Somali Microfinance Institution (SMFI), Ethiopia’s first provider of sharia-compliant Microfinance services, is set to become Shabelle Bank.
MFI has made a total amount of disbursement of 1,750,368,171.34 birr to nearly 41,601 clients of which 34,413 are active clients and over 23,227 of whom are poor women and 11,186 are men. The total amount of outstanding loan is 1,800,129,453.27 Birr (as of April 30, 2021).
It’s recalled that the Somali Microfinance Institute (SMI) announcement on its agreement to EthSwitch which will allow SMI’s mobile waller, Hello Cash, to integrate with other existing payment systems throughout the country.
Following footprint of Amhara credit & saving (Tsedey Bank) and Oromia Credit & saving (Sinqe Bank), and with the help of Mercy Corps’, Somali Microfinance is transforming itself to become Shabelle Bank.
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