WorldRemit founder Ismail Ahmed launches $500m Somaliland fund
WorldRemit’s founder, chairman, and former CEO for eight years, Ismail Ahmed, has launched a new foundation fund to drive entrepreneurial development in Somaliland.
The Sahamiye Foundation is based in London and Hargeisa, Somaliland’s capital.
WorldRemit’s founder, chairman, and former CEO, Ismail Ahmed
Ahmed has committed $500 million of his own wealth and investments over the next ten years to Somaliland-focused development programmes.
“In choosing to move away from traditional solutions offered by the aid sector, Somaliland has received very little development assistance,” the Sahamiye Foundation explains.
The group therefore wants to help the country move past “traditional models of donor funding and towards a more entrepreneurial, scale-up approach”.
Launched in 2010, WorldRemit’s first market was Somaliland. “Since then, the market has flourished,” says Ahmed.
A mobile money hub
The sovereign state, which sits in Africa’s northeast peninsula and houses some 4.5 million people, has “one of the best” mobile technology infrastructures in Africa, according to Ahmed.
He also cites Somaliland’s international remittance growth, which increased 15% in 2020 to $1.3 billion, according to central bank data.
As well as its multi-million-dollar commitment, Ahmed’s new fund is also seeking to double Somaliland’s literacy rate from 45% to 90% by 2023.
As part of this commitment, the Sahamiye Foundation pledges to help at least “one million adults and young people acquire literacy skills”.
A tenth of these recipients will develop technical and vocational skills for entrepreneurship.
Some of the funds will also go towards start-up accelerators. In the last year, Innovate Ventures has launched at least two accelerators offering up to $30,000 in equity investment to Somaliland start-ups.
Investments to date
The Sahamiye Foundation joins other entities which have invested in the country over the years.
Port operator DP World announced a $442 million investment into the country back in 2018. Then last year, GUUL Group announced a $100 million, five-year investment to the Somaliland Sun.
“As we have seen from recent inward investment to Somaliland, the potential multiplier effect is even more compelling,” says Ahmed.
The Sahamiye Foundation has already launched a number of initiatives. These include free app Daariz, which helps those with low literacy skills learn the Somali language.
‘Books for Change’, another of Ahmed’s ideas, commits to supplying one million low-priced books every year to the country. Whilst ‘Resources for Schools’ provides a suite of digital and print educational materials to schools and colleges.
The WorldRemit founder has also donated $1 million worth of personal protective equipment (PPE) and COVID-19 laboratory testing equipment to Somaliland.
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I need to attend and support as a intusiustically citizen Ideas about the Somaliland and wealth growth activities and Development
International Aid to Somaliland has been very limited, and personally, I believe it a blessing in disguise, for there’s always strings attached to every hand out. We can collectively change our people’s condition,and give them, the knowledge and tools to make their dreams come true inshAllah, and stop the delusion that, some benevolent people would come and change our condition.
Regards
A Ahmed.
Nice to hear that I think it rare to some one similar to you and with your bloody donor of your community and your nation
Is it an aid or investment programs managing by his own company? Sounds good. This will boost Somaliland local economy and will tackle poverty.
MAANSHA-ALLAH. ILAAHAY ha barakeeyo
I am very glad this action.and l would like
To be members the people success
Waa nidaam wanagsan waan soo dhawaynayaa hawshaasi aad iyo aadka ufcn
Ala habarakeeyo
Translation: It’s a good system and I welcome that very, very important task
God bless you
Beni Aadanka qiimihiisu waxa dheehdaa wax qabadkiisa.
Alla wuxuu quraankiisa ku yidhi “ waxad tidhaahdaa shaqeeya, waxa camalkiinna arki doona Ilaah iyo nabigiissa iyo muuminiinta ee”
Axmadow shaqee Allaa kaa abaal marinne.
Translation to English: The value of human beings depends on their performance.
Allah says in His Qur’an, “Say, ‘Work,’ and your deeds will be seen by Allah and His Prophet and the believers.”
Ahmad, work, may Allah reward you
Dr Ahmed, an old friend and a development oriented mentality, is a true Somalilander nationalist. I always welcome his entrepreneurial skills and initiatives and that is what made him successful. Go forward Ismail. You are a model for generations to come.
