Somalia’s largest bank, Salaam Somali Bank, has partnered with Visa, to introduce Visa Debit and Visa Prepaid cards to its branches across the country and online.
The partnership will improve the speed, efficiency, and security of digital payments in Somalia, making it easier for customers and businesses to transact. The Debit card is the first product to be connected to Salaam Somali Bank’s point of service systems, used by businesses throughout the country. The card can also be used at ATMs, and for e-commerce transactions.
Salaam Somali Bank has on board over 80,000 new customers and opened accounts with 40,000 daily transactions through its mobile banking service. By integrating with Visa’s payment structures, the bank can now support similar transactions, giving it the capacity to meet the demand of an economy projected to grow by 3.4% in GDP in 2024.
Visa Debit cards will also boost transaction security in the country, by adhering to international security standards and offering the highest protection against fraud with zero liability for unauthorized transactions.
By adopting the region’s most popular debit card, the partnership will support trade growth through efficient cross border transactions. The partnership comes just five months after Somalia joined the East African Community – one of Africa’s largest economic areas.
Visa Debit cards enable customers to draw funds directly from their account from anywhere in the world, easing mobility and simplifying international business transactions in a country where 76% of the population are entrepreneurs.
This initiative is a significant development for the 6.9 million Somalis that require humanitarian assistance. Visa Prepaid cards offer a secure and efficient solution to deliver Somalia’s $2billion in annual aid flows directly to vulnerable communities.
These pre-loaded cards will enable international NGOs to distribute aid directly to pre-identified beneficiaries. Recipients gain secure access to these funds without needing a bank account, a move that supports financial inclusion in a country where only 15% have bank accounts.
Customers can manage their cards through the dedicated WAAFI app, streamlining the process for INGOs while increasing flexibility and autonomy for beneficiaries through electronic cash aid.
Shuayb Haji Nur Mohamed, Managing Director of Salaam Somali Bank, said: “The launch of our Visa card services is another cornerstone laid. We’ve always been a bank that’s backed entrepreneurs and firmly believe 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.“