In a significant move towards enhancing digital financial inclusion, Salaam Somali Bank, in collaboration with Mastercard, has announced the launch of Waafi Card, a digital-first co-branded multi-currency prepaid card. This innovative product is set to revolutionise digital payment solutions, particularly catering to the growing needs of international travellers and diaspora communities by providing secure and convenient means of conducting digital payments across the globe.

Introducing the Waafi Card: A New Era in Digital Banking

The newly launched Waafi card offers a seamless digital banking experience for both domestic and international transactions. Customers can perform digital payments anytime, anywhere, including at merchant Point of Sale (POS) terminals, Automated Teller Machines (ATMs), or online e-commerce platforms. As a digital-first implementation, consumers can create a digital card, tokenize it on their devices, and use it for contactless payments globally. This approach not only introduces convenience but also enhances the security of transactions and cardholder data.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, emphasized the significance of this launch: “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 also 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.”

A Milestone in Digital Financial Inclusion

The issuance process for the Waafi card commenced on July 16, 2024, with Salaam Somali Bank customers able to apply for it instantly via 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 of Salaam Somali Bank, expressed his pride in this groundbreaking development: “Salaam Somali Bank is proud to launch the Waafi co-branded 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 offers 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.”

This collaboration between Salaam Somali Bank and Mastercard marks a significant step towards digital financial inclusion, offering a modern solution to meet the evolving needs of customers in an increasingly interconnected world.