Somaliland:Dahabshill Group celebrates the First Anniversary of MicroDahab MFI
By Goth Mohamed Goth
Dahabshil group of companies has celebrated the first anniversary of its latest program called MicroDahab MFI today in well attended ceremony held at the Mansoor Hotel,Hargeisa.
Mr. Abdirashid Mohamed Saeed Dualeh, the CEO of Dahabshill group of Companies speaking during the event making the first anniversary MicroDahab MFI said ,“The MicroDahab MFI is meant to stimulate private sector entrepreneurs in Somaliland to innovate and find profitable ways of improving access to markets and the way markets function for the poor, particularly in rural areas. MicroDahab is committed to support people living in extreme poverty to help them uplift themselves from poverty by providing them with access to finance and most importantly with an emphasis on creating employment and business opportunities for the youth in Somaliland.
“The MicroDahab MFI awards grants and repayable grants to private sector entrepreneurs to support innovative business ideas in agriculture, agribusiness, renewable energy, access to information and financial services. Its purpose is to improve incomes of smallholder farmers and the rural poor and 3,500 small scale businesses have benefitted since,” he said.
Mr. Fuad Ahmed Nuuh , the director of eDahab speaking during the occasion said , Dahabshiil group decides to make had established the MicroDahab MFI as a part the group social responsibility, MicroDahab is committed to support people living in extreme poverty and to create opportunity for the youth in na bid to uplift themselves from poverty through enterprise and to fight unemployment by creating new substantial businesses that enlarge the economy.
Hon Ali Mahmoud Ahmed (Cali-Sandulle) , Somaliland Minister of Social Services speaking during the ceremony said, “I would like to lauded Dahabshill group and African Enterprise Challenge Fund(AECF )for initiating the fund, Microfinance is one way of fighting poverty in rural areas, where most of the world’s poorest people live. It puts credit, savings, insurance and other basic financial services within the reach of poor people. Through microfinance institutions such as credit unions, financial non-governmental organizations and even commercial banks, poor people can obtain small loans and safeguard their savings.
Mr. Simon Karunditu, representative of Africa (Africa Enterprise Challenge Fund), one of the partners of Dahabshil group addressing those attending the function said, “The AECF-Micro Dahab’s project purpose was to start a cashless, mobile-based sharia compliant microfinance operation that will reach further down the market. It aims to satisfy the savings and credit needs of Somalis who cannot presently access formal financial services. The project will directly benefit 19,200 households with an annual income of US$ 522 per household and will at the end of the period have a total benefit of US$ 10,766,400.
The ceremony concluded with the awarding of prizes to the most successful individuals or groups for their commercial viability, innovation, and potential development impact of their projects .
Some of the small scale businessmen who have benefited from the loan displayed their wares at the function.