These are micro loans, which are applied and disbursed through mobile money, working with telecommunication companies like Hormuud and third-party financial technology firms.
With disciplined saving, the customers become eligible for loans. They can also start small businesses or boost already existing enterprises.
This product will target Somali expatriates, returnees and IDPs with well-thought out saving plans for personal and business development.
This credit facility is meant to help small businesses in restocking, expansion and settling off small financial obligations. The evaluation is done efficiently and the credit advanced within 24 hours. Suitable for traders of electronic shops, small clothes shops, charcoal businesses etc.
This targets small-scale farmers, fishermen and livestock breeders and traders. Farmers can be financed to prepare land, plant, buy fertilizer, farm maintenance and produce harvest. Fishermen can be financed to buy fishing gear and other necessary equipment while livestock keepers can be financed to increase the number of animals, feeds or processing.
To take care of personal and business urgent needs like school fees, medical bills. This product also targets traders involved in export and import business. This will pay for import duty and other applicable taxes.
his product is Sharia’h based and comes in four options:
The product targets SMEs who want to strengthen and scale their operations. The financing allows the SMEs to enhance their capacity by acquiring new equipment and machinery for their businesses under mutually agreed terms.
This will target customers who require startup capital for a project, but do not have the requisite collateral.
They will be organized into groups of 6-10 individuals and started off with seed capital.
Subsequent loans will be increased after every successful and timely repayment.
The members of the group will co-guarantee each other and will most likely be engaged in similar trade or business for familiarity purposes.