By Zakariye Hassan - Reporter
Somalia, 20 September 2025 – Twenty-five students from SIMAD University and SIMAD iLab were on Saturday awarded funding ranging from $5,000 to $15,000 for their innovative projects capable of contributing to Somalia’s economic growth.
In total, the money donated amounted to $300,000, making it one of the largest youth enterprise support initiatives in Somalia this year.
The LEAP Microfinance Program was launched in January through a partnership between SIMAD iLab, Premier Bank, and Direct Aid.
The program aims to support Somali youth with innovative business ideas by providing financing opportunities and technical guidance to help them realize their entrepreneurial ambitions.
Over the past nine months, SIMAD iLab reviewed 100 applications before selecting the 25 most promising projects for funding.
Head of SIMAD iLab, Bahja Ali Shuria, said the program provides youth with a chance to transform ideas into real businesses.
“It is a success for SIMAD University, Premier Bank, and Direct Aid to support Somali enterprises in order to strengthen the country’s economy,” she said.
Premier Bank managed the loans issued to the winning students, while Direct Aid provided the financial resources.
Ahmed Nur of Premier Bank, stressed the importance of accountability in managing the support.
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“When the need arose to manage this process, after the students had submitted their ideas, it was not just about giving out the money.”
“The students were evaluated, the funding was delivered, and strong follow-up and accountability will continue, Mr Nur said.
The winning students said the funding would allow them to implement long-held business plans.
Maysar Ali Nur, one of the winners, could not hide her joy.
“This is an opportunity to secure our future while also serving the community. I hope this business will create jobs for other young people,” she said.
Another winner, Abdifitah Mohamed Abdi, added:
“I believe there are many opportunities in this country. Somalia is still young; everyone has potential. Start something, try it, and then keep moving forward.”
The LEAP Microfinance Program is planned to run for four years, with new students set to be supported annually.
Organizers said the initiative is part of broader efforts to strengthen small and medium-sized enterprises (SMEs), which are considered the backbone of Somalia’s economy.
