Salaam Somali bank partners with Visa to enhance digital payments

Salaam Somali Bank, Somalia's largest bank, has partnered with Visa to offer Visa Debit and Visa Prepaid cards nationwide and online.

This collaboration aims to enhance the speed, efficiency, and security of digital payments in Somalia, facilitating smoother transactions for both consumers and businesses.

The Visa Debit card, the first to be linked to the bank's point-of-sale systems, can also be used at ATMs and for online purchases.

With over 80,000 new customers and 40,000 daily transactions through its mobile banking service, Salaam Somali Bank can now enable similar transactions using Visa's payment infrastructure.

According to the bank, this partnership is crucial as Somalia's economy is projected to grow by 3.4% in GDP by 2024.

The two parties noted that Visa Prepaid cards offer a secure and efficient solution for the 6.9 million Somalis in need of aid, facilitating the delivery of $2 billion in annual aid flows directly to vulnerable communities.

These pre-loaded cards allow international NGOs to distribute aid directly to beneficiaries, promoting financial inclusion in a country where only 15% of the population has bank accounts, the companies stated.