Right now in Somalia you can borrow money from dahabshiil, hormuud, amal banks and so forth if you are deemed to be a safe bet. however the terms are ridiculous.
first you can only borrow for a very short period maximum i have seen so far is 3 years and even then they expect double figure percentages as their fees. compared to for example in the UK where you can borrow money and with only 2 percent interest and the length being up to 25 years.
Somalia right now is being mainly built on cash by the diaspora. but cash can only get you so far. for a sustained economy the fees on loans has to come down and the length of borrowing has to increase which is why international banking should start getting into the somali market.
imagine building a house in somalia while you are in the west and only paying 350 dollars a month for 10 years without the huge upfront cost it would create a lot of jobs back home and people inside the country would be able to borrow money to create businesses and buy house/car and so forth.
first you can only borrow for a very short period maximum i have seen so far is 3 years and even then they expect double figure percentages as their fees. compared to for example in the UK where you can borrow money and with only 2 percent interest and the length being up to 25 years.
Somalia right now is being mainly built on cash by the diaspora. but cash can only get you so far. for a sustained economy the fees on loans has to come down and the length of borrowing has to increase which is why international banking should start getting into the somali market.
imagine building a house in somalia while you are in the west and only paying 350 dollars a month for 10 years without the huge upfront cost it would create a lot of jobs back home and people inside the country would be able to borrow money to create businesses and buy house/car and so forth.