SomMicrofinance Company Policy

1. Introduction

SomMicrofinance is a financial institution committed to promoting financial inclusion in Somalia by providing accessible, affordable, and sustainable microfinance services. This policy outlines the principles, standards, and operational guidelines that govern the company’s activities to ensure transparency, accountability, and customer trust.

2. Vision and Mission

• Vision: To be the leading microfinance provider in Somalia, empowering individuals and small businesses to achieve financial independence.

• Mission: To provide innovative financial products and services that improve livelihoods, support entrepreneurship, and contribute to poverty reduction.

3. Core Values

• Integrity: Operate with honesty and transparency.

• Customer Focus: Prioritize the needs of clients and communities.

• Accountability: Ensure responsible use of resources and compliance with laws.

• Inclusiveness: Provide equal opportunities regardless of gender, age, or background.

• Sustainability: Promote long-term financial growth and social development.

4. Governance and Compliance

• Operate in accordance with Somali financial regulations and international microfinance standards.

• Maintain clear financial reporting, auditing, and risk management practices.

• Uphold anti-corruption, anti-fraud, and anti-money laundering (AML) measures.

5. Products and Services Policy

• Provide Shariah-compliant financial products tailored to clients’ needs.

• Focus on small loans, savings, group lending, and capacity-building programs.

• Ensure fair interest/profit-sharing rates without exploitation.

• Regularly review products to meet changing market demands.

6. Customer Protection Policy

• Treat clients with dignity and respect.

• Ensure confidentiality of customer data and financial information.

• Offer clear and simple terms for all loans and services.

• Avoid over-indebtedness by assessing repayment capacity.

• Provide complaint-handling and dispute-resolution mechanisms.

7. Human Resource Policy

• Recruit and retain qualified, ethical, and professional staff.

• Provide ongoing training and career development.

• Ensure non-discrimination, gender equity, and safe working conditions.

• Encourage staff accountability, innovation, and teamwork.

8. Social Responsibility Policy

• Support community development initiatives.

• Promote financial literacy programs for individuals and small businesses.

• Encourage environmentally friendly business practices.

9. Risk Management Policy

• Identify, assess, and mitigate financial, operational, and reputational risks.

• Establish contingency plans for crises such as drought, conflict, or economic shocks.

• Ensure a balance between profitability and social responsibility.

10. Review and Amendment

This policy shall be reviewed annually by the Board of Directors to ensure its relevance, effectiveness, and compliance with evolving regulations and market needs

If you have any questions, concerns, or requests regarding this Privacy Policy, please contact us at:

SomMicrofinance
Email: info@sommicrofinance.com
Phone: 252611598863
Address: Makka Al Mukarrama Road, Isgoka Dabka3