Salaam Somali Bank and Mastercard Launch Innovative Digital-First Multi-Currency Prepaid Card

In a significant move towards enhancing digital financial inclusion, Salaam Somali Bank, in collaboration with Mastercard, has announced the launch of a digital-first co-branded multi-currency prepaid card designed to revolutionize digital payment solutions. This strategic collaboration aims to cater to the growing needs of international travellers and diaspora communities by providing secure and convenient means of conducting 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.

Shehryar Ali, SVP and Country Manager for East Africa and Indian Ocean Islands at Mastercard, added, “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.”

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 not only positions Salaam Somali Bank as a leader in digital banking innovation, but also signifies a leap towards fulfilling the digital payment needs of customers in an increasingly globalized world.

Dr Said Moallim Abukar, Deputy Managing Director Salaam Somali Bank said: “Salaam Somali Bank is proud to launch a WAAFI co-brand digital-first card with Mastercard, a first-of-its-kind in our country. 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.”