Somali Microfinance Institution (SMFI),
Ethiopia’s first provider of sharia-compliant Microfinance services, was founded in January 31, 2011 registered by
the National Bank of Ethiopia according to proclamation No. 626/2009, December 2011 started operations. It has been 10 years since SMFI began
providing financial services to the poor of the region. The Institution has
been giving the services by opining 42 branches. SMFI has made a total amount
of disbursement of 1,750,368,171.34 birr to nearly 41,601 clients
of which 34,413 are active clients and over 23,227 of whom are poor women and 11,186 are men. The total amount of outstanding loan is 1,800,129,453.27 Birr
(as of April 30, 2021).
SMFI's main objective which has remained intact over the last
ten years, is to improve the economic situation of low income, productive poor
people in the Somali region through increased microfinance products and
services to the Informal and Micro, Small & Medium Scale Enterprises
(MSME’s) in the urban and rural areas. And will maintain cost effectiveness in
service delivery, and integrates its activities its stockholders working
towards achieving food security and poverty alleviation in the region.