Abdifitah Hassan, 28, had tried his hand at several menial jobs but only found himself living hand-to-mouth since the income could not enable him to improve his life. Friends had suggested to him to move out of the country in the hope of a better life, but for Abdifitah, the thought of the dangerous journeys on land and the high seas, which had cost him a relative, made him shrug off the ideas.
For Abdifitah, a teenage dream kept him convinced. He had thought of establishing a haircut business. “I was passionate about becoming a barber. I once tried and knew I could do it, but I did not have the income to start my own,” Hassan said.
It was not until Hassan saw a post on social media from IBS Bank, which offered a loan facility dubbed Ileys targeting youth entrepreneurs. The prospects of setting up his business, however small, were coming to life. “Finally, my dream has come true,” Hassan says, exuding confidence. Responding in between shaves, Abdifitah said he secured a loan of $1,500 from IBS Bank, which he used to buy basic equipment, hire a space, and set it up.
IBS Bank is a partner MFI of the Financial Inclusion for Growth in Somalia (FIG-Somalia), which aims to widen financial access and inclusion for economic development in Somalia.
At the barber shop, clients stream in at a time for a favourite cut. “Clients are very particular with the haircuts they want, so I have to be very creative,” Abdifitah says as he is relieved by a new hire. “The business is good, and I am glad my dream has come true. I have managed to take my children to a good school and opened a vegetable business for my wife.” Abdifitah has since hired one person to assist him, a move he attributes to bettering business prospects and income.
For Abdifitah, financial stability was the big picture. He dreams of opening up new branches in parts of the city and even outside the capital, Mogadishu. Combining passion and a stable stream of income translates to a potential for growth. The FIG-Somalia programme seeks to revitalise and expand the local economy, focusing on livelihood enhancement, job creation, and broad-based inclusive growth for Somali women, youth, and producer groups. The programme, implemented by the Africa Enterprise Challenge Fund (AECF), has since created 12,240 jobs directly and impacted 53,220 individuals in Somalia.
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