Thursday August 1, 2024
Mogadishu (HOL) — Salaam Somali Bank has partnered with Mastercard to launch the Waafi Card, a pioneering digital-first multi-currency prepaid card designed to revolutionize digital payment solutions. The card, aimed at international travellers and diaspora communities, promises unparalleled convenience and security for digital transactions worldwide.
The Waafi Card allows customers to make payments at merchant Point of Sale (POS) terminals, Automated Teller Machines (ATMs), and online e-commerce platforms both domestically and internationally. Users can create a digital card, tokenize it on their devices, and use it for contactless payments globally.
Paymentology has partnered with Salaam Bank's Waafi to launch a co-branded tokenized tap-to-pay digital companion card, and physical card, for Waafi mobile app users in the Horn of Africa—a first for the region.
"This co-branded multi-currency digital-first prepaid card is a testament to 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 are facilitating easier access to financial services and 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 began on July 16, 2024, with Salaam Somali Bank customers able to apply instantly through the Waafi App.
Waafi, a mobile money app developed through a collaboration between Salaam Bank, Hormuud, Telesom, and Golis, offers communications, entertainment, and payment functionalities, promoting a digital lifestyle and a cashless society.
"The launch of the Waafi co-branded digital-first card with Mastercard is a landmark achievement for our country," said Dr. Said Moallim Abukar, Deputy Managing Director of Salaam Somali Bank. "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."