Following this announcement, the collaboration between Salaam Somali Bank and Mastercard is expected to launch a digital-first multi-currency prepaid card, which was developed in order to optimise digital payment solutions.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Throughout this strategic deal, the companies aim to cater to the growing needs of international travelers and the diaspora communities. This process will take place through offering secure and convenient means of conducting digital payments and transactions around the world.
The Waafi card was designed in order to provide a secure and efficient banking experience for domestic and international transactions, while also providing customers with the possibility to perform payments at any time they need, anywhere. This will include merchant Point of Sale (POS) terminals, online ecommerce platforms, and Automated Teller Machines (ATMs).
In addition, this digital implementation represents a capability for clients to develop a digital card, tokenise the digital card on their devices, as well as use it in order to perform contactless payments across the globe. This will not only introduce convenience and security but also keep the transaction and cardholder data safer.
The card issuance procedure commenced on July 2024, with Salaam Somali Bank clients being able to apply for it instantly from the Waafi App. This process signified an important step in the process of fulfilling the digital payment needs of users and customers in an increasingly globalised world. By allowing international transactions, the companies aim to facilitate easier access to financial tools, accelerate and optimise financial inclusion, as well as provide individuals and businesses with the capability to participate more fully in the global economy.
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