Small entrepreneurs benefit from free microfinance by a local bank

MOGADISHU, Somalia - The private Salaam Somali Bank's branch in Hamarweyne, Mogadishu has on Thursday provided entrepreneurs with free microfinance, as part of the annual non-profit investment program called “Qardu Hassan”.

The yearly fund is aimed at developing and encouraging small businesses across Somalia, according to the bank management, which is credited to be the first in the country having incepted in 2009.

Traders, including men and women who got the opportunity, said they’re thankful to Salaam Somali Bank for its timely support, which has helped them grow their businesses faced by challenges.

Salaam Somali bank helped many businesses in the country, most recently in remote districts, where its headquarters provided Qardu Hassan's investment to small businesses across Somalia.

“I would like to thank the management and staff of Salaam Somali Bank for their continued support to grow our business. In fact, it is a good example to follow,” said one of the beneficiaries.

Qardu Hassan is a Salaam Somali bank program designed to promote and encourage businesses in all regions to play a role in the economic revival of the Horn of Africa country.

The bank has previously provided funding to several centers in central and southern Somalia, and the bank's management said it would reach out to all remaining branches.

The main purpose of the bank which is a privately-owned financial institution is to increase the productivity of emerging entrepreneurs and encourage their businesses.