Salaam Somali Bank, Somalia’s largest financial institution, has partnered with Visa to introduce Visa Debit and Visa Prepaid cards nationwide, marking a significant advancement in digital payment capabilities across the country. This collaboration aims to enhance the speed, efficiency, and security of transactions, benefiting both consumers and businesses in Somalia.
The introduction of Visa Debit cards, integrated with the bank’s point-of-sale systems, allows for seamless transactions at ATMs and online purchases, offering greater convenience to customers. With Salaam Somali Bank already serving over 80,000 customers and processing 40,000 daily transactions through its mobile banking service, this partnership with Visa extends similar digital payment capabilities through Visa’s robust payment infrastructure.
Somalia’s economy is poised for growth, with a projected 3.4% increase in GDP by 2024, underscoring the timely importance of modernizing financial services to support economic development and financial inclusion initiatives.
Visa Prepaid cards, another facet of this collaboration, provide a secure and efficient method for delivering aid to Somalia’s 6.9 million individuals in need, facilitating the direct distribution of approximately $2 billion in annual aid flows to vulnerable communities. These cards enable international NGOs to bypass traditional distribution challenges and deliver aid directly to beneficiaries, thereby promoting financial inclusion in a nation where only 15% of the population currently holds bank accounts.
The partnership between Salaam Somali Bank and Visa signifies a commitment to leveraging digital innovation to address socio-economic challenges and improve the livelihoods of Somali citizens. By integrating Visa’s global payment solutions, the initiative not only enhances financial accessibility but also strengthens Somalia’s economic resilience and stability.
This collaboration underscores the transformative power of financial technology in accelerating development goals, fostering greater financial inclusion, and positioning Somalia at the forefront of digital payment adoption in the region.
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