By Goth Mohamed Goth
Somaliland Minister of commerce and International Investment Hon Muse Kassim was the guest of honor at the KIMSPLUZ Youth Enterprise Initiative winner’s event which was held on Thursday at the Mansoor hotel.
During the event , the 7 local youthful winners were announced jointly by Kaah Islamic Microfinance Services (KIMS) and Shaqadoon.
The Minister of Commerce and International investment speaking during the ceremony said, “I would like to use this opportunity to once again thank both Kaah Islamic Microfinance Services (KIMS) and Shaqadoon for their efforts in promoting youth empowerment.
KIMS representative speaking during the event said, “We are going to announce today the 7 investment winners and at the same time i would also like to thank all the applicants whom showed interest and applied this investment opportunity. I would to thank all those who participated in the training but didn’t get opportunities to receive this investment. The 7 winners will receive business investment.
Out of the initial 178 applicants who registered during the launch of the competition back in June, 2015, 142 males and 37 females. Applicants applied in project proposals, in total amounting to $2,030,934, the total amount of contribution were $306,040.00, Only 20 applicants had been shortlisted. Only 20 short listed applicants attended business development training provided by Shaqadoon organization. The short list applicants were 11 females and 9 males.
18 of 20 short listed applicants were new entrepreneurs while other 2 applicants were existing entrepreneurs and only 13 applicants completed the training, while 7 applicants were dropped out. The consortium started the second selection procedure 11 applicants made presentation their business proposals.7 applicants became finalist and won the investment competition.
- Abdirisaaq Ahmed Abdi, Nadifo Soap Company
- Ayanle Saleban Ahmed, Maanjire Health center
- Suaad Mohamed Ismail and Fahima M Hussein, Fashion House
- Sacda Ali Ibrahim and Ayaan Mohamed Ali , S and A Fabrics
- Mohamed Abdikarim Mohamed, Sorghum Flour Mill
- Abdinasir Ahmed Iman, Iman Technology Center
- Eid Hassan Mohamed, Guleid Shop Center
Background
KIMS is a subsidiary of Kaah Express, a leading international Money Service Business (MSB) that serves Somalia. It has a large network of agents worldwide, as well as a fully developed network of branches and agents in Somaliland and Somalia, enabling the provision of money transfer services to virtually all cities, towns and larger villages across the Somali territories.
Kaah Express operates in more than 40 countries, serving the tune of hundred thousand clients a month and supporting the transfer of millions of US dollars a year. The vast majority of which flows from the global Somali diaspora back to Somalia.
The Objectives
- To offer diversified microfinance services that include enterprise micro-credit and savings with a priority focus on low income youth and women in both urban and rural areas in Somalia.
- To contribute significantly to economic and social developments through the introduction of commercial viable model of financial access
- To introduce and implement fully shariah compliant financial products
- Play a lead role the development of best practice micro-finance policies in Somalia and creating enabling environment for micro-finance legislation.
The Impact:
- Poverty alleviation- Through access to micro-finance opportunities, it is expected that poverty levels will reduce
- Job creation- The expansion of businesses and new business start ups especially by the youth is expected to reduce unemployment directly & indirectly
- Reduce overreliance of financial dependency– Growth of business and new businesses will enable most members especially women to be self reliant
- Financial Literacy- this will help the beneficiaries to make more informed decisions in investment planning
- Encourage Saving Culture among the Somali people
