Salaam Somali Bank solidify its growth in Somalia banking sector

Salaam Somali Bank (SSB), based in Mogadishu, Somalia’s capital, is recognized as the country’s oldest private financial institution.

Since its founding, SSB has played a significant role in shaping Somalia’s financial sector, offering a variety of services including corporate, community, business, personal, and investment banking.

With a network of 55 branches, 15 of which are in Mogadishu, SSB boasts the largest banking presence in Somalia.

In 2022, SSB became the first bank in Somalia to earn ISO 9001:2015 certification, demonstrating its commitment to maintaining high-quality management standards.

Regulated by the Central Bank of Somalia since 2009, SSB is also a member of the SWIFT network, ensuring secure and efficient international bank transfers.

SSB offers a wide range of services, including online and mobile banking, and Islamic banking options such as Mudharabah, Murabaha, and Musharakah. The bank is a leader in technological innovation within Somalia’s banking sector, having introduced mobile banking in 2010 through its Deeqtoon service, allowing customers to access their accounts, make transactions, and pay bills via mobile phones.

The Deeqtoon service also facilitates bulk transfers, deposits, and withdrawals, making banking more accessible for both personal and business needs.

SSB also introduced Somalia’s first debit cards and ATMs, providing customers with convenient services such as cash withdrawals, account statements, and transfers.

In addition to its technological advances, SSB supports business transactions through trade finance in areas like investment, commodities, and equities. For international payments, the bank uses the secure SWIFT system and offers a Trust Account for NGOs and associations, providing customized solutions for organizations involved in social causes.

The bank’s E-Payroll service enables secure electronic payments to employees and vendors, ensuring efficient payroll management.

With a market share of 45% in Somali business banking, SSB has introduced modern banking practices that have contributed to Somalia’s economic development. The bank’s innovative products and services support investment and trade both locally and internationally, aligning with the country’s cultural and economic environment.

SSB’s Qardh al-hasan services provide interest-free micro-finance, enabling small businesses and individuals to access the capital they need. This has helped entrepreneurs grow their businesses, create jobs, and improve their livelihoods, driving local economic growth.

Beyond its banking services, SSB is dedicated to social responsibility through its charitable arm, the Hormuud Salaam Foundation, established in 2013. The foundation has supported numerous humanitarian efforts, including contributing over $5 million during the Covid-19 pandemic to strengthen Somalia’s healthcare system.

In 2021, the foundation partnered with the Somali Chamber of Commerce to raise $4 million for the Somalia Action Network Covid-19 relief fund. It has also funded various projects, such as establishing Somalia’s first public oxygen plant and supporting healthcare facilities.

In 2023, SSB allocated $5 million to social causes, including disaster relief, health, and education.

Looking ahead, SSB is focused on expanding its impact on Somalia’s economy and society. The bank aims to improve customer satisfaction, enhance service delivery, and maintain strong relationships with clients while upholding Islamic banking principles.

SSB is also partnering with the World Bank-supported DRIVE Project, which aims to improve access to financial services for drought risk mitigation. Through this project, SSB provides savings accounts while ZEP-RE offers subsidized livestock insurance, helping pastoralists build financial resilience and manage the effects of drought.

So far, over 102,000 pastoralists have opened accounts with SSB, benefiting from financial services for the first time.

Additionally, SSB offers digital banking solutions through its MasterCard and Visa services, providing clients with online banking, secure payments, and ATM access, making banking more convenient and secure.