This project intends to empower 300 very poor women between the ages of 18-50 in the most marginalized communities in Garowe, Puntland Somalia to reach economic self-sufficiency through self-help groups of 25-30 women to access financial inclusion. The Target group is characterized as highly vulnerable marginalized women who face extreme barriers to financial inclusion and economic self-sufficiency. These beneficiaries are drawn from IDPs/ host communities, & women with disabilities.
The impact on women in Somalia as the main caregivers in their families is particularly great. Somali women face additional difficulties in participating in the financial system. Women lack savings and do not have accounts with money transfer operators(MTOs). Somali MTOs and banks generally avoid providing loans to women entrepreneurs, who, without collateral or savings on their own, are viewed as riskier loanees than men. This project intends to support 300 women with a group revolving fund.
The CCP empowerment program provides opportunities for positive change by providing a pathway for 300 IDPs/host community poor women to access and take control of productive assets. It will realize this by providing access to credit for women to become financially included, build assets that enable them to build a sustainable livelihood by providing interest-free loans of between 100$-250 revolving fund. Further, groups will continue to access support through linkages created under the project.
Socio-economic changes brought by the project in terms of livelihood practices will have a lasting impact on the target beneficiaries even beyond project period. The project will significantly affect the lives of SHG members in their IGAs, livelihood security and self employability strengthen target group income generation opportunities through tools/ capacity-building support. It is expected the groups will continue livelihood practices, contributing to increased family economy & nutrition.
