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