Salaam Somali Bank and Mastercard Launch Innovative Digital Prepaid Card
In a major advancement for digital financial inclusion, Salaam Somali Bank has partnered with Mastercard to introduce a digital-first co-branded multi-currency prepaid card. This innovative product is designed to enhance digital payment solutions for international travelers and diaspora communities, offering secure and convenient payment methods worldwide.
The Waafi card provides a seamless digital banking experience for domestic and international transactions, allowing customers to make digital payments at merchant Point of Sale (POS) terminals, Automated Teller Machines (ATMs), and online e-commerce platforms. As a digital-first solution, users can create a digital card, tokenize it on their devices, and use it for contactless payments globally, improving both convenience and security.
“This co-branded multi-currency digital-first prepaid card highlights our commitment to enhancing the digital payment ecosystem,” said Shehryar Ali, SVP and Country Manager for East Africa and Indian Ocean Islands at Mastercard. “By enabling seamless international transactions, we’re making financial services more accessible and empowering individuals and businesses to participate more fully in the global economy, contributing to economic growth and community empowerment across the region.”
Card issuance commenced on July 16, 2024, allowing Salaam Somali Bank customers to apply instantly through the WAAFI App. This initiative reinforces Salaam Somali Bank’s role as a leader in digital banking innovation, addressing the digital payment needs of customers in a globalized world.
Dr. Said Moallim Abukar, Deputy Managing Director of Salaam Somali Bank, stated, “The launch of the WAAFI co-branded digital-first card with Mastercard is a landmark achievement for our country. This innovative product equips our customers with a superior digital banking experience, providing a seamless and secure way to manage funds, make purchases, and access money instantly. I 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 shaping it.”