Salaam Somali Bank partners with Visa to introduce Visa debit & prepaid cards

Salaam Somali Bank has recently announced a groundbreaking partnership with Visa to introduce Visa Debit and Visa Prepaid cards across Somalia. The collaboration aims to revolutionize the payment landscape in the country by improving transaction speed, efficiency, and security, all while promoting financial inclusion and bolstering economic growth. In an exclusive interview with CNBC Africa, Said Moallim, Deputy CEO of Salaam Somali Bank, shed light on the strategic importance of this partnership and the anticipated impact it will have on the Somali banking sector. The move comes at a time when Somalia is predominantly a cash-based economy, with mobile money transfer (MMT) being the primary mode of financial transactions. By introducing Visa cards, Salaam Somali Bank is taking a significant step towards modernizing and digitizing the financial infrastructure in the country. The key focus of the initiative is to extend banking services to the unbanked and underbanked population in Somalia. Mr. Moallim emphasized the bank's commitment to ensuring widespread access to the Visa cards through various channels, including awareness and outreach programs at local branches. Additionally, the bank is exploring partnerships with international NGOs to facilitate the distribution of aid through Visa cards, thereby providing critical funds to communities in need. One of the critical aspects of the partnership is the establishment of a robust network of merchants in Somalia who will accept Visa Debit and Prepaid cards. This initiative is expected to drive local commerce and boost economic activity in the region. To address security concerns related to card usage, Salaam Somali Bank has implemented stringent security measures to safeguard customers' financial information and prevent fraudulent activities. The bank's commitment to enhancing financial literacy among its customers is also evident through the introduction of digital literacy programs and personalized customer engagement initiatives. By educating Somalians on the benefits and usage of Visa cards, Salaam Somali Bank aims to empower individuals to participate more actively in the economy. Looking ahead, Mr. Moallim highlighted the long-term impact measurements that will gauge the success of the partnership, including the increase in the bank's customer base and the improvement in customers' purchasing power. Salaam Somali Bank is keen on not only achieving financial returns but also contributing to the overall social and economic development of Somalia. The bank's vision for the future involves further strengthening its partnership with Visa and exploring innovative ways to enhance financial inclusion and drive economic growth in the country.