Salaam Somali Bank (SSB) is Somalia’s first privately-owned bank. In October of 2009, they began operations. The Somali Central Bank regulates the bank. SSB is run by a dedicated team of professionals with over 20 years of experience in banking and financial management services and is owned by trusted Somali business owners.
In terms of branch coverage and customer base, Salaam Somali Bank is the largest privately-owned bank in Somalia. They have over 15 branches in Mogadishu and 8 branches spread across the main regions of Somalia’s south and central regions.
The secret to getting rich with Salaam Somali Bank!
Furthermore, Salaam Somali Bank has the largest bank coverage in Somalia in terms of branches and agents. The bank has over 30 branches in Mogadishu and the rest of Somalia. In addition, they have networked agents who provide services at all major Hormuud Telecom locations.
Vision, mission, and core values
Salaam Somali Bank’s vision is to be an integral part of the National Economy’s development and improvement. Their mission statement is to provide banking and financial services to their clients for them to prosper and achieve their desired prosperity. Salaam Bank aspires to be a valuable asset to both the country and the people.
Their core values revolve around customer service and satisfaction and quality of service.
Customer Oriented. Making clients and their needs the primary focus of our actions through the development and maintenance of productive client relationships.
Integrity. Having an honest and trustworthy personality; keeping commitments and behaving consistently.
Innovation. Developing novel solutions to work problems and opportunities.
Teamwork. Capability to harness the power of groups by actively assisting the group in achieving its goal.
Adaptability. Maintaining effectiveness in the face of significant changes in work tasks or the work environment; effectively adjusting to new work structures, processes, or requirements, or working within a new culture.
Reliability. This is Somalia’s first privately-owned bank. Data is securely archived in accordance with the law and is subject to strict confidentiality. Strict and up-to-date anti-money laundering and know-your-customer procedures are in place.
Customer Advantages. Salaam Somali Bank’s mobile banking platform offers free cash transfers within the Salaam Bank network. All of their personal finance and investment products are available to customers. There is no account opening fee. The account opening fee includes a bank card and online banking, and all fees are disclosed up front. There are no hidden fees. Customer service in Somali and English is available 24 hours a day, seven days a week.
Salaam Somali Bank also displays a degree of corporate social responsibility. The bank encourages youth business entrepreneurship and offers student internships. They also offer work placement training and free microfinancing for women and youth. Salaam Somali Bank is also a prominent sponsor for social events.
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Banking Categories
Current Accounts
Salaam Somali Bank strives to make its customers’ success as simple as possible. They provide a wide range of banking services that are tailored to your specific requirements. You can get access to personal finance, manage your funds online, or use their mobile banking option with their personal banking. Online/mobile banking, bank statements, account-to-account transfers, swift money transfers, bank cards, and access to personal finance records are all advantages.
Savings account
You can also opt for a savings account to add to your savings funds! Services for this account include free cash deposits and withdrawals, as well as a deposit and withdrawal payment book. To open this account all you need to provide is your national ID/passport, driver’s license, and two recent passport-sized photographs.
Business account
Salaam Somali Bank, more than any other bank, understands the needs and challenges of their business clients, whether they are small, medium, or large. They provide customized products and services to meet the needs of businesses. This account’s services are similar to those of a current account, and they include an exclusive customer section, a letter of credit, and access to business finances.
Non-resident account
Salaam Somali Bank also provides diaspora account managers that allow clients to take advantage of banking services while living abroad. Services for this account include money transfers through Taaj and Waafi app, cash withdrawals/deposits, and account-to-account transfers. They also provide access to personal and business finances as well as home finances.
Banking Policy
Salaam Somali Bank has policies for ‘anti-money laundering and ‘know your customer’ as required by the central bank. Salaam Bank has implemented anti-money laundering policies and procedures in accordance with guidelines issued by international and domestic regulatory authorities, as well as anti-money laundering legislation. Their Board of Directors has approved the same policies.
According to regulatory guidelines, the bank also emphasizes appropriate record retention procedures and screens customer account databases and international telegraphic transfers/Wire Transfers for wanted names.
Salaam Somali Bank evaluates its customer base and customer transactions based on risk. The bank conducts the necessary level of enhanced due diligence for such categories of customers and transactions that pose a higher risk of illicit activity. In addition, the bank has implemented systems and procedures for monitoring, detecting, and reporting suspicious transactions to the appropriate authorities/national authorities.
Salaam Somali Bank is also subject to inspection by the government supervisors/regulatory authorities that granted the bank a license to conduct banking and/or financial activities. Furthermore, the bank should have an internal audit function or an independent third party that regularly evaluates AML policies and practices.
Keep reading: Lists of banks in Somalia
Salaam Entrepreneurship Fund (SEP)
Salaam Entrepreneurs Fund (SEF) is a $5 million entrepreneurship fund established by Salaam Bank in partnership with Hormuud Telecom for Somali entrepreneurs.
SEF is a three-year Fund program aimed at developing the potential of young Somali entrepreneurs by providing them with start-up capital to turn their business ideas into reality. The fund intends to invest primarily in the five key sectors listed below;
- Technology
- Renewable Energy
- Farming
- Fishing
- Livestock
SEF intends to collaborate with existing ecosystems and individuals who share the same values of fairness and transparency in business. SEF is mindful of its long history and the core values of fairness, transparency, and stability that have underpinned its funder’s long track record of success.
This approach to doing business indicates that they are a reliable and consistent partner, providing consistent and committed support to Somali entrepreneurs with significant value to accelerate their potential for the overall growth of the Somali economy.
Writer: Mustafa Mmj