AECF and the European Union Highlight Milestones in Inclusive Finance at FIG Program Learning Event in Mogadishu, Somalia

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November 19, 2025: The Africa Enterprise Challenge Fund (AECF) and the European Union hosted the Finance for Inclusive Growth (FIG) Program Learning Event. The event, titled “Advancing Access to Finance for MSMEs and Productive Sectors in Somalia,” showcased progress, shared knowledge, and highlighted the EU-funded initiative’s impact on financial inclusion for women, youth, and producer groups across Somalia.

The event brought together senior government representatives, EU officials, microfinance institutions, private-sector actors, civil society, and investees to reflect on the achievements of the FIG Program and explore pathways to scale inclusive financial solutions nationwide.

The European Union fully funds the program, demonstrating the EU’s long-term commitment to strengthening Somalia’s financial system and supporting economic opportunities for underserved communities.

Speaking at the event, H.E. Francesca Di Mauro, the European Union Ambassador to Somalia, underscored the EU’s vision for inclusive and sustainable growth:

“The European Union is proud to support the Finance for Inclusive Growth Program because we believe that expanding access to finance is essential for unlocking Somalia’s economic potential. Women, youth and producer groups are at the heart of Somalia’s resilience and enterprise. Through our partnership, we are helping create an environment where their ideas can grow, their businesses can thrive, and their communities can prosper.”

AECF CEO Victoria Sabula reaffirmed the shared ambition to strengthen financial inclusion and stimulate economic transformation:

“We do this because financial inclusion is the foundation for real change. When women, youth, and producer groups have access to the right financial tools and support, they grow businesses, create jobs, and strengthen their communities. FIG is a testament to what becomes possible when financing is intentionally designed to serve those who have been historically excluded.”

Since its inception, the EU-funded FIG Program has delivered tangible, measurable results, advanced economic inclusion and strengthening Somalia’s microfinance sector:

• Access to Capital: Partnered with six financial institutions and disbursed USD 15.1 million in catalytic financing. This investment also supported the establishment of the Somalia Microfinance Association (SOMMA), which now plays a key role in strengthening and professionalizing the sector.
• Capacity Building: Delivered targeted mentoring, advisory support, and governance strengthening. A total of 214 MFI staff have been trained, equipping partner institutions to serve low-income clients better.
• Innovative Financial Products: Facilitated the creation of 18 context-sensitive loan products tailored to the realities of women, youth, and producer groups. These innovations ensure financial services respond to local needs and business cycles.
• Community-Level Impact: The program has positively impacted 82,266 individuals, and 20,566 jobs have been created or sustained, strengthening livelihoods and building economic resilience in communities across Somalia.

The event also celebrated the strength of collaboration among the European Union, the Government of Somalia, AECF, microfinance institutions, and local enterprises. This partnership continues to pave the way for a more vibrant, inclusive, and sustainable financial landscape.

About the European Union in Somalia
The European Union (EU) Delegation to Somalia, established in Mogadishu in 2009, is one of over 140 EU Delegations worldwide, holding the status of diplomatic mission. Since 2014, the EU has allocated over EUR 3.5 billion to support Somalia through development cooperation and humanitarian efforts.

About AECF
The Africa Enterprise Challenge Fund (AECF) provides catalytic funding and technical assistance to support innovative, inclusive business models in frontier markets across Africa, with a focus on agriculture and renewable energy. AECF aims to reduce poverty and drive economic transformation through market-based solutions.

Media Contacts
AECF Communications Office
press@aecfafrica.org