Paymentology’s cloud-first card issuing, and analytics platform powers Waafi by Salaam Bank to launch digital and physical cards across Somalia
1 August 2024, Hargeysa– Paymentology, the leading global issuer-processor, proudly announces its partnership with Salaam Bank’s Waafi, on the launch of its co-branded tokenised tap-to-pay digital companion card, and physical card, for Waafi mobile app users in the Horn of Africa- a first for the region.
Waafi is a mobile money app born from the collaboration between Salaam Bank, a leading financial institution in East Africa and Hormuud extending to Telesom, and Golis, are a leading telecom provider in Somalia. The mobile money app offers communications, entertainment, and payment functionalities intending to promote a digital lifestyle and a cashless society. Waafi has now turned into a full-fledge digital bank with the extension of its card offering leveraging Paymentology’s issuing processing platform.
This collaboration marks a significant milestone in the region's financial landscape, introducing digital and contactless payments through Waafi by Salaam Bank's digital first initiative. The co-brand partnership with the Waafi mobile app offers users the opportunity to digitally open an account, create a digital Mastercard card, link the card to a wallet or account, tokenize the card on a digital device, and make contactless payments at ease.
As the country continues to move towards a cashless society, with more than two-thirds of all payments in Somalia made via mobile money platforms, Salaam Bank’s Waafi is set to revolutionise the way payments are made, providing a seamless, secure, and efficient payment solution.
The digital first launch signifies a pivotal step towards embracing modern financial technology in the region. By leveraging Paymentology's next-generation payments technology, this partnership ensures that users can experience the convenience and security of digital banking and contactless payments. They can do more with their mobile money and get access to in-store payment, travel and international payment capabilities.
Kirsten Wortmann, Regional Director for Africa commented: "Mobile and digital wallets play a crucial role in the financial ecosystem in Somalia. Powering Waafi’s digital money app exemplifies our commitment to advancing financial technology in fast developing markets. We are excited to bring the first digital card to the Horn of Africa, paving the way for a future where digital and contactless payments are the norm."
Abdiqani Hariir Ismail. Deputy General Manager at Dara-salaam bank added: "The digital first initiative is a testament to Salaam Bank's dedication to innovation and customer-centric solutions in the East Africa region. Through our collaboration with Paymentology, we are providing our Waafi customers with a next-generation, secure, and convenient payment solution that meets their evolving needs."
