03/05/2024
In Somalia, the rotating saving and credit groups (Ayuuto) permeate many aspects of socioeconomic and cultural life, as they are often a safety net for MSMEs and families to fall back on during crises—in the present of unfair or abusive lending due to MSMEs being in the state of being without sufficient of collateral required and interest charges, even in the Islamic financing system, which has significant charges as well.
“We believe it's important to design a technology that matches their values of efficiency, flexibility, integrity, and simplifies the complexity of the banking system through traditional culturally saving schemes. With their financial well-being in mind, through our partnership–Green String Network Network, we take the time to get to know MSMEs through financial therapy tailored to their individual needs.”
Saving up for their business or individual needs by focusing on their day-to-day expense and revenue habits through family, friends, and community exercises while becoming aware of their financial patterns, they can acquire the Onkout tools they need to rewire poor decisions into rewarding money practices that last a lifetime.
financial literacy tools that give opportunities to be confident and empowers to live the quality of life that they are striving towards.
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