Introduction There are many Somali entrepreneurs, but unfortunately, they do not live in Somalia. They live and invest other coun...
Introduction
There are
many Somali entrepreneurs, but unfortunately, they do not live in Somalia. They
live and invest other countries all over the world. Why do not they invest in Somalia? Since
the Somali government collapsed in 1991, most Somalis have chosen to live in
other countries for a better life due to the lack of security. From June 2008
to May 2009 about Somali entrepreneurial achievements and
challenges, administered surveys of 135 people in Twin cities. The
survey was carried out, 90 people were Somali business owners and 45 others
were non-Somali owners in Twin city. Somali entrepreneurs appear to make
excellent use of formal training in business practice if they have it. Half of
the Somali entrepreneurs were given the opportunity and borrowed money from official
financial institutions. Hussein Samatar estimated in 2004 that there were 550
Somali-owned businesses in Minnesota. This means that young
Somalis are creative and need help to work. Read more. The story of Hamse Warfa begins in
click here "America here i come: A
Somali Refugee's quest for hope"
However,
the most important points are:
1. To maintain peace and security in their country.
2. Receiving support (financial) from the government or NGOs.
3. Rebuild the
industries and the right practices of research and development,
There are many Somali entrepreneurs and investors live other countries. Most of them live united states of America. Just Set an instance the most important Somali entrepreneurs are the following people:
1. Ismail Ahmed (World Remit)
2. Abdirashid Haji Duale (Dahabshiil company)
3. Amina Moghe Hersi (projects)
1.
Ismail Ahmed was born in 1960 in Hargeisa. After graduating from
high school before the Somali civil war, Ahmed was awarded a World Bank
scholarship at the University of London (Master and PhD) to study economics in
the UK. After the outbreak of war, Ahmed decided to help his family to reach
the UK as refugees. During his education period, he worked several part-time
jobs in the city, picking strawberries to send money to his family in Somalia.
Other family members working abroad the time cost of transacting to send money
home began to be banned, this situation which made Ahmed thinking a better way
to do it. Ahmed had worked for a world bank agricultural development project in
Hargeisa, after a long time he went to work for the nations development program
(UNDP) and helped run a money transfer project in Somalia (He went to his boss
with the corruption allegations he had uncovered in the UNDP program. The boss
said that if he handed over the file, he would not be able to work in
remittances again, and he took this threat very seriously. He lost his job
while trying to expose the fraud. Ahmed has waited four years since he
submitted the file to the UN on corruption charges. After that, he came up with
a business plan for WorldRemit. In 2009, the app was ready to register the
business and WorldRemit was launched in 2010. It was later found to be unfairly
treated by UNDP and awarded £200,000 in compensation. He Started
developing the idea of creating a mobile money transfer system that would
reduce the high costs of similar services from banks and traditional money
transfer systems. His idea was to cut offline-dominated online transfers
and reduce transfer costs for small business owners. When asked about his
biggest mistake, he said that he regretted not starting his job early due to
his long education life. He said that starting a business does not require a
degree or higher qualification, it just needs the right ideas and skills,
and does not need a lot of money to start a successful business. If you want to
establish a company in the technology sector, you only need to purchase a
service with quality software. He said the digitization of mobile money has
been extremely successful. Before that, he was a researcher at the University
of Sussex. When asked why this is necessary, Ahmed said: “Like most growing
tech companies, we have to restructure from time to time”. Between 2010 and
2013, WorldRemit received £6.2 million from early seed investors. In 2015,
Facebook, Spotify, Netflix and Slack were acquired, raised a £82 million Series
funded by one of its early investors, Technology Crossover Ventures (TCV).
In July 2015, we let go of people who did not have the right skills
that suited us at the time. In 2016, another £37 million sterling working
capital facility came from TriplePoint Venture Growth and Silicon Valley Bank.
