Iskaashi means in Somali language a cooperation, community owned business model that is designed to respond to the increasing challenges both natural and manmade. Helping each other as the last resort traditionally creates a solution but maintaining it as a culture of support and resilient is potentially the easiest way to sustainable development in Somaliland. The abundant Untapped natural resources that existed in Somaliland can’t reach the increased demand in the international, regional and local markets without getting a durable solution.
Among key challenges that informal economy face according to the most recent research’s in this sub-sector includes access to finance as the most critical factor. However Iskaashi is a local initiative to bring socio-economic change.
Microfinance is defined as, financial services such as savings accounts, insurance funds and credit provided to poor and low income clients so as to help them increase their income, thereby improving their standard of living. However Micro-finance is a common name but the uniqueness of this Business model is the fact that it originates in Somaliland the unique democratic society in the Horn of Africa, a community that crafted its functioning governance system from tribal communities. Hence replicating a model of bottom up approach of doing things is contextually fit and sustainable. Therefore, Iskaashi Business model intends to create financially inclusive society taking into account the traditional and informal systems, developing into more Inclusive and resilient Societies.
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