CONGRATULATION,MR AHMED..YOU ARE BILL GATE OF SOMALILAND OR SOMALI SPEAKING PEOPLE. I DO UNDERSTAND THAT AHMED HAS VAST KNOWLEDGE AND entrepreneurial development SKILLS ,WHERE THE REST LACK ALL OF THIS
THANK YOU
Maasha allah
Jaiza allah khair may allah bless your wealth more than you willing to give your motherland and your people. Incha allah soon will see you on Forbes magazine as first Somaliland business man.
Maybe this is why the fees to send money to Somaliland were so high. He was saving form this fund. Good job!
He’s really grateful for the investment made by the owner of the world remmit but there’re $ 500,000,000 more effective needs in the country for educational apps to be made. It is not clear who will manage the money and how it’ll be used for the benefit of the society these and other questions isn’t clear to the landlord.
This is not work for anyone else they are having my money and they don’t want to give me back my money that I tried to send to my family it’s being two months now I need my money back
Excellent job Allah Xamdullah
Good points regarding the international community and its lack of real engagement to support what Somalilanders have achieved. There is definitely needs and involvement on inclusive socio-economic development where the education to livelihood elements are strong can fit with other input here.
Already quality work underway regarding distance learning and active support to look at all corners of Somaliland are reached. Elements fitting the aspirations of young gifted Somaliland to the outreach also an important element.
How the Fund is managed? Some learning is available and can be used to ensure delivery of funds to make a real impact for all Somalilanders and not a few gatekeepers
Very insightful investment , people don’t know a lot about how the FBI change the market and economic performance of the the countries .
Waxaa is waydiin mudan dawladu ma waydiin doontaa qof local ah in uu share layeesho maal gashigaa (It is questionable whether the government will ask a local person to share the investment), I can’t wait to see next episode of house of cards
I solute Dr Ahmed’s noble initiative, the Sahamiye foundation. Your good intentions and philanthropic mission will go a long way to help our poor brothers and sisters back home. I hope that the others who are in a privileged position to help our small nation will follow suit your unselfish example.
I don’t why why Somalilanders keep repeating such inaccurate statements like “Somaliland has received very little development assistance,” That such a statement is coming from the mouth of WorldRemit’s founder, chairman, and former CEO Ismail Ahmed is very disappointing. Check or look at the online pdf documents of the Ministry of Finance of Somaliland and you will see that for the last 10 years over 85% of Somaliland budget is covered by aid donors.. the tax collected locally can only cover 15% of the national budget.. whenever there is a drought in the country, it the international NGOs like Care International, Save the Children etc., who run to the rescue of the local population, and NOT the government or the local Somali billionaires like. At present there has been a drought running in the east of the country and it NGOs like Care International that is assisting each drought affected family with a stipend of at least $56.. Much of Somaliland’s food chain is subsidized by WFP, that’s why food is still affordable for the very poor families!
I hope the rest of rich somalilanders will follow his example, at same time, I as a diaspora is willing to be charged development funds whenever I am sending money to somaliland. God bless you mr. Ahmed.
It is just another propaganda and big lie.
Ma sha Allah Tabarakaala,very good engagement, to support back home.Excellent job
Very good movement to increase the challenge of business
Hello, so proud of Ismail Ahmed’s achievement and the Sahamiye Foundation. I currently run a local NGO in Somaliland called Candle of Hope Foundation which is a women led organization. We work with the youth and women in terms of empowering them into livelihood programs, TVET educational skills. We would like to submit a proposal to the foundation and collaborate with the Sahamiye Foundation. Thank you. Nimo
Hore usoco adeer maalgalinbaan kaaga bahanahay
It is really amusing & encouraging move. Be brave, be exemplary & be fair then allah will protect you from every harm & devil. I appreciate your hardworking. Allah bless you and somaliland.
Congratulations Abti Ahmed for your success. You are our role model. My name Fatuma Omar and I have Graduated From Garissa University Diploma IT. I’m fascinated with what you are doing and I’d love to work on something like that.would be honored to have the opportunity to begin my career in your company
Good deed, indeed.
The most important is the management; who and how!
God bless you.