The Central Bank of the Republic of Somaliland and the Ministry of Commerce and Tourism have jointly organized a significant meeting aimed at tackling the persistent barriers preventing small traders from accessing vital financing and loan services.
Senior officials from both institutions participated in the session, which included in-depth research to identify and address the specific challenges faced by small-scale entrepreneurs in securing financial support.
Central Bank Director Mr. Yasin Calase outlined plans to introduce a wider range of international financing models to Somaliland, emphasizing those compliant with Islamic principles. He stressed the bank’s commitment to removing obstacles that hinder financial institutions from providing accessible loans, allowing small traders to expand or start new businesses.
“As the Central Bank, we want to understand the many systems used worldwide to finance banks. Today in our country, only one or two are used; we want to bring the others into the country and, as a bank, identify the obstacles blocking those others so they can be overcome. This study we are conducting is part of identifying existing obstacles to find solutions.”
Deputy Chairman Mr. Hamse Khaire ighlighted the acute difficulties in obtaining capital, particularly for women entrepreneurs, and pledged that the bank would proactively fulfill its role in overcoming these hurdles.
“The major obstacles currently in the country, the most important ones affecting our businesses, is access to financing—whether someone is expanding their business or starting a new one. Women face even worse challenges; they are severely affected by these obstacles. We want the bank to take its responsibility and address these obstacles,” said the Deputy Chairman of the Central Bank of the Republic of Somaliland.
Adding to the discussion, the Director General of the Ministry of Commerce and Tourism, Mr. Mohamoud Hussein Adan (Jabaake), reaffirmed the ministry’s core policy focus.
“Developing the country’s traders is a key policy for the Ministry of Commerce,” Mr. Jabaake stated.
This collaborative effort underscores Somaliland’s push to strengthen its financial ecosystem and empower small and medium-sized enterprises, which are essential to the nation’s economic foundation. The initiative highlights a commitment to inclusive growth, with special attention to supporting women in business and fostering a more accessible lending environment.