By Asha Elmi - Reporter
Mogadishu, 10 September 2026 Somali lender MyBank launched on Wednesday a financing service aimed at helping women access credit using gold as collateral, as the bank seeks to expand women's participation in the formal financial system.
The new service, called IskuFilan, is designed to help Somali women establish, strengthen or expand businesses, MyBank said.
The bank said the service would address some of the barriers women face when seeking financing, particularly requirements for personal guarantors.
MyBank Chief Executive Officer Abdulrisaq Mohamed Ahmed said the bank estimates that around 1 million Somali women collectively hold significant amounts of gold.
Ahmed said an average holding of 20 grams per woman would put the estimated value of the gold at about $3 billion. The figure was presented by the bank as an estimate of women's gold holdings.
He said the value of the gold held by women could exceed the combined assets held by banks in Somalia.
The launch was attended by government officials, religious scholars and representatives of the business community, who welcomed the initiative as a way of improving women's access to financial services and supporting their businesses.
Economic adviser to the president and chairman of the National Economic Council, Hassan Adan Hosow, said a 2024 report on financial inclusion had identified gaps in how women's assets were treated within the financial system.
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Yasin Mohamud Ibar, president of the Somali Chamber of Commerce and Industry, said women had historically faced barriers to accessing banking services and investment, describing IskuFilan as an initiative aimed at addressing those gaps.
Jawaahir Baarqab, chairwoman of the Banadir Region Women Organization, said gold had traditionally served as an important form of savings for Somali women, particularly as a reserve during periods of financial hardship.
Former Somali police deputy commander Gen. Zakiya also welcomed the initiative, while urging MyBank to ensure the security of women's assets held through the service.
Somalia's Deputy Prime Minister Salah Ahmed Jama, who officially launched the service, encouraged the public to support domestic banks and initiatives aimed at expanding financial opportunities for women.
MyBank, established in 2018, says it aims to expand access to financial services in Somalia through digital and alternative banking technologies. The bank is licensed by the Central Bank of Somalia.
he launch comes as Somalia's financial sector seeks to broaden access to formal banking and financing, particularly among groups that have traditionally had limited access to credit.