The Salaam Somali Bank has allocated US $ 4 million to Somali entrepreneurs, which will be allocated over two years from next year, with the aim of boosting economic growth.
Salaam Somali Bank is the first private bank in Somalia, launched in 2009, and has more than 20 branches across the country.
The Salaam Entrepreneurs Fund (SEF) aims to train young Somali businessmen and support existing MSMEs in the wake of COVID-19 through specialized zero-interest micro-loans, with more than $ 1 million US having already been loaned.
“Somalis are among the most inventive and enterprising individuals in the world. With adequate access to capital and the financial ecosystem to support them, there really is no limit to the country’s potential, ”Said Moalim of Salaam Somali Bank said at the Mogadishu Tech Summit.
“Young people represent 70% of the Somali population. They are the lifeblood of our economy and have continuously rebuilt it from the ground up. Somalia’s future is lit by these tech-savvy problem-solvers.
Three types of investment products are available – free microfinance (up to $ 3,000), seed funding (up to $ 50,000), and SME investment (above $ 50,000) – the bank focusing on sectors such as technology, renewable energies and agriculture.