Himilo Microfinance
Himilo Microfinance Institution is a Somalia-licensed, Sharia-compliant microfinance provider founded in 2021 that extends no-collateral credit and savings products to unbanked women, youth, and small businesses across 7 branches and mobile money channels.
- Company typePrivate
- Founded2021
- HeadquartersGarowe, Somalia
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Himilo Microfinance does
Himilo Microfinance Institution (Himilo MFI) is a Somalia-licensed, Sharia-compliant microfinance provider founded in 2021 and headquartered in Garowe, Puntland. The company extends no-collateral microcredit to women, youth, and small business owners across seven full-service branches (Garowe, Bosaso, Galkayo, Lasanod, Mogadishu, Baidoa, Kismayo) and six service agencies, supplemented by Somalia's first fully-mobile MFI integration via SAHAL, EVC, and E-DAHAB mobile money platforms. Its product set comprises seven loan verticals (SME, asset, livestock, fisheries, agribusiness, renewable energy, and SHG/VSLA group loans) plus three targeted savings products (Saharla, Kob'iye Youth, Shuruq Business Saver), underwritten in accordance with Islamic finance principles.
Operations run on a cloud-based core banking system delivered by Kenyan vendor Softeye Solutions Ltd, which manages clients, investments, payroll, and accounting across branches via a web application. The institution supplements credit with non-financial services such as financial literacy training, group formation, and market linkage. Revenue is generated primarily through profit rates on micro-loan disbursements (the Islamic-finance equivalent of interest) and intermediation on deposits mobilized through the savings products; pricing is not publicly disclosed and is set per application with flexible, no-collateral terms.
Himilo's go-to-market blends a branch-and-loan-officer direct sales motion with community engagement and partner referral pipelines from international development organizations including WFP, NRC, FAO, SDC, GIZ, UNDP, KfW, and the African Development Bank. The company has reached 14,250+ loan customers, 5,850 households, and 10,500 women across Somalia, and has established a diaspora outreach presence in Minneapolis, Minnesota. Leadership comprises CEO Muse Hassan (also a former Puntland Member of Parliament and Amal Bank marketing executive) and co-founder/board member Yasin Mohamud, alongside specialists in credit, operations, Sharia compliance, and finance. Ownership is private with no disclosed institutional investors or parent entity, and regulatory standing is anchored by Central Bank of Somalia licensing under Microfinance Act law no. 130.
Himilo Microfinance firmographics
Firmographics- Name
- Himilo Microfinance
- Legal name
- Himilo Microfinance Institution
- Website
- https://himilomfi.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Himilo Microfinance Institution is a Somalia-licensed, Sharia-compliant microfinance provider founded in 2021 that extends no-collateral credit and savings products to unbanked women, youth, and small businesses across 7 branches and mobile money channels.
- Ownership category
- akta.pro rank
Himilo Microfinance industry classification
Industry- Product category
- Microfinance Services
- NAICS
- Nondepository Credit Intermediation (5222), Other Nondepository Credit Intermediation (52229), Commercial Banking (522110)
- SIC
- Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)
- akta.pro primary industry
- Microloans & Working Capital Loans (FSAKAGAA)
- akta.pro secondary industries
- Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Microfinance, Financial Inclusion & Inclusive Markets (BPAGABAM), Agricultural & Rural Microfinance (FSAKAGAG)
Keywords
Where Himilo Microfinance is headquartered
LocationHeadquarters
- HQ city
- Garowe
- HQ country
- Somalia
Offices14 records
Markets served
Himilo Microfinance business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Micro-loan financing: Sharia-compliant financing products including SME loans, asset financing, livestock financing, fisheries financing, agribusiness financing, and group loans. Revenue generated through profit rates (Islamic finance equivalent of interest) on loan disbursements.
- Savings products: Micro-savings accounts (Saharla, Kob'iye Youth, Shuruq Business Saver) that generate revenue through intermediation - using deposits to fund lending activities.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | SME Financing - No collateral required with quick processing and flexible repayment |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Himilo Microfinance product offering
Product offeringCore offering
Himilo Microfinance Institution provides Sharia-compliant microfinance products including collateral-free loans (SME, asset, livestock, fisheries, agribusiness, renewable energy, and group loans) and targeted savings accounts (Saharla, Kob'iye Youth, Shuruq Business Saver) to economically disadvantaged women, youth, and small business owners across Somalia. Operations are distributed through 7 full-service branches and multiple service agencies, with mobile banking access via SAHAL, EVC, and E-DAHAB.
