Mogadishu(SONNA)-Salaam Somali Bank is now one of the few banks in the continent that uses Oracle FLEXCUBE as their core banking system. This international standard core banking system will enhance the bank’s payments, credit facilities, processing management and also offer analytical analysis for banking applications.
The deal between Oracle Corporation, a leading American technology company and Salaam Somali Bank for the acquisition of Oracle Flex-Cube will be undertaken by Salaam Solutions, which is the bank’s IT subsidiary. The Oracle Flex-Cube is developed per international best practices and international banking rules like the Basel regulations. This is important as it will enable the bank to help the government in curbing money laundering within the economy.
The software also thrusts Salaam Somali Bank into a bank of the future by meeting new age banking service regulations like the fully-fledged digital banking. Because of this, it creates both connectivity and efficiency in the financial services for its clients.
Through the acquisition of Oracle Flex-Cube, Salaam Somali Bank becomes the first bank in Somalia to comply with SWIFT Global Payments Innovations (GPI) essentials. As though that is not enough, the bank’s clients will be afforded a variety of digital financial services that are reliable.
This partnership between Salaam Somali Bank and Oracle Corporation of America is an example of the concerted efforts by the Federal Government of Somali to rebuild the nation and mitigating on the nation’s debt situation. It is commendable to see the trust that the international community to have in Somalia and Salaam Somali Bank is proud to associate themselves with such efforts.
Salaam Somali Bank has been in operations since 2009 and claims the title of the pioneer bank in post-civil war Somali. The bank provides retail, corporate, diaspora and investment banking services to Somali’s both at home and abroad. Anchored in the bank’s vision of Making your success simple as captured in its bank logo.
“Acquiring Oracle Flex-Cube is a step towards progress and development. It allows the bank to introduce new modern financial services and to upgrade the existing services. It will also empower our customers by offering them a variety of self-service options.” Said, Shuayb Haji Nur Mohamed, Managing Director of Salaam Somali bank.
Through this acquisition, the bank is showing its intention of investing in projects that create more jobs and improve the nation’s economy. The Financing of Daru Salaam Village and the flagship modern bee-keeping project are among many projects undertaken by the bank to improve the Somali Economy.
US embassy deputy Chief of Mission was also present at the launching event of Oracle banking system for Salaam Somali Bank, In his speech, Mr. Brian Neubert appreciated the efforts made by Salaam Somali Bank in improving the security of the financial sector in Somali by their adoption of technology.
He also observed that Oracle Flex-Cube would provide data, analytics and a record of financial activity in the country. An important component in economic planning for the country moving forward and establishing itself financially.
Mr. Brian appreciated efforts by Salaam Somali Bank in aligning its services to technology highlighting a recent effort by the bank in empowering women, creating jobs and one of growth and empowering entrepreneurs. Mr. Brian pointed out the recent Youth Investment Expo organized in partnership with USAID. Salaam's Bank’s vision in this was underlined when they committed $5m in loans for the next 3 years during the event.