MyBank is turning a common household store of value into spendable cash by accepting women's gold jewelry as collateral. Only about one in ten women in Somalia can access formal finance, mostly because they lack collateral or guarantors. Since many receive gold at marriage or buy it as a safety net, this move aims to put an estimated $3 billion of idle wealth to work right now.
Qualifying items tested at 21 to 24 karats can be financed up to 100% of their market value. Borrowers can take up to four years to repay at a 10% rate, and they get their jewelry back once they clear the balance. The money can be used for businesses, education, health costs, or everyday needs.
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Somalia's banking sector comprises 15 licensed commercial lenders, and projections indicate their total assets will amount to $2.3 billion by end-2025, with $540 million making up the industry's loan book. In that context, turning widely held gold jewelry into collateral could channel meaningful capital into daily life and small businesses. If you hold wealth tied up in non-cash assets, this is a real-world example of creating liquidity without selling.
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