On November 19th in Bender-Beyla, Somalia, Himilo Microfinance, in collaboration with the World Food Programme (WFP), the Norwegian Refugee Council (NRC), and Puntland’s Ministry of Fisheries and Marine Resources, launched a groundbreaking Financial Literacy, Entrepreneurship, and Marketing Skills Development Training Program under the TEReFiC Project for the Bender-Beyla Fishing Cooperatives.
The program aims to strengthen the resilience of vulnerable fishing communities in Puntland through capacity building and community systems strengthening. It focuses on improving the financial management, entrepreneurial capabilities, and marketing skills of cooperative members. This initiative seeks to equip local fishermen, particularly women and youth, with the tools needed to boost their incomes and create sustainable livelihoods.
Speaking at the launch, the Deputy Mayor of Bander-Beyla district emphasized the importance of empowering fishing cooperatives to contribute to the local economy. He stated:
“We are excited to welcome this new opportunity designed to strengthen the financial position of cooperatives, helping them become self-reliant and improve their income-generating potential. Unlike unconditional cash grants provided by humanitarian organizations—which often involve food or cash assistance but fail to produce long-term change—this initiative focuses on providing productive support. The loan, offered through Himilo Microfinance, comes with additional training in financial literacy, entrepreneurship, and marketing skills. These resources will not only assist in the loan repayment process but also support long-term savings and financial independence.”
On the other hand, Salad Muse Aden, a beneficiary of the training, highlighted the importance of acquiring business skills for growth and sustainability. He expressed gratitude, stating:
“Receiving this business skills training is essential for our business growth and sustainability. I would like to thank Himilo Microfinance for their dedication to reaching remote and unbanked communities.”
Similarly, Najma Abdirisaq Jama, a young entrepreneur and trainee, shared her experience:
“We gained valuable insights into the relationship between revenue, purchase price, and selling price. I now have a clearer understanding of how these factors are interconnected and how they impact business profitability. Additionally, the training has equipped me with the knowledge to better manage my income and start saving effectively, helping me make more informed financial decisions moving forward.”
The training program centers on three key areas—Financial Literacy, Entrepreneurship, and Marketing Skills—to empower cooperative members with essential tools for success. Participants learn to manage budgets, cash flow, and loans while developing entrepreneurial abilities to identify opportunities and create sustainable business models. Additionally, the program emphasizes marketing strategies, including market research, branding, and expanding market access.
By addressing these critical aspects, the initiative supports the TEReFiC Project’s broader mission to foster sustainable economic opportunities in Somalia’s coastal regions. This training equips fishing cooperatives to build resilience, enhance livelihoods, and make meaningful contributions to the local economy.
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