Somali Micro Finance, which is known for its mobile finance service called Hello Cash, transforms into a bank named Shabelle. The bank is formed with a capital of more than Birr 500 million.

Somali Micro Finance was established in 2011. It is the third micro finance institution in Ethiopia to evolve into a bank following Oromia Credit and Saving Institution and Amhara Credit and Saving Institution. Shabelle Bank conducts all its operations under the principles of Islamic Banking.

Source: Fana BC

Additional source: Shebelle Bank