Agriculture – a promising market for the diaspora
Over the last decade, remittance flows from diaspora communities to their countries of origin have been steadily increasing. With government
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Somalia
Remittances from Europe drop as Brexit jitters hit
Money sent by Kenyans living in Europe reduced by 6.3 per cent last month as the decision by Britain to
Read moreWorld Bank makes progress to support remittance flows to Somalia
The World Bank and the Federal Government of Somalia are working together to help support the flow of remittances to
Read moreWorld Bank takes action in remittance flows to Somalia
The World Bank yesterday announced that it would support the flow of remittances to Somalia to ensure they continue to reach people who depend upon them as a critical source of income.
Read moreNew assessment confirms major drop in remittances to Somalia
In recent years, Somali money transfer operators (MTOs), which represent the only legitimate mechanism through which the Somali diaspora can send money to their loved ones in Somalia, have struggled to maintain bank accounts. Remittances play a vital role in supporting vulnerable Somali families, with 41 percent of urban-dwelling Somalis receiving remittances. They spend the vast majority of the cash to meet basic needs like food, shelter, health care, and education.
Read moreThe man changing the world of remittances
In the years following the attacks of 11 September 2001, it is not surprising that Western security forces and authorities clamped down hard on the money transfer industry. Fearful that some remittances being sent to countries in eastern Africa, the Middle East and South Asia could be being used to fund terrorist activities, a number of smaller money transfer companies were shut down.
Read morePrice comparison websites
World Bank remittance price database Provides data on the cost of sending and receiving small amounts of money from one
Read moreSomalia turns to Diaspora for investment
The Somali government has said it intends to tap into its Diaspora to invest in the war-ravaged country.
Speaking to the Somali Diaspora community in Kampala yesterday, Mr Abulkadir Kamtir, the director in the Office of Diaspora Affairs, said their investments will be protected.
Somaliland: UK Int. Dev. Minister discusses development and remittances…
Somalis from all over the UK met the Secretary of State for International Development to express their need to re-enable remittance payments into their home country. Secretary of State for International Development Justine Greening met members of the UK’s Somali community to discuss Britain’s aid and development programmes.
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