Qatar-based Silatech, a social enterprise that seeks to promote youth entrepreneurship and employment in the Arab world, and the American Refugee Committee (ARC), a US-based nonprofit that provides humanitarian assistance in Haiti, Asia, the Middle East and Africa, are partnering with Kaah Express, a US-based for-profit money transfer company, to introduce a new microfinance program in Somalia. With training and technical assistance from Silatech and ARC, Kaah will provide microloans, voluntary savings accounts and business development services via its existing network of service agents in Somalia. A portion of Kaah’s work has been funded through a grant of undisclosed size from the African Enterprise Challenge Fund, a Kenya-based fund that promotes for-profit enterprises operating in Africa. Details such as the sizes and pricing of the microloans to be offered have not been disclosed.
In addition to the US, Kaah has operations in four East African Countries. Silatech operates in 11 countries in the Middle East and North Africa, and as of 2012, has raised approximately USD 35 million in co-funding for its microenterprise programs. The American Refugee Committee has been operating in Somalia since late 2011 and has undertaken humanitarian efforts such as public health programs and relief work for displaced Somali families.
By Brian LeBlanc, Research Associate
About Silatech
Founded in 2008, Silatech is a Qatar-based social enterprise aiming to increase employment and entrepreneurship among youth in the Middle East and North Africa. Silatech operates in Egypt, Iraq, Jordan, Lebanon, Morocco, Palestine, Qatar, Somalia, Syria, Tunisia and Yemen. Silitech’s programs include youth employment, microenterprise services, small- to medium scale enterprise development, and civic engagement. As of 2012, Silatech has raised approximately USD 35 million in co-funding for its microenterprise programs.
About American Refugee Committee (ARC)
Established in 1979, the American Refugee Committee (ARC) is a US-based international nonprofit that provides humanitarian assistance and training in Haiti, Ivory Coast, Kyrgyzstan, Liberia, Rwanda, Sierra Leone, Somalia, Sudan, Thailand and Uganda. ARC provides shelter, clean water and sanitation, health care, skills training, microedit loans and assistance to refugees and internally displaced persons. As of March 31, 2012, ARC has USD 23.3 million in total assets and USD 565,000 in microcredit loans outstanding.
About Kaah Express Financial Services Inc
Kaah Express Financial Services Inc. is a US-based for-profit international remittances company. Kaah provides money transfer services from the United States to Djibouti, Ethiopia, Kenya and Somalia. Within the US, Kaah has operations in the states of Colorado, Illinois, Maine, North Dakota, Ohio and Virginia.
Sources and Additional Information
Silatech.com press release, February 17, 2013, “Pioneering Microfinance in Somalia,” http://www.silatech.com/home/news-events/silatech-news/silatech-news details/2013/02/17/pioneering-microfinance-services-in-somalia
MicroCapital.com story, January 4, 2013, “Silatech Sponsors Financial Literacy Course Expected to Benefit 1,000 Credit Officers in Sudan,” https://www.microcapital.org/microcapital-brief-silatech-sponsors-financial-literacy-training-course-expected-to-benefit-1000-credit-officers-in-sudan/
MicroCapital.com story, October 23, 2012, “Silatech of Qatar, Kiva of USA Launch Kiva Arab Youth Website to Raise Funds for Microlending,” https://www.microcapital.org/microcapital-brief-silatech-of-qatar-kiva-of-usa-launch-kiva-arab-youth-website-to-raise-funds-for-microlending/
MicroCapital.com story, July 17, 2012, “Silatech, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) Partner with Al-Amal Microfinance Bank Alkuraimi Islamic Microfinance Bank to Provide Microsavings for Youth in Yemen,” https://www.microcapital.org/microcapital-brief-silatech-deutsche-gesellschaft-fur-internationale-zusammenarbeit-giz-partner-with-al-amal-microfinance-bank-alkuraimi-islamic-microfinance-bank-to-provide-microsavings-for-yout/
MicroCapital Universe Profile: Silatech http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Silatech
MicroUniverse Universe Profile: American Refugee Committee (ARC) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=American+Refugee+Committee+%28ARC%29
MicroCapital Universe Profile: Kaah Express https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kaah+Express+F.S.+Inc+%28Kaah%29
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Aflatoun, Fintech Robos to Collaborate on Financial Literacy in Middle East, North Africa
- MICROCAPITAL BRIEF: Bababos of Indonesia to Expand Digital Platform for Manufacturing SMEs with $3m in Seed Funding
- MICROFINANCE EVENT: MEDA Convention; November 2-5, 2023; Toronto, Canada
- MICROFINANCE EVENT: Social Enterprise World Forum (SEWF23); October 11-12, 2023; Amsterdam, the Netherlands
- MICROCAPITAL BRIEF: FSD Africa Issues Convertible Loan of $1.2m to Africa Climate Ventures (ACV) Fund to Reduce Human Impacts on Environment
