In a nation charting a course of sustained economic recovery, one institution stands as both a testament to resilience and a catalyst for growth: Salaam Somali Bank (SSB). From its headquarters in Mogadishu, Somalia’s oldest financial institution has evolved from a foundational pillar of the state into a dynamic, innovative force driving financial inclusion and funding the nation’s most ambitious infrastructure projects.
Somalia receives about US $1.94 billion in aid and US $1.3 billion in remittances each year, with even more than $3.2 billion in inflows. It is worth noting that 76% of employed Somalis identify
as entrepreneurs, and small businesses are the backbone of Somalia’s economy. It is in this context that Salaam Somali Bank, the nation’s largest bank, to date has spearheaded projects that have provided insurance and other banking services such as savings accounts to over 140,000 drought-affected communities, giving people a way to protect their livelihoods when the rains fail to fall for long seasons.
The IBLI scheme offers payouts during severe droughts, giving herders a financial lifeline.
A Legacy of Stability and Nation-Building
Since its re-establishment in 2009, Salaam Somali Bank’s mandate has been clear: to rebuild Somalia’s banking system from the ground up. As the bank of choice for the Somali Federal Government, SSB’s role is intrinsically linked to the nation’s stability. The bank’s mission extends beyond profit; it is about backing entrepreneurs, creating jobs, and championing the financial inclusion necessary for communities to thrive.
As Dr.Said Moallim Abukar affirms, the path set by the SSB is to be deemed as inspiring and purposeful insisting it’s just the beginning to unlock the transformative potential within the bank’s reach.
“Our journey is rooted in an unwavering dedication to customer-centricity, innovation, and community service. At the heart of our mission is empowering lives and fostering positive change, guided by the Hormuud Salaam Foundation’s commitment to giving back to communities,” said Dr. Said.
This commitment is reflected in an unparalleled footprint across the country. With over 55 branches spanning Somali regions, a workforce of more than 400 employees, and a commanding 45% market share, SSB is the undisputed leader in the commercial banking sector. Its position as the holder of the nation’s biggest accounts underscores its critical role in the economy.
Commitment to International Standards
In a region where financial security is paramount, Salaam Somali Bank has pursued a rigorous journey of continuous improvement. Regulated by the Central Bank of Somalia since its inception, SSB has actively sought international validation of its operations. In 2022, it achieved a significant milestone by becoming the first bank in the country to be certified under the ISO 9001:2015 quality management standard. Furthermore, its membership in the SWIFT network ensures secure and reliable international bank transfers, integrating Somalia into the global financial framework.
Rebuilding A Nation
Salaam Somali Bank’s service offering is meticulously crafted to cater to every segment of Somali society, from international NGOs and large corporations to individual entrepreneurs and pastoralists.
The deployment of USSD service dubbed DEEQTOON and Salaam Bank’s Mobile Banking has provided the Somali diaspora across East Africa with direct access to Somalia’s financial system. Users can conveniently access and manage their local accounts from anywhere in the world via the app. Thanks to seamless integration with traditional banking and mobile money services, they can effortlessly transfer funds to family and friends.
Accessible via USSD and the WAAFI app, it allows customers to make transfers, purchase goods, and manage their finances from their phones, bringing banking to the palm of every Somali’s hand.
Additionally, the Visa Card offers a simple, secure way for customers to send money by accessing funds from their accounts, enabling personal payments beyond Somalia’s borders with ease.
Championing Entrepreneurs and Government: The bank provides essential services such as a dedicated electronic payroll system, used by the Federal Government to pay its employees, thereby facilitating tax collection. Its Shariah-compliant investment arm is financing transformative national projects, including the Daru Salaam City, Daru Salaam Hospital, and BECCO, Somalia’s first solar panel plant.
Serving the Diaspora and Upholding Islamic Principles: Understanding the vital role of the Somali diaspora, SSB offers specialized services for sending funds, holding accounts, and making guided in-country investments. The bank also provides a full suite of Islamic banking products, including Musharakah (partnership), Murabaha (cost-plus financing), and Ijaarah (leasing), ensuring services align with faith-based values.
A Bank for All: Alongside these specialized services, SSB offers a full range of standard banking, including current and savings accounts, bank cards (MasterCard and Visa), and wire transfers.
A Partner in Social Responsibility
The bank’s commitment is perhaps most poignant in its social initiatives. Through its corporate foundation, it delivers lifesaving services. In a groundbreaking partnership with the World Bank and ZEP-RE on the DRIVE Project, SSB is at the forefront of climate resilience, offering savings accounts and subsidized livestock insurance to help pastoralists mitigate the devastating impact of drought.
A Dynamic Future
Salaam Somali Bank describes itself as a dynamic institution, one that is flexible, encourages innovation, and responds to change. With a proven track record of high-quality service—emphasizing speed, connectivity, data security, and a robust payment system—the bank is well-positioned to continue its partnership with government institutions, NGOs, and international participants.
For Somalia, Salaam Somali Bank is more than a financial institution; it is a partner in progress, leveraging its unique capacity, coverage, and commitment to secure a more prosperous and inclusive future for all Somalis.