Dahabshiil group of companies celebrated the first anniversary of its latest program called MicroDahab MFI today in a well-attended, meticulously organized ceremony held at the Mansoor Hotel, Hargeisa, Wednesday.
Mr. Abdirashid Mohamed Saeed Dualeh, the CEO of Dahabshiil 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 Nuh , 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 youth in a bid to uplift themselves from poverty through enterprise and to fight unemployment by creating new substantial businesses that enlarge the economy.
Fuad, also, introduced short USSD codes that subscribers would use in eDahab-based transactions: Peer2Peer, merchant code/Bill payment, account balance, etc.
Hon Ali Mahmoud Ahmed (Cali-Sandulle) , Somaliland Minister of Social Services speaking during the ceremony said, “I would like to lauded Dahabshiil 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 (AECF), , one of the partners of Dahabshiil 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.
Enterprises and individuals awarded for partnering with MicroDahab on different categories during the past year included:
- Faadumo Muuse Abdilahi
- Suleekha Abdilaahi Ali
- Business Partners
- Red Sea Distribution Co. Ltd.
- Solargen Energy Ltd.
- NGO Partners
- Africa Enterprise Challenge Fund (AECF)
- Shaqodoon Organization
Some of the small scale businessmen who have benefited from the loan displayed their wares at the function.