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Banks in Somalia to boost financial inclusion for women and youth.

Mareeg.com-Nairobi, KenyaThe AECF is 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.

Background information