OUR WORK

FSD Somalia works with a variety of partners, including financial institutions, the government, and other non-governmental organizations, to achieve its goals and objectives. Some of the activities that FSD Somalia undertakes include:

  • Providing technical assistance to financial institutions to help them improve their products and services.
  • Conducting research on the financial sector in Somalia.
  • Developing training programs on financial literacy and inclusion.
  • Advocating for reforms to the financial sector in Somalia.
  • Partnering with other organizations to promote financial inclusion in Somalia.

WORK PLAN

Objective 1: To deepen the financial sector in Somalia

  1. Conduct a market assessment to identify gaps and opportunities in the financial sector
  2. Support the development of innovative and affordable financial products and services that meet the needs of different segments of the population
  3. Provide technical assistance and advisory services to financial institutions to increase their capacity to provide affordable and client-responsive financial products and services
  4. Promote the use of technology and innovation to increase efficiency, reduce costs, and improve the accessibility of financial products and services
  5. Work with the government and other stakeholders to improve the legal and regulatory framework for the financial sector

Objective 2: To promote financial inclusion and financial literacy

  1. Conduct financial education and literacy programs for the population, especially those who are traditionally underserved
  2. Prioritize inclusion of traditionally underserved populations such as women, youth, rural communities, and people with special needs in all FSD Somalia interventions
  3. Support the development of financial products and services that meet the needs of underserved populations
  4. Collaborate with other organizations and stakeholders to promote financial inclusion and financial literacy in Somalia

Objective 3: To engage in research and development activities relating to the financial and related sectors

  1. Conduct research and analysis on the financial sector in Somalia, including market trends, consumer behavior, and regulatory and policy developments
  2. Develop and disseminate research reports and studies to inform policy and product development
  3. Facilitate knowledge sharing and learning across the financial sector in Somalia

Objective 4: To enhance collaborative behavior and financing across the market

  1. Forge collaborations and partnerships with financial institutions, government agencies, civil society organizations, and other stakeholders to create a collaborative and comprehensive financial sector deepening framework in Somalia
  2. Promote collaboration and knowledge sharing among stakeholders in the financial sector
  3. Facilitate dialogue and coordination among stakeholders to address common challenges and opportunities

Objective 5: To provide technical assistance and advisory services to the financial sector in Somalia

  1. Provide technical assistance and advisory services to financial institutions to increase their capacity to provide affordable and client-responsive financial products and services
  2. Provide advisory services to the government and other stakeholders to improve the legal and regulatory framework for the financial sector
  3. Develop and implement training programs for financial sector professionals to improve their skills and knowledge

STRATEGIC PLAN

Goal 1: To build a financially included nation through affordable, accessible, client-responsive, demand-driven financial products and services

  1. Develop and implement initiatives and projects that promote financial inclusion and access to financial services for all Somalis
  2. Prioritize the inclusion of traditionally underserved populations such as women, youth, rural communities, and people with special needs in all FSD Somalia interventions
  3. Work with financial institutions to develop and provide affordable and client-responsive financial products and services that meet the needs of different segments of the population
  4. Promote the use of technology and innovation to increase the efficiency and accessibility of financial products and services

Goal 2: To develop the financial and related sectors in Somalia by ensuring affordable client-responsive financial products and services in an enabling environment through an improved legal regulatory and institutional framework, better knowledge, and products available throughout the market

  1. Work with the government and other stakeholders to improve the legal and regulatory framework for the financial sector
  2. Conduct research and analysis on the financial sector in Somalia, including market trends, consumer behavior, and regulatory and policy developments, and disseminate research reports and studies to inform policy and product development
  3. Provide technical assistance and advisory services to financial institutions to increase their capacity to provide affordable and client-responsive financial products and services
  4. Develop and implement training programs for financial sector professionals to improve their skills and knowledge

Goal 3: To enhance collaboration and partnerships within the financial sector in Somalia

  1. Forge collaborations and partnerships with financial institutions, government agencies, civil society organizations, and other stakeholders to create a collaborative and comprehensive financial sector deepening framework in Somalia
  2. Promote collaboration and knowledge sharing among stakeholders in the financial sector
  3. Facilitate dialogue and coordination among stakeholders to address common challenges and opportunities

Goal 4: To promote financial literacy and education in Somalia

  1. Conduct financial education and literacy programs for the population, especially those who are traditionally underserved, to improve their understanding of financial products and services
  2. Develop and disseminate financial literacy materials and resources to support financial education
  3. Work with financial institutions to develop and provide financial products and services that meet the needs of different segments of the population, and to promote financial literacy among their clients
  4. Collaborate with other organizations and stakeholders to promote financial literacy and education in Somalia

Goal 5: To promote innovation and technology in the financial sector in Somalia

  1. Promote the use of technology and innovation to increase efficiency, reduce costs, and improve the accessibility of financial products and services
  2. Support the development of innovative and affordable financial products and services that leverage technology, such as mobile banking and digital payments
  3. Facilitate knowledge sharing and learning among stakeholders to promote innovation and technology in the financial sector

Goal 6: To ensure accountability and transparency in all FSD Somalia operations

  1. Establish a system of internal checks and balances to ensure a high level of integrity within FSD Somalia’s structure, with the board of directors taking precedence
  2. Develop and implement policies and procedures to ensure accountability and transparency in all FSD Somalia operations, including financial management, governance, and reporting
  3. Promote transparency and accountability among stakeholders in the financial sector in Somalia

By implementing this work plan and strategic plan, FSD Somalia can work towards achieving its vision of building a financially included nation through affordable, accessible, client-responsive, demand-driven financial products and services while fulfilling its mission of developing the financial and related sectors in Somalia by ensuring affordable client-responsive financial products and services in an enabling environment through an improved legal regulatory and institutional framework, better knowledge, and products available throughout the market.