Kaaba Microfinance Institution (K-MFI)
Kaaba Microfinance Institution (K-MFI) is a financial service provider that strengthens the economic base of the low-income groups in Somaliland through loans and savings. Started in 1999, K-MFI has built itself from a microcredit project that started with 150 clients to a fully-fledged microfinance institution that has created sustainable and resilient micro enterprises for 14,000 clients from 1999 to 2015, out of which 80% are women. K-MFI has currently over 6400 active clients, a portfolio of USD 1.2 million, is operationally sustainable since 2012, and maintains a loan recovery rate of 98%.
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Since 1999 K-MFI has created self-employment opportunities for 14000 persons, out of which 80% are women. K-MFI’s contribution to women’s ability (11,200 of them) to earn an income has initiated a series of ‘virtuous spirals’ of economic empowerment thereby decreasing their household's vulnerability. The positive effect on their confidence, the formation of support networks and market access is another front that has enabled K-MFI’s women clients to play a more active role in intra household decision-making.