# Salaam Somali Bank: Somalia's first bank since 1991

> Salaam Somali Bank in facts: founding in 2009, DEEQTOON mobile banking, the first cash machines, branches, Islamic finance products, drought insurance, cards and awards.

Source page: https://calankii.com/en/businesses/salaam-somali-bank/
Last checked: 2026-11-12
Publisher: Calankii (https://calankii.com)

## The short version

Salaam Somali Bank (SSB) is a privately owned Islamic commercial bank with its head office in Mogadishu. It was set up in **October 2009** and says it was the first bank to operate in Somalia since the state collapsed in 1991 ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank); [Financial Fortune Media, 11 August 2023](https://www.financialfortunemedia.com/salaam-somali-bank-digs-up-innovation-ingredients-to-spur-growth/)). It appears on the Central Bank of Somalia's register of licensed banks ([Central Bank of Somalia, licensed banks](https://centralbank.gov.so/licensed-banks/)).

## Timeline

- **2009:** the bank opens its first branches in Hamarweyne and [Bakaara](/en/economy/bakaara-market/) market in Mogadishu ([Garowe Online, 1 June 2022](https://www.garoweonline.com/en/news/salaam-somali-bank-branch-in-bakaro-provided-free-microfinance-to-the-local-traders)).
- **2010:** it launches **DEEQTOON**, mobile banking built on [Hormuud Telecom](/en/businesses/hormuud-telecom/)'s technology. Customers can deposit, withdraw, transfer and check balances by phone ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank)).
- **2011:** it starts a free monthly microfinance programme. By 2021 the programme had supported 6,306 people, 41 percent of them women, with $7.5 million (same source).
- **October 2014:** Somalia's first cash machines open in Mogadishu, run by Salaam ([BBC, 7 October 2014](https://www.bbc.com/news/world-africa-29519877)).
- **2023:** DEEQTOON reaches about **400,000 transactions a day**, the bank reports ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank)).
- **July 2024:** the bank brings in Visa debit cards and card machines ([TechAfrica News, 17 July 2024](https://techafricanews.com/2024/07/17/salaam-somali-bank-introduces-visa-cards-and-pos-systems-to-enhance-financial-services/)). It also starts issuing the [Waafi](/en/businesses/waafi/) prepaid Mastercard through the Waafi app ([Hiiraan Online, August 2024](https://hiiraan.com/news4/2024/Aug/197338/mastercard_and_salaam_somali_bank_unveil_the_waafi_card_for_digital_payments.aspx)).
- **2024:** it wins The Banker's Islamic Bank of the Year in the international category ([The Banker, Islamic Banking Awards 2024](https://www.thebanker.com/content/5b2f8e2d-aadd-5a62-8cb0-a972c5c483e3)).

## Branches and services

- The bank reports **55 branches**, 20 of them in Mogadishu ([CIO Africa, 9 October 2023](https://cioafrica.co/driving-somalias-financial-inclusion-salaam-somali-banks-story/)).
- **Islamic finance products:** murabaha (cost-plus sale), musharakah and mudarabah (profit-sharing partnerships), istisna (financing for things to be built), ijara (leasing) and qard hasan (interest-free loans) (same source).
- **Accounts:** current and savings accounts, including a Dalmar account for Somalis abroad, a Hajj and Umrah savings account and a student account. Accounts are also offered for aid agencies and charities ([Salaam Somali Bank, archived 2014](https://web.archive.org/web/20140520104811/http://www.salaamsombank.com/pages.php?id=1)).
- **Business banking:** letters of credit, guarantees, trade finance and payroll. The bank uses the SWIFT network for transfers abroad ([Wikipedia, Salaam Somali Bank](https://en.wikipedia.org/wiki/Salaam_Somali_Bank)).
- **Housing:** the bank was the only financier of Daaru Salaam City, a Mogadishu housing project of about 2,000 homes (same source).

## Drought insurance for herders

In 2023 Salaam began offering livestock insurance with the World Bank and the reinsurer ZEP-RE. Premiums are 90 percent subsidised, and payouts are triggered by satellite readings of pasture. By March 2026 the scheme had enrolled more than **163,000 pastoralists** and paid out **$4.5 million** ([Devex, 3 April 2026](https://www.devex.com/news/sponsored/in-drought-hit-somalia-savings-accounts-offer-a-lifeline-112193)).

## Links to Hormuud

Salaam and Hormuud jointly fund the **Hormuud Salaam Foundation**, which works in education, health, skills training and emergency aid ([Garowe Online](https://www.garoweonline.com/en/news/press-releases/saving-lives-through-awareness-somalia-s-leading-telecom-hormuud-plays-a-significant-role-in-battling-the-covid-19)). Reports describe the Waafi app as developed by Salaam with Hormuud, Telesom and Golis ([Developing Telecoms, 2024](https://developingtelecoms.com/telecom-technology/financial-services/17119-salaam-bank-and-paymentology-target-somalia-s-waafi-mobile-app-users.html)). For the wider group, see [Somali business groups](/en/economy/somali-business-groups/). For all banks, see [Banks in Somalia](/en/economy/banks/) and [Somalia's main banks](/en/economy/somalias-main-banks/).

---
I want to help with this: email hello@calankii.com. Fix this page: email hello@calankii.com with the page link and your source.