Salaam Somali Bank Partners With Mastercard

In a move to enhance digital financial inclusion, Salaam Somali Bank has collaborated with Mastercard to launch a digital-first co-branded multi-currency prepaid card designed to revolutionize digital payment solutions.

The collaboration aims to cater to the growing needs of international travellers and diaspora communities by providing secure and convenient means of conducing digital payments across the globe.

The Waafi card offers a seamless digital banking experience for domestic and international transactions, enabling customers to perform digital payments anytime, anywhere. This includes merchant Point of Sale (POS) terminals, Automated Teller Machines (ATMs), or online e-commerce platforms. This is a digital first implementation which means that consumers can create a digital card, tokenize the digital card on their devices and use it to perform contactless payments globally. This not only introduces convenience but also secures the transaction and cardholder data.

“This co-branded multi-currency digital first prepaid card is a testament to our commitment to enhancing the digital payment ecosystem. By enabling seamless international transactions, we are not only facilitating easier access to financial services but empowering individuals and businesses to participate more fully in the global economy. This ultimately contributes to the economic growth and empowerment of communities across the region,” said Shehryar Ali, the SVP and Country Manager for East Africa and Indian Ocean Islands at Mastercard.

The card issuance process commenced on the 16th of July 2024 with Salaam Somali Bank customers able to apply for it instantly from the WAAFI App. This initiative signifies a leap towards fulfilling the digital payment needs of customers in an increasingly globalized world.

On his part, Dr Said Moallim Abukar, the Deputy Managing Director Salaam Somali Bank, said that the Waafu co-brand is a first of its kind in Somalia.

“This innovative launch is not just about introducing a new product; it’s about empowering our customers to enjoy a superior digital banking experience that is a seamless and secure way to manage money, make purchases, and access funds instantly. I would like to extend my gratitude to our dedicated team, our partners at Mastercard, and all stakeholders who have worked tirelessly to bring this product to market. Together, we are not just adapting to the future; we are defining it,” Dr Abukar noted.