Fighting Poverty in Somalia

Facts about Somalia

Somalia collapsed into anarchy following the overthrow of the military regime of President Siad Barre in 1991. Since 2012, when a new internationally-backed government was installed, Somalia has been inching towards stability, but the new authorities still face a challenge from Al-Qaeda-aligned Al-Shabab insurgents. Poverty and financial inclusion statistics are not available at this time for Somalia.

Somalia, along with much of sub-Saharan Africa, is on the verge of a crisis. By 2035, the International Monetary Fund estimates the number of Africans joining the working age population will exceed the rest of the world combined. To fill this surge, 18 million new jobs will have to be created each year for the next 20 years across sub-Saharan Africa. In the meantime, Somali rely on the informal sector for a chance to earn a living. In addition, access to basic services, like energy, water and sanitation, education, health care and agriculture, is often inadequate.

When poor people have access to financial services and life-enhancing products, they can earn more, build their assets, create jobs and cushion themselves against external shocks. FINCA is helping Somali improve their lives by supporting access to basic services through FINCA Ventures.