The Visa Debit card, the first to be linked to the bank's point-of-sale systems, may also be used at ATMs and for online purchases.

Salaam Somali Bank, Somalia's largest bank, has partnered with Visa to offer Visa Debit and Visa Prepaid cards across the country and online.

This collaboration intends to improve the speed, efficiency, and security of digital payments in Somalia, making transactions easier for both consumers and companies.

The Visa Debit card, the first to be linked to the bank's point-of-sale systems, may also be used at ATMs and for online purchases.

With over 80,000 new customers and 40,000 daily transactions through its mobile banking service, Salaam Somali Bank can now enable similar transactions by using Visa's payment structures.

According to the bank, this is critical since Somalia's economy is expected to increase by 3.4% in GDP by 2024.

The two parties said Visa Prepaid cards provide a secure and effective option for the 6.9 million Somalis in need of aid, to deliver $2 billion in annual aid flows directly to vulnerable communities.

These pre-loaded cards enable international NGOs to distribute aid directly to beneficiaries, supporting financial inclusion in a country where only 15% have bank accounts, said the companies.

They added: “These pre-loaded cards allow international NGOs to deliver charity directly to recipients, promoting financial inclusion in a country where just 15% have bank accounts.”