Africa: Somali Remittances – 10 Things You Need to Know

In May 2013, Barclays announced that it would close the accounts of all but 19 of its 165 clients in the remittance transfer business. As HSBC and other UK banks had already substantially withdrawn from the sector, the effect of Barclays’ decision was magnified. With very few exceptions, remittance transfer companies have found it impossible to secure banking facilities elsewhere – a prerequisite for the continued operation and regulatory compliance of larger ones.

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