Product overview
Himilo Microfinance offers a suite of Sharia-compliant financial products consisting of seven loan products and three savings products. The loan portfolio includes SME Financing for working capital and business expansion, Asset Financing for vehicles and equipment, Livestock Financing for pastoralists and traders, Fisheries Financing for coastal communities, Agribusiness Financing for farmers, Renewable Energy Financing for solar systems, and SHG/VSLA Group Business Loans for collective enterprises. The savings suite comprises Saharla Savings for women, Kob'iye Youth Savings for young people, and Shuruq Business Saver for entrepreneurs. All products require no collateral and are accessible via mobile platforms. Non-Financial Services complement the loan products with financial literacy training, business mentoring, and market linkage support.
Differentiator
Problem solved
Functional benefit
Brands
- Saharla Savings: A specialized savings account for women, supporting their journey toward financial independence and personal milestones.
- Kob'iye Youth Savings
- Shuruq Business Saver
Products and services
- SME Financing
Quantifiable outcome
- 14,250+ loan customers served across Somalia
- +5 more outcomes
Companies that use Himilo Microfinance
Customer profileNamed customers12 records
Segments6 records
Ideal customer profiles3 records
Himilo Microfinance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Himilo Microfinance partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered core, major, minor and supporting.
- Food and Agriculture Organization (FAO)corePartner in TEReFiC project for disbursing financial support to fishing cooperatives in Bandar-Bayla district. Joint initiative to strengthen resilience of vulnerable fishing communities.
- Salaam Development Center (SDC)coreMOU signed for Credit Guarantee Facility for Agricultural Loans program under Multilateral Fund Project. SDC oversees beneficiary selection, cooperative organization, and progress monitoring. Himilo handles loan disbursement and business training. Program targets vulnerable female farmers in Nugaal region.
- World Food Programme (WFP)coreCollaboration on TEReFiC (Towards Empowered and Resilient Fishing Community) Project providing financial literacy, entrepreneurship, and marketing skills training to fishing cooperatives in Puntland.
- Norwegian Refugee Council (NRC)corePartner in TEReFiC Project for fishing communities. Provides support for vulnerable fishing communities in Puntland alongside Himilo MFI and WFP.
- Puntland Ministry of Fisheries and Marine Resources (MoFMR)coreGovernment partner in TEReFiC Project for fishing cooperatives. Provides institutional support and regulatory framework for fishing community development programs.
- Ganacsikaab Business Development CentrecoreStrategic partnership to empower SMEs in Somalia. Ganacsikaab provides capacity-building support, business development services, and company structuring. Himilo provides micro-lending and micro-saving services to beneficiaries.
- GIZ (SEIPP Project)majorHosted GIZ delegation for collaborative discussions on potential areas of partnership. SEIPP project team engaged in knowledge sharing and exploring collaboration for community empowerment.
- Minnesota Global Health Alliance (GHA)minorCommunity-based NGO committed to addressing global health disparities. Met with Himilo to explore collaboration on sustainable development in Somalia.
- Softeye Solutions LtdcoreKenyan software company contracted to provide and implement core banking system running Himilo's digital operations across all branches. System manages clients, investments, payroll, and accounting via cloud-based web application.
- KaalosupportingPartner organization collaborating with Himilo on financial inclusion initiatives in Somalia.
- MOEMWsupportingPartner organization in initiatives advancing financial inclusion in Somalia.
- IGAD (Intergovernmental Authority on Development)supportingRegional intergovernmental organization partnering on development initiatives in the Horn of Africa.
- SOMMA (Somalia Microfinance Association)coreHimilo is a member of Somalia Microfinance Association, the industry body for microfinance institutions in Somalia.
- Central Bank of SomaliacoreLicensing and regulatory authority for Himilo MFI. Licensed the institution under provisions of act law no. 130 of 22 April 2012.
- UNDPsupportingUnited Nations Development Programme - international development organization collaborating on financial inclusion projects.
- Save the ChildrensupportingInternational NGO partnering on development and child-focused economic empowerment initiatives.
- GargaarasupportingLocal partner organization in Somalia's financial inclusion ecosystem.
