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MyBank Lets Somali Women Borrow Against Their Gold Jewelry

Milena Thomas
Published Sep 10, 2026
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Summary:
  • Somali women can now tap roughly $3 billion in credit at MyBank, the country's sixth-biggest lender, by pledging their gold jewelry.
  • "Approximately one million Somali women may collectively own an estimated 20 tons of gold jewelry, potentially valued at nearly $3 billion - much of it economically inactive," MyBank said in a statement.
  • For verified 21-24 karat pieces, funding can cover up to 100% of current market value, with terms up to four years at 10% and the jewelry returned after full repayment.

What the program does

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.

How the loans work

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.

Turning personal assets into financial tools can help preserve and grow family wealth. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.

The sector backdrop and what it means for your portfolio

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.

Access to fair credit and clear guidance keeps your savings resilient over time. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.

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