Ahmed took first place in the Powerlist 2020, the annual list of the 100 most
powerful people of African heritage in the UK in October 2019. The other year,
his company launched the Diaspora list of 10 Most Influential Africans to
explore and celebrate the contributions of African immigrants to the United
States. He adds that since then the staffing has doubled and WorldRemit now has
328 employees worldwide, 260 of them work in the London office. Ismail Ahmed is
the founder and chairman of WorldRemit, a money transfer company, and director
of Sahan Foundation International. Read more and watch his interview .
2.
Abdirashid Duale was born in 1977 in Buroa. In 1988, the Duale family
was one of hundreds of thousands of people forced to flee to the neighboring
country of Ethiopia because of the civil war. In the 70’s there were people
diaspora families living abroad who wanted to send money to Somali. Since
Duale's father, Haji is the founder of the company, the Somali diaspora has
taken advantage. At that time, he worked in family-to-family transactions. Now
It has developed into a global money transfer company and a commodity trading
business and money transfer services. Abdirashid Duale had worked
for Dahabshiil since his school days. He had helped turn a small Somali family
business, where his father had lost everything, into a family business. It is
an international company operating in 126 countries. After his father retired,
Duale took over the company and began expanding Dahabshiil's reach into new
markets. In 2003 an interview, Duale said; that anyone can send any money they
want to send, and when asked what percentage of earnings they make annually, he
said; depends on the investment that the total percentage of what he did all
year and there is no fixed amount per year and there is a foreign exchange
party in every country. It has encountered many problems (data loss and
technical problems), but it has been fixed in a short time. The advantages of
this company provide most of the Somali family to get a better life. The World
Bank (2011) estimates that approximately $1.6 billion is remitted to Somalia
each year by the country's global diaspora. Dahabshiil manages about two-thirds
of this capital flow, making it the largest money transfer operator in
Africa. According to the Royal Society of Africa (2019), Dahabshiil is
the largest money transfer company in Africa, handling a significant
portion of remittances received by Somalia. He was named one of the 50 most
influential Africans by The Africa Report. The
company serves 150 countries, Abdirashid Duale is one of the popular
entrepreneurs in Somalia and is Somalia's best-known billionaire. It is a
transfer company with international capital. It has thousands of agencies and
branches in 150 countries in London and Dubai. Mr. Abdirashid
Duale is the Chief Executive Officer of Dahabshiil, a global money
transfer company. Read more and Watch.
3.
Amina Moghe Hersi was born in 1964 in
Bungoma. She is Somali entrepreneur. She grew up in western Kenya. Her mother
is a business-woman, his uncle was the finance minister of the Treasury in
Kenya in the 1980s, and he is someone who changed her life. Moghe had no
tertiary education, her education was only basic, most of the girls in that
time did not receive much education. Her parents had chosen to teach her
business. Her first shop opened in the 1990s. After a long time, her family
decided to move from Kenya to Uganda. Her two sisters did not like taking the
risk a job, but her mother was not afraid to risk it, her biggest risk was
closing her successful hardware store in Bungoma Kenya and starting the same
business again in Uganda. Back then, most people did not know her. she started
by using her own talents. now she is investing several million dollars in
projects (Oasis Mall, Kampala, Nakumatt Mall, Kampala, Labnarm Apartments,
Kampala, Atiak sugar factory, Rabo Enterprises Limited, Kingstone Enterprises
Limited and Kingstone Namanve LCD), in 2008 as the regional business leader and
the best of the year won the best female investor award in Kampala-Ugandan. In
2016, Horyal company hired more than 6,000 women to work. By completing the
40,000 square meter shopping center and 164 luxury flats in the heart of
Kampala, she invested in Atiak sugar her company. This is a new project started
for 3,000 female workers of the factory (agricultural enterprise), this factory
is of great help to the people of Uganda. The factory produces 50,000 tons of
sugar per day. It motivates young African girls and women. Dr Amina Hersi is
the CEO of Moghe Horyal Investment. Read more and watch an interview .
