Mogadishu (Dawan Africa) – Salaam Bank has officially launched a new stablecoin service allowing customers to deposit USDT (Tether) or withdraw USD directly from their accounts, becoming the first commercial bank in Somalia to integrate a stablecoin into its formal banking services.
“From now on, you can securely and easily deposit your funds in USDT or withdraw them back into USD with full confidence,” Salaam Bank announced in a statement released Friday.
The move marks a significant step in Somalia’s evolving fintech ecosystem, as demand for access to global digital assets continues to grow among public and private users alike. The introduction of USDT services reflects increasing efforts by Somali banks to bridge the gap between traditional banking and decentralized finance.
Trusted Bank with Strong Mobile Money Links
Financial analysts say Salaam Bank's move could reshape the stablecoin landscape in Somalia, particularly because of its strong reputation and integration with leading mobile money platforms including EVC Plus, Jeeb, Sahal, and Zaad.
“Unlike smaller crypto operators, Salaam Bank already holds consumer trust and has a national footprint,” said a regional fintech analyst. “With stablecoin services linked to Somalia’s largest mobile money networks, the bank could become the go-to choice for medium to large crypto transfers, including cross-border trade settlements.”
This shift could challenge older channels such as SWIFT and Telegraphic Transfer (TT) systems, especially in the import-export sector where stablecoins offer faster and lower-cost transactions. Analysts also believe that the bank’s USDT offering could appeal to Somalia’s growing base of mid-range digital asset users who want speed, liquidity, and trust in one platform.
Mobile-First Crypto Gateways: Expanding Access Across Somalia
While formal banking services like those offered by Salaam Bank cater to account holders, mobile-first platforms are significantly expanding crypto access across Somalia. These platforms have quietly become essential tools for everyday users, especially in regions with limited access to traditional banking infrastructure.
Operating across Somalia and beyond, mobile-based services now enable users to convert USDT and USDC into USD through a wide range of regional mobile money platforms. Commonly supported channels include EVC+, Zaad, Sahal, Jeeb, e-Dahab, Premier Wallet, and M-Pesa making crypto more accessible to the broader population.
Their growing popularity is driven by speed, simplicity, and accessibility especially for the unbanked. This model has made mobile-first crypto platforms a go-to solution for users in both urban and rural Somali communities.
Blockchain Infrastructure: Unlocking New Possibilities
The launch of USDT services by Salaam Bank is part of a broader global trend in which blockchain technology is increasingly used to modernize financial services in emerging markets. Blockchain enables fast, transparent, and secure peer-to-peer transactions that bypass traditional intermediaries, reducing costs and increasing financial inclusion.
In Somalia, where remittances, trade, and informal transactions dominate the economy, blockchain-based tools offer a powerful alternative to legacy systems. As adoption grows, businesses and individuals are likely to benefit from new solutions that support cross-border commerce, payroll, remittances, and decentralized savings.
Blockchain infrastructure also enables integration with global stablecoin ecosystems, helping Somali institutions tap into new sources of liquidity while providing users with faster and more transparent access to value transfer.
