Finding finance in the archipelago when you have no salary
In the Comoros, without a job or a domiciled salary, a bank loan is almost out of reach. Realistic options involve saving with a Meck or Sanduk, solidarity groups, youth support programmes and help from family or the diaspora.
Why Comorian banks say no
Comorian bank lending relies on the domiciliation of a salary or of regular takings. Without documented income, neither AFG Bank Comores, Exim Bank Comores nor BFC can deduct an instalment, which leads to an almost automatic refusal.
Underemployment in the archipelago
A large share of working Comorians are in farming, fishing or informal trade, with no contract or payslip. Having no formal job therefore does not always mean having no income, but it makes that income hard to prove.
No unemployment benefit to borrow against
The Comoros has no unemployment insurance scheme paying a regular allowance to job seekers without work. No replacement income can therefore serve as a basis for credit, unlike in some European countries.
Start by saving with a mutual lender
Joining a Meck or a Sanduk and regularly depositing small sums builds a track record. After the required period, a modest first loan becomes possible, especially if it finances an activity that generates income.
Joint guarantee groups
Several people without a salary can come together and guarantee one another at a branch. This mutual guarantee takes the place of salary domiciliation and can finance a small shop, a market stall or livestock.
Programmes for rural young people
The FORCE-Jeunes project, backed by IFAD, targets 6,000 people aged 15 to 35 from vulnerable rural households on the three islands. Training and funding for business plans are delivered through decentralised financial partners.
Getting into farming or fishing
Many unemployed young people turn to market gardening, livestock or fishing. Financing suited to these activities is described in our guide to agricultural finance in the Comoros, along with the collateral that branches accept.
Support from the village and relatives abroad
Support from relatives remains the main safety net for people without work in the archipelago. How to formalise this support, including an acknowledgement of debt, is set out in our page on loans between Comorian relatives.
Young graduates looking for work
Graduates of the University of the Comoros often struggle to find a first job. Those considering further training can read our guide to paying for studies in the Comoros before committing to any expense.
A salaried guarantor as a solution
A parent who is a civil servant or employee can act as guarantor or borrow in their own name. They then commit to repaying if the borrower defaults, which should be discussed openly to avoid family disputes later on.
Scams aimed at the archipelago's unemployed
Jobless people are the first targets of fake lenders on Facebook and WhatsApp, who promise credit with no paperwork in exchange for fees paid by Huri Money or MVola. These advance payments are never returned.
Checking that a Comorian lender is licensed
Before any commitment, it is essential to check that the organisation appears among the institutions licensed by the Central Bank of the Comoros. Authorised banks, mutual lenders and intermediaries are few and easy to identify in Moroni, Mutsamudu and Fomboni.
Building access to credit without a job in the Comoros
- Open a savings account with a Meck or Sanduk, even with small deposits.
- Define a realistic income-generating activity, costed in Comorian francs.
- Join or form a solidarity group of people who know each other and will guarantee one another.
- Find out about support programmes for rural young people such as FORCE-Jeunes.
- Apply for a modest first loan and repay it on time to build a track record.
Financing options without a salary and their constraints
| Option | Accessibility | Main constraint |
|---|---|---|
| Bank loan | Very low without income | Salary domiciliation required |
| Meck or Sanduk loan | Possible after saving | Prior savings period |
| Solidarity group | Open to non-salaried people | Collective liability |
| Rural youth programme | Depends on project criteria | Age, area, farming project |
| Family help | Common | Dependence, possible tension |
Useful paperwork when you have no salaried job
- National identity card
- Branch savings book
- Costed description of the planned activity
- Commitment from the solidarity group members
- Guarantee undertaking from a salaried relative
Mistakes to avoid without a regular income in the Comoros
- Sending fees by mobile money to a stranger who promises a loan without proof of income, a widespread scam on social media.
- Borrowing for everyday spending with no activity able to generate the income needed for repayment.
- Asking a parent to act as guarantor without explaining the real risk of having to pay in your place.
- Applying at several branches at the same time, which makes you look financially fragile to lenders.
Borrowing without a job in the Union of the Comoros
Can you get a bank loan without a job in the Comoros?
It is very unlikely, because banks require regular, domiciled income. An exception may be possible with a solid salaried guarantor or blocked savings covering the loan, but a mutual lender remains the most realistic route to a first loan.
Do Meck branches lend to people without a salary?
Yes, provided you are a member, have saved and can show an activity or a guarantor. Branches finance traders, farmers and craftspeople without payslips, generally for small amounts and short terms.
Who can benefit from the FORCE-Jeunes project?
The project targets people aged 15 to 35 from vulnerable rural households in Grande Comore, Anjouan and Mohéli, aiming for half of them to be women. Precise criteria and how to register should be obtained from the project management unit.
Can a member of the diaspora act as guarantor?
A guarantee from abroad is harder for a Comorian lender to enforce. Some branches prefer the relative to pay blocked savings into the borrower's account, which is simpler to draw on if repayments are missed.