Salaam Somali Bank has allocated US$4 Million to Somali entrepreneurs over the next two years to help kickstart economic growth.
Salaam Somali Bank, the first private bank in Somalia, was established in 2009. It has over 20 branches throughout the country.
Salaam Entrepreneurs Fund (SEF), a fund that supports young Somali entrepreneurs, aims to foster new businesspeople and assist existing MSMEs following COVID-19. It offers micro-loans at zero interest, which are specialized in Somalia. Over US$1 Million has been loaned.
“Somalis are some the most innovative, entrepreneurial people in the world,” Said Moalim of Salaam Somali Bank. The country has the potential to be great if it has the right access to capital and the financial infrastructure to support it,” said Salaam Somali Bank’s Moalim at the Mogadishu Tech Summit.
“The majority of Somalia’s youth are under 70 years old. They are the heart of our economy, and have been working tirelessly to rebuild it. These tech-savvy problem solvers are a bright light for Somalia’s future.
There are three types of investment products available: free microfinancing up to US$3,000, startup financing (upto US$50,000), SME investment (above US$50,000), with the bank focusing on technology, renewable energy, and farming.