ASAL Microfinance and Musoni Unite to Unleash a Financial Revolution in Somalia

Exciting news! ASAL Microfinance, a newly established Sharia-compliant Microfinance Institution (MFI) in Somalia, has embarked on its operational journey by partnering with Musoni System. The objective of this partnership is to empower underserved communities in Somalia through ASAL Microfinance, which is dedicated to upholding Sharia principles in its operations.

By harnessing the power of Musoni’s core banking system, ASAL Microfinance aims to enhance its operational efficiency and expand its range of Sharia-compliant financial products and services. Musoni System is renowned for our cutting-edge cloud-core banking system, Digital Field Application and Open APIs capabilities. In addition, we empower financial institutions to streamline operations, automate processes, and deliver seamless banking experiences to customers. Musoni further has a user-friendly interface and robust functionality, which makes the system an ideal solution for MFIs, including those that adhere to Sharia principles.

This partnership marks the beginning of ASAL Microfinance’s exciting journey in the business world, and it is poised to make a significant impact by promoting financial inclusion and economic development in Somalia.

Saed Ibrahim Mohamud, the CEO of ASAL Microfinance, expressed his enthusiasm for the partnership, stating, “We are delighted to collaborate with Musoni as we embark on a new era of financial inclusion in Somalia. By leveraging Musoni, we can better serve our customers and extend our reach. This partnership also holds immense potential to positively impact the lives of individuals and businesses in Somalia.”

Musoni’s track record of empowering financial institutions worldwide aligns perfectly with ASAL Microfinance’s values and mission as a Sharia-compliant MFI. By utilizing Musoni, ASAL Microfinance and other Sharia-compliant MFIs will have the necessary tools to provide a wide range of financial services, while ensuring compliance with Sharia principles.

Phyllis Njambi, Musoni Business Development Manager: shared her excitement, saying, “We are thrilled to support ASAL Microfinance and other Sharia-compliant MFIs on their journey toward financial inclusion. Our core banking system is designed to empower institutions like ASAL Microfinance to reach more customers, enhance operational efficiency, and offer a broader suite of financial products. Together, we can make a significant impact in transforming the financial landscape of Somalia.”

By combining Musoni’s technology with ASAL Microfinance’s local knowledge and commitment to Sharia-compliant financial products, this partnership has the potential to uplift communities and stimulate economic growth in the region.

About ASAL Microfinance:

Asal Microfinance is a microfinance established in Somalia and licensed by the Central Bank of Somalia. We take pride in providing a mechanism to financially assist people who are mostly excluded from the banking system by exceeding their expectations by providing a wide range of products and innovative solutions which are sharia compliant.

About Musoni:

Musoni is the leading digitalisation partner for microfinance institutions around the world: We help organisations improve their efficiency and extend their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, and Open APIs capabilities. We have over a decade of experience and now support 70+ organisations in 26 countries. We take pride in our hands-on and personalised approach, with local teams in the Netherlands, Kenya, and Myanmar.

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