By Goth Mohamed Goth
The Dahabshiil group of companies were among the sponsors of the two days Somaliland banking and financial sector conference and the theme was “promoting banking and financial sector, connecting people and financial services”.
Mr Omer Sheik, The CEO of Dahabshiil international bank speaking at the conference said, “I would like to use this opportunity to thank the minister of finance and the governor of Somaliland central bank for organizing this crucial. As you are aware of Dahabshiil group is one of the biggest employers in the private sector and is committed to enhancing the economy growth in the country and empower Somaliland citizens financial.
As one of Somaliland leading financial services businesses, Dahabshiil international Bank has long been an advocate of social entrepreneurship as a driver of economic growth, particularly in Somaliland where it has invested more than $300 Million Dollars. Its corporate social responsibility initiative, MicroDahab MFI was established as a subsidiary of Dahabshiil Group in July 2014 to alleviate poverty and generate entrepreneurship opportunities across the Somaliland regions. To date, MicroDahab has invested gross financing of over $15million to create new employment opportunities.
Mr Omer Sheik added, “We are currently implementing a very serious strategic program meant to fix the fundamentals of the bank so as to make it the undisputed leader for a very long time to come because the bank is about fundamentals and whereby the fundamentals are fixed and the relevance of the market is engaged through outreach only then will the bank survive for a very long time that is our philosophy.
Mr Fuad Ahmed Nuh, Dahabshiil’s Director of Digital Payments speaking at the conference said, “Dahabshiil group of companies had played an important role in the holding of Somaliland banking and financial sector conference.
He added, “Through mobile money, service has promoted efficiency and at the same time limited the use of cash. Telecommunications company Somtel and eDahab (mobile money service provider established by funds transfer company Dahabshiil) have transformed the financial system.
“Instead of going to the streets to exchange currency, eDahab has eased that pressure by creating a solution where one can exchange currency using the electronic money platform,” Mr Fuad Ahmed Nuh, Digital Payments Director, explained.
He adds, “What we have done is to ensure the electronic money exchange is registered within the electronic service. We have registered dealers who have floated in foreign currency in their eDahab accounts. “All a client needs to do is to enter the dealer’s code and the amount to be changed and it will happen within seconds.” a mobile phone equipped with a Somtel card, and within a few minutes, we opened an eDahab account for them so that we could upload the funds directly into their mobile phone accounts,” he said.
Mr Fuad Ahmed Nuh said, Dahabshil Bank International (DBI), provides tailor-made services for local and personal banking needs and currently, offer different products for local businesses including investment and MicroDahab finance for local businesses (large-scale and small business). The investments department of DBI since its inception shows an increase in participation in local businesses.
Fu’ad added that with eDahab online international services you can now purchase with your eDahab instead of Master Card or Visa. We also showcased the mobile money transfer service when eDahab for money transfer all over the world using the shortcode * 700 #,
Hon. Abdikadir Indho-Indho, member of Somaliland House of Elders speaking at the venue said that Dahabshiil group of companies had played an important role in the economy of the country during the turbulent years and I would like to laud Dahabshill for a job well done.