Salaam Somali Bank to disburse $4m to Somalia’s best young entrepreneurs
Salaam Somali Bank has set aside US$4 million for Somali entrepreneurs to be distributed over two years beginning next year in an effort to jumpstart economic growth.
Salaam Somali Bank, Somalia’s first privately-owned bank, was established in 2009 and now has more than 20 branches throughout the country.
Through specialized, zero-interest micro-loans, the Salaam Entrepreneurs Fund (SEF) aims to cultivate young Somali business people and support existing MSMEs in the aftermath of COVID-19, with over US$1 million already loaned.
“Somalis are among the most inventive and entrepreneurial people on the planet.” “There’s really no limit to the country’s potential with proper access to capital and the financial ecosystem to support them,” Said Moalim of Salaam Somali Bank told the Mogadishu Tech Summit.
“Young people account for 70% of Somalia’s population.” They are our economy’s lifeblood, and they have been steadily rebuilding it from the ground up. These tech-savvy problem solvers brighten Somalia’s future.”
The bank offers three types of investment products: free microfinancing (up to US$3,000), startup financing (up to US$50,000), and SME investment (over US$50,000), with a focus on technology, renewable energy, and farming.
