Nur Mohamed, Managing Director of Salaam Somali Bank, remarked, “The launch of our Visa card services is another cornerstone laid. We’ve always been a bank that’s backed entrepreneurs and firmly believes that financial inclusion is the route to economic growth. These services are not just about providing more options; they are about opening doors to global markets and economic participation which will fuel our nation’s progress.”