- SDRBsupportingPartner organization in Somalia's development and financial inclusion initiatives.
Scale indicators10 records
Recent moves7 records
Expansion highlights5 records
Himilo Microfinance competitors and assessment
Company assessmentOthers
- Kiva: Crowdfunding microfinance platform channeling individual lender capital to underserved borrowers globally, including East Africa. Comparable as a microfinance ecosystem participant in financial inclusion, though operating a different distribution and funding model than Himilo.
Direct peers
- Opportunity International: Global microfinance and banking network operating in Africa, including programs targeting smallholder farmers and women entrepreneurs. Comparable to Himilo in serving rural, unbanked customers with microloans and financial literacy training.
- FINCA International: Global microfinance network operating across Africa with village banking and SME lending for underserved populations. Directly comparable to Himilo's community-based, collateral-free lending model targeting women and rural entrepreneurs.
- BRAC Microfinance: One of the world's largest microfinance providers, operating in multiple fragile and emerging markets including parts of East Africa. Comparable to Himilo in serving poor, unbanked borrowers — many of them women — through small loans, group methodology, and non-financial services.
- ASA International: Amsterdam-listed microfinance institution operating small-ticket loans across South and Southeast Asia and East Africa. Highly comparable to Himilo in microfinance focus on underserved women and small entrepreneurs using a branch-led, group-lending methodology.
- VisionFund International: World Vision's microfinance arm operating in multiple developing markets with group lending and child-focused community programs. Comparable business model to Himilo's MFI-plus-non-financial-services approach in low-income, rural segments.
Emerging players
- Kashf Foundation: Pakistan-based Islamic microfinance institution serving low-income women entrepreneurs with Sharia-compliant loans and non-financial services. Closely comparable to Himilo in Sharia-compliant microfinance targeting women in underserved markets.
Regional players
- Amal Bank: Somalia-based Sharia-compliant bank where Himilo's CEO previously worked. Operates Islamic banking products to individuals and SMEs in Somalia, overlapping with Himilo's customer base and product philosophy but operating at a broader commercial-banking scale.
- Premier Bank Somalia: Domestic Somali commercial bank offering retail and SME banking services in the same operating geography as Himilo. Comparable as a local financial-services provider serving unbanked Somalis, though broader and not microfinance-focused.
- Al-Amal Microfinance: Yemen-based Islamic microfinance provider serving conflict-affected, low-income populations. Comparable to Himilo in operating Sharia-compliant microfinance in a fragile-state Middle East/Horn of Africa context with similar customer profiles.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Himilo Microfinance social profiles
Digital presenceHimilo Microfinance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Himilo Microfinance leadership team
Management profileNumber of profiles
Profiles6 records
Himilo Microfinance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Himilo Microfinance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Himilo Microfinance
What does Himilo Microfinance do?
Himilo Microfinance Institution provides Sharia-compliant microfinance products including collateral-free loans (SME, asset, livestock, fisheries, agribusiness, renewable energy, and group loans) and targeted savings accounts (Saharla, Kob'iye Youth, Shuruq Business Saver) to economically disadvantaged women, youth, and small business owners across Somalia. Operations are distributed through 7 full-service branches and multiple service agencies, with mobile banking access via SAHAL, EVC, and E-DAHAB.
Is Himilo Microfinance a public or private company?
Himilo Microfinance is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Himilo Microfinance founded?
Himilo Microfinance was founded in 2021. It employs 1 to 10 people.
Where is Himilo Microfinance based?
Himilo Microfinance is headquartered in Garowe, Somalia.
How does Himilo Microfinance make money?
Two revenue lines are on record. Micro-loan financing is the primary driver. The others are savings products.
Who are Himilo Microfinance's main competitors?
Kiva is listed as an others. Direct peers are Opportunity International, FINCA International, BRAC Microfinance, ASA International and VisionFund International. Kashf Foundation is listed as an emerging player. Regional players are Amal Bank, Premier Bank Somalia and Al-Amal Microfinance.
Does Himilo Microfinance have an API?
No public API is recorded for Himilo Microfinance.
What industry is Himilo Microfinance in?
Himilo Microfinance's product category is Microfinance Services. Its primary akta.pro industry code is FSAKAGAA, Microloans & Working Capital Loans, with a secondary code of FSABAGAH, Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam). Its NAICS code is 5222 and its SIC code is 6153.