News and Events
KIMS was pilot launched earlier this year in Somaliland and Puntland with support from the FAO-managed Sustainable Economic Empowerment Programme II (SEEDII) and the African Enterprise Challenge Fund (AECF), a multi-donor initiative aimed at stimulating new and innovative business ideas among the private sector in Africa. In its first three months of operations in Somaliland and Puntland, KIMS has provided financing to over 500 enterprises with a 99% repayment to date and its operations are set to expand to include South-Central Somalia soon, with services provided in the capital city of Mogadishu before the end of this year.
At a formal launch ceremony held in Hargeisa, Somaliland on June 11, Kaah Express CEO Hassan Awad said: “This commitment signals our goal to become the first large-scale commercially viable microfinance provider in Somalia. In light of poor socio-economic conditions and limited economic opportunities, the link between unemployment and conflict in Somalia remains significant, despite the recent progress we have seen. There is a dire need to tackle these challenges through new and innovative solutions, and the time for that is now.”
Dr. Tarik M. Yousef, CEO of the youth employment and entrepreneurship social initiative Silatech, said “Innovative microfinance programs provide a lifeline of opportunity for young entrepreneurs, and the establishment of KIMS will provide greatly needed services to transform the lives of thousands of Somalis.” Meanwhile, American Refugee Committee President and CEO Daniel Wordsworth lauded the entrepreneurial spirit of young Somalis, stating that “The Somalia we know is entrepreneurial in spirit and in reality. It is an honor to work with Silatech and Kaah Express to invest in the future business leaders of Somalia.