MicroDahab
MicroDahab Microfinance Institution, known as MicroDahab, is a company within the Dahabshiil Group in Somalia. MicroDahab MFI is founded in 2012 and started its operations 2014, operating all over the Somali regions including South Central Somalia and Somaliland. Surprisingly, it is a non-deposit taking microfinance limited liability company whereby its motto is “taking the Somali community from vulnerability to sustainability and ultimately to growth.”
Based on the business ideas, the fund is limited between $5,000 – $25,000 per business. Applicants who come up with initiatives or ideas that are attractive, reasonable, and profitable with low risk potential are more likely to win the fund. The principal aim of this microfinance is to help reducing the unemployment rate, which is, according to ‘Fortune of Africa’ website, estimated as 54 percent among people aged 15 to 64. Indeed, their major focus is on the youth, specifically those who are exposed to the risk of joining fighting violence and migration issues, like migrant smuggling. in addition to the indirect beneficiary of their projects, their families. Clearly, MicroDahab microfinances services and solutions to every individual regardless of their gender, religion, race, or color.
The ultimate goal of Dahabshil MicroFinance program is to give back to the Somali society. It seeks to improve quality of life by providing innovative financial products that promotes inclusivity. Besides, it endeavors to contribute towards economic and social development of the Somali community by reducing unemployment and making it poverty free society. On top, it aims at empowering the youth generation and women by funding their business ideas and creating employment opportunities for small and medium enterprises (SME) of Education, Agriculture, Livestock and Dairy, Manufacturing, and Renewable Energy to fight and reduce poverty.
Adam who is one of the beneficiaries of this microfinance is an owner of a barber shop in Mogadishu, the capital city of Somalia. His business was established in 2020 which was financed by MicroDahab. He is among the unemployed young people in his region who, in fact, began making a living in his homeland. “After I obtained the fund for my project, I became able to cover my personal expenses and provide my family with food and clothing as well as the other necessary services, such as electricity, water, and Internet. I could also support my younger brother to join the school and continue his education. My life definitely has changed. I am planning now to start saving up some money so that I could get married and build my own happy family.” Adam said. He adds, “some of my friends started applying for the business finance (MicroDahab) as they can see that my business is booming. As a result, people are trying competitively to take an advantage of Dahabshil microfinance since all they need is a business idea and commitment.”
