Service Information

PERSONAL BANKING

At Salaam Somali Bank, we are committed to helping our customers succeed. Whether that means growing your savings, buying your home, or managing your accounts online, SSB is there. We offer a wide range of banking accounts for our retail clients including the following:

a.Current accounts

1.Personal current account

2.Salary current account

b.Savings

1.Dalmar Savings Accounts for Diaspora

2.Hajj-Umra Account

3.Students Savings Account

Requirements to open a Personal Account

•Copy of ID/passport

•2 recent passport-size photos

•Copy of utility/telephone bill

•Reference letter from employer or existing SSB customer

•Completed Accounts Opening Form and Signature Card

BUSINESS BANKING

As the first full-fledged private bank in Somalia, we are proud to be providing financial solutions for the needs of businesses in the country. We understand the needs and challenges faced by all businesses whether it is sole proprietor, partnership, or a corporation. State-of-the-art features with customization make this a perfect financial management tool for business. The bank welcomes enterprises in industry, traders, importers, exporters, and distributors. Our business banking services include: 

1. Business current account 

This is a convenient and flexible medium to make and receive payments. The account is opened in individual names or joint names, registered business, etc. 

Benefits

•No minimum operating balance

•No ledger fees, maintenance fees and no monthly charges

•Affordable minimum account opening balance

•ATM card on application

•Account accessible at any branch

•Cheque book facility available

2. Bank Guarantees

This a written irrevocable undertaking issued by the bank to pay to the beneficiary a specific sum of money on demand in the event that its customer (applicant) has not fulfilled his contractual obligations, within the validity of the guarantee. Guarantees can be local or foreign.  

Common types of guarantees

•Tender/Bid bond: guarantees that the bidder will take up the contract

•Performance Bond: guarantees that good/services provided will be of required standard Advance Payment: undertakes to refund any advance payments made to the beneficiary if the goods/services are unsatisfactory or supplier fails altogether

•Shipping guarantees: covers a missing Bill of Lading enabling importer clear goods

•Payment guarantee: guarantees that payment will be paid to the beneficiary for goods/services given on credit or against cheques.

Requirements

•A guarantee credit facility or cash margin

•Customer’s request duly signed

•Bank’s Counter Indemnity Form duly signed, sealed, witnessed and stamped

•Format of guarantee, where available

3. Letters of Credit 

A Letter of Credit is a facility, provided by the bank to its import customers, to enable them import the goods and services from abroad without necessarily making payment in advance to the exporter.

Benefits

•Payment is guaranteed by both the issuing bank and the confirming bank as long as compliant documents are presented

•Mitigates the buyer/country risks

•Can allow multiple/continuous shipments

•Allows access to other products e.g. pre-shipment finance and structured finance

 Requirements

•Import LC opening

•A credit facility or cash margin

•Declaration payment for imports form duly signed by the customer

•Pro forma invoice from the seller or provider of services

•Copy of Import Declaration Form (IDF)

•Certificate of insurance or copy of marine insurance policy, if covered locally

•LC application form duly signed

•Documentary Collections/ Bills for collection

Requirements to open a Business Account

•Introduction letter

•Business registration certificate

•Copies of passport of all partners/directors/signatories

•Two recent passport-size photos of authorized signatories

•Memorandum and articles of association/certificate of incorporation

•Board resolution to open an SSB account (corporation)

•Completed Account Opening Form and Signature Card