KIMS Microfinance, a leading microfinance institution in Somalia, is committed to offering Sharia-compliant services. We are excited to introduce the Khadija Product, our new initiative tailored specifically for women entrepreneurs. This product is designed to meet the distinctive financial needs of women in business through a cooperative and inclusive financing model.
The Khadija Product is a specialized financing solution for micro, small, and medium-sized enterprises (MSMEs) aimed at strengthening women-owned businesses by improving their access to finance. Its launch is a significant step towards formalizing businesses and stimulating economic growth in Somalia, particularly in industries where women are heavily involved, such as agriculture, fisheries, and livestock.
Abdisalan Abdullahi, CEO of KIMS, has emphasized the unique challenges that women entrepreneurs face in Somalia, especially the lack of sufficient capital and limited access to financing. The introduction of the Khadija Product is a critical stride towards achieving inclusive finance and fostering economic progress in the country.
With this product, women-led businesses will have faster access to financial resources, opening up opportunities for the often-underserved female demographic in Somali communities. It tackles the essential challenges that hinder women’s engagement in socio-economic development, including customized security requirements for MSME financing and overcoming information asymmetry.
Additionally, the Khadija Product includes a comprehensive range of technical assistance services. These services support women in developing solid business plans, improving financial management skills, and boosting their overall business performance and marketing expertise.
At KIMS, we provide various loan options, including short-term, medium-term, and long-term financing. All are crafted to empower women and youth entrepreneurs to fulfil their business goals and financial ambitions.
