Financial inclusion in Somalia between reality and expectations

Farah, Abdirahman Abdillahi and Saleh, Abdulmajid Obaid Hasan (2023) Financial inclusion in Somalia between reality and expectations. In: Islamic Sustainable Finance, Law and Innovation: Opportunities and Challenges. Contributions to Management Science (1). Springer, Cham, pp. 145-156. ISBN 978-3-031-27859-4

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Abstract

Somalia has experienced some stability and peace following a civil war that lasted for 20 years, but the economic situation is still difficult, and the nation is still susceptible to environmental, political, and economic shocks. Since GDP per capita is equivalent to $435, Somalia remains below the $1750 rate in sub-Saharan Africa. 37% of the population live in poverty, where 80% live in rural areas and 43% live on only one dollar a day. Somalis are renowned to be very entrepreneurial people despite the fact that less than 5% of the need for micro- and microenterprise finance is currently being met in Somalia, according to market research. There are over 2 million possible projects and hundreds of millions of dollars in funding needed to meet the magnitude of unmet demand. The research aims to reveal the realities of financial inclusion in the Republic of Somalia and monitor the most significant transformations after political stability. The research adopts the analytical descriptive approach to the study of literature and the quantitative approach to the analysis of secondary data relevant to the size of the use of financing tools and bank cards.

Item Type:	Book Chapter
Uncontrolled Keywords:	Financial inclusion Financial exclusion Mobile money
Subjects:	BPH Islamic Economics BPH Islamic Economics > BPH830.3 Social systems. Urban groups. Cities and towns. Sustainable urban development
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Abdulmajid Obaid Hasan Saleh
Date Deposited:	16 Aug 2023 11:26
Last Modified:	06 Nov 2023 12:11
URI:	http://irep.iium.edu.my/id/eprint/105998

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