In a country like Somalia where GDP per capita is as low as less than $ 500 and where poverty is common, banks need to extend financing facilities to the bottom end of the economic pyramid.
This is because those poor people can do great in the country’s economic and social development if they are given suitable tools. There is no doubt that micro-finance is one of those tools.
We tailored this product for this category of the community so that we can contribute to the economic growth of our country and also include more people to the formal banking industry.
In order to finance more poor people with limited or no access to the collaterals and other security means required by the banks when extending financing products, we decided to make this a “Non-secured loan” where eligible people can access this product without the need for any kind of security.
