In a landmark partnership with Visa, Salaam Somali Bank (SSB) is introducing Visa Debit and Visa Prepaid cards, aiming to transform the way Somalis conduct everyday transactions. This collaboration promises to enhance speed, efficiency, and security for both individuals and businesses.

Unprecedented Convenience: A First for Somalia

Traditionally, Somalis have faced limitations when it comes to digital payments. The introduction of the Visa debit card marks a significant milestone.

This card, the first of its kind to be connected directly to Salaam Somali Bank’s point-of-sale systems, allows for seamless in-store purchases across the nation.

The benefits don’t stop there. The cards can also be used at ATMs and for online transactions, opening doors to the ever-expanding world of e-commerce.

This initiative comes at a crucial juncture. Somalia’s economy is projected to experience a robust 3.4% growth in GDP this year (2024).

With a secure and reliable digital payment infrastructure in place, businesses can streamline their operations, reduce reliance on cash transactions, and potentially reach new markets. This creates a more dynamic and efficient business environment, contributing to overall economic growth.

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Financial Inclusion for All: Reaching Vulnerable Communities

The impact of this partnership goes beyond everyday transactions. Somalia has a significant population (over 6.9 million) reliant on humanitarian assistance.

The introduction of Visa Prepaid Cards provides a secure and efficient solution for delivering the $2 billion in annual aid directly to those in need. These pre-loaded cards empower international NGOs with a targeted approach to distributing aid directly to beneficiaries.

This not only ensures aid reaches those who need it most but also promotes financial inclusion in a country where only 15% of the population has access to traditional bank accounts.

Beyond Banking: Salaam Somali Bank, a Pillar of Somali Progress

Salaam Somali Bank isn’t just a leader in digital payments; it’s a driving force behind Somalia’s financial development. Established in 2009, the bank boasts an extensive network of branches across Mogadishu and key regions in southern and central Somalia, ensuring accessibility for a wider demographic.

Their commitment extends beyond mere financial services; they actively support the community through initiatives like the Salaam Entrepreneurship Fund (SEF).

This collaborative effort with Hormuud Telecom provides young Somali entrepreneurs with critical seed funding (up to the $5 million allocated for the programme).

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With SEF’s support, these aspiring entrepreneurs can transform their business ideas into reality, encouraging innovation and contributing to a more robust Somali economy.

The partnership between Salaam Somali Bank and Visa marks a pivotal moment for Somalia. Increased access to secure digital transactions, coupled with initiatives like SEF, paves the way for a future characterised by financial inclusion, economic growth, and a thriving entrepreneurial spirit. Somalia is positioned to take its rightful place on the global economic stage.