January 3, 2024
Warsan magazine -Mogadishu- Somalia
Bulsho Sacco Limited will on Thursday, 2nd 2025 evening held its official launch at the Jazeera Palace Hotel in Mogadishu, Somalia. The event which marks the Sacco’s second anniversary is a celebration of its fortitude and place in the fabric of the financial sector of the country.
The event will be attended by Salah Ahmed Jama, Deputy Prime Minister, FGS, as the Guest of Honor. Other expected guests include; Hon. Yusuf Mohamed Adan, Minister of Labour and Social Affairs, Hon. Fardowsa Egal, Minister of Transport and Civil Aviation, Abdullahi Abdulle Mohamed, Secretary General, Somalia Union Cooperative Movement (UDHIS), Ahmed Shirwac, Somali Bankers Association, Abdinafac Dahir Yusuf, Somali Microfinance Associations (SOMMA) Chairman, Osman Muhidin Shatah, Chairman of Somalia civil society organizations, Dr. Mohamed Mohamud Hassan, Chairman, Association of Somali Universities, and Abdirahman Abdullahi Galambe, Deputy chairman, Somali Chamber of Commerce & Industry among other notable guests.
About Bulsho Sacco Limited
Bulsho Sacco Limited was established in January 2023 by a Committee of 9 people, including Somalis and external experts. It is a modern financial cooperative that is run in accordance with Islamic Sharia, and is the first financial cooperative to be successfully set-up in the Somalia.
Bulsho aims to meet the financing needs of the Somali community and reduce widespread poverty. The Sacco is a Non-Banking Financial Institution that is owned by members and operates as a social and financial enterprise.
It has a Shari’ah Committee that oversees its financial services and overall operations, ensuring that they are in accordance with Islamic Shari’a. Bulsho Sacco is licensed by the Ministry of Commerce, while Horseed Microfinance, the financing arm of Bulsho Sacco, is registered with the Central Bank of Somalia.
Headquartered in Mogadishu, the organization has four centers open across the country (in Garowe, Baidoa and Beledweyne), and there are plans to open 6 new centers this year (2025).
Its Objectives Include:
- Fostering and strengthening the habit of saving.
- Ease of access to affordable financing.
- Deliberate financial inclusion, especially among those who cannot access existing financial institutions.
- Development of the Somali community.
Bulsho Sacco offers financial products and services that are designed to enhance the living standards of its members. It provides business start-up capital, acceleration finance, investment and property financing. These products and services are targeted at members, who are mostly farmers, SMEs, livestock owners, government workers, stakeholders in the transport and logistics sector, women focused products designed to increase their access to financing, private sector workers, the diaspora community and NGO/ development sector stakeholders.
Today’s event will also introduce Somali Union of Savings and Credit Cooperatives (SUSCCO) to raise public awareness, advocate for the expansion of the sector and capacity building of Saccos cross Somalia.
Our Achievements·
.Thousands of people living in different regions of Somalia are members of the Sacco
. Thousands of members make regular monthly financial deposits.
. More than a thousand members who have received affordable financing.
. Creation of direct and indirect jobs of up to 2,000 people.·
. The adoption and use of technology within its structure, such as the use of mobile phone Apps to provide better services to the public
. Bulsho SACCO is an official member of the Somali Cooperative Movement Association of UDHIS.
.The Sacco is a full member of the African Association of Financial Cooperatives known as ACCOSCA . . . Our application for membership is pending with the Council of Financial Co-operative Unions (WOCCU) . We have entered into a Memorandum of Understanding with the Somali National Registration and identification Agency (NIRA) to facilitate access to account redemption credentials
. The Sacco has also entered into Memorandum of Understanding with the Notary Public that operates across the country to facilitate financing services.
Global Outlook
As at December 2023, there were 74, 634 Credit Unions in 104 countries across the world, serving about 411, 008, 249 members. The total assets held by these Credit Unions stood at $3.7 trillion. This, however, still represents only 13.9% market penetration.
In Africa, as at December 2023, the number of Saccos/ Credit Unions was 25, 724 with a membership of 41, 041, 889 and total asset value of $8.6 billion. The market penetration stands at 11.5%
For more information Contact:
Name: Abdikadir Mohamud Abdi (Hilolwe), CEO,
Email: ceo@bulshosacco.com
Organization and Title: CEO, Bulsho SACCO
