Banks in Somalia to boost financial inclusion for women and youth.
July 27, 2021
Nairobi, Kenya – The AECFis pleased to announce that it has signed partnership agreements with IBS Bank and MicroDahab MFI, to promote women, youth, and agricultural producer groups in Somalia under the aegis of the Finance for Inclusive Growth in Somalia (FIG – Somalia) program funded by the European Union.
Victoria Sabula, CEO of the AECF said,
“The AECF is pleased to have the IBS Bank and MicroDahab MFI as part of our transformational program in Somalia. We believe that this program will reduce challenges that non-bankable populations in Somalia face when they need capital support for their businesses. We also hope that this new access to banking services will provide financial freedom for women and youth in Somalia.”
The Finance for Inclusive Growth in Somalia (FIG-Somalia) program aims to connect women- and youth-owned businesses and producers to financial institutions allowing them to access financing and technical support. It is envisaged that the FIG-Somalia program will reach nearly 8,000 beneficiaries and will create up to 4800 decent jobs; 40% of the program targeted beneficiaries are expected to be women entrepreneurs.
FIG-Somalia is a pilot programme component under the European Union’s Inclusive Local and Economic Development (ILED) programme, whose objective is to contribute to stability in Somalia by extending state authority and services, promoting local reconciliation and peacebuilding, creating inclusive economic opportunities and protecting the most vulnerable.
The objective of FIG Somalia is to revitalize and expand the local economy with a focus on livelihood enhancement, job creation and broad-based inclusive growth for Somali women, youth and producer groups.
The project is part of EU’s “Inclusive Local and Economic Development programme” (ILED). The European Union (EU) and its Member States are supporting stabilisation, inclusive economic growth and protection for the most vulnerable in Somalia through the ILED programme (ILED, EUR 98.2 million). Among ILED’s key objectives is an inclusive and sustainable economic growth based on a sound appreciation of challenges and potentials in Somalia.
About The AECF
The AECF is an African development funder that supports innovative commercial businesses in the agribusiness, renewable energy and adaptation to climate change technology sectors with the aim of reducing rural poverty, promoting resilient communities and creating jobs through private sector development.
The AECF provides patient capital to highly innovative, early-stage and growing enterprises that are hidden gems, poised for greatness, but that struggle to access funding from traditional sources of finance.
Launched in 2008, the AECF has mobilized over US$ 356 million, leveraged more than US$ 749 million in matching capital, improved the lives of more than 27.7 million people, created and sustained 24,733 direct jobs. Up to the present, we have supported 339 impact focused Small and Medium Enterprises (SMEs) in 26 countries across sub-Saharan Africa across 40 value chains aligned to our focal sectors in agribusiness and renewable energy.
About the IBS Bank
IBS Bank is Somalia’s premier regional commercial and Investment bank with its headquarters in Mogadishu, the capital city of Somalia. The bank currently has ten (10) branches operating in key towns across Somalia.
IBS was incorporated in July 2013 and licensed by the Central Bank of Somalia (CBS).
IBS is the first Somali bank that has introduced full banking products & services to cater for private, public, national & international clients and the first to have started the usage of the SWIFT Code and IBAN which are recognized worldwide. The bank strictly observes international best financial standards and practices in its operations.
The Bank has received the best bank of the year award at Somalia Annual Business Award for two consecutive years. The Bank’s strategy of being a People’s bank with technology geared towards creating financial value to customers has yielded dramatic results with increasing market share realized from new demand for banking services. As a result, the Bank has doubled its business in all forms year on year in the last three years.
About Microdahab MFI
MicroDahab Company (Microdahab MFI) is the leading microfinance institution (MFI) in Somalia, with branches all over Somalia and Somaliland regions from Borama to Kismayo.
It was founded to enhance the growth of small, medium micro-enterprises (SMMEs) and create employment opportunities for the youth, women & productive sector. It is Dahabshiil Group’s way of giving back to the communities, taking them from vulnerability to sustainability to growth. MicroDahab MFI has 22 branches and 5 satellite branches.
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