Diaspora

On April 7th, 2015 the Central Bank of Kenya (CBK) revoked the licenses of 13 Money Remittance Providers (MRPs) based in Nairobi, in an effort to curb the financing of terrorism. 

Somalia’s financial lifeline remains under threat as banks in US, UK, Australia, and elsewhere have broken ties with the money transfer operators that make remittances possible, NGOs warn.

Every year, the Somali diaspora sends home approximately $1.3bn. But this system of remittances to Somalia is under threat, particularly in the US and the UK.

Britain’s Indian community lose an estimated £35m in banking fees when they send money home at Diwali, Oxfam warned today. 

Every year, Somali migrants around the world send approximately $1.3 billion to friends and families at home, dwarfing humanitarian aid to Somalia.

Each year, Somali migrants around the world send approximately $1.3bn to Somalia in an expression of solidarity, faith, patriotism, and generosity.

Aid groups urge the U.S. government, the bank and hawala merchants to work together to find a cooperative solution that will not disrupt or delay the transfer of assistance from the Diaspora to Somalia.