About Us

The Somali Money Services Association (SOMSA) is a professional trade association representing the Somali Money Services Businesses (MSBs) serving communities and corporate clients throughout the UK.

Remittance funds from communities are sent to their family members in Somalia and in neighbouring countries, including some of the remotest places in the world.  Corporate clients include the BBC, CARE International, Oxfam GB, Save the Children, and the United Nations.  The financial flows from these remittances and aid agencies provide a lifeline to the Somali people.  In addition, SOMSA members facilitate the primary channel of investment into Somalia, contributing to vital economic growth of the country and the Horn of Africa region.

SOMSA’s activities on behalf of its members include

  • Central focal point for liaising with regulators, banks, and other associations

  • Promotion of the highest level of compliance, ethical, and legal standards to ensure financial inclusion

  • Sponsor of outreach and education programmes to ensure that the Somali MSB sector is understood by external stakeholders, and our agents are trained

  • Recognition of members for outstanding community outreach and involvement in Britain and Somalia

News & Press

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Financial remittance provides millions of people around the world, particularly in the Global South, with a lifeline. However, Barclays Bank’s sudden decision to close genuine accounts held by money transfer businesses has jeopardized this. The impact will…

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The decision by Barclays Bank to close accounts held by genuine businesses which run a Somali Money Transfer scheme will have a huge impact on the most vulnerable. The finance sector has collapsed in Somalia and…

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To have a family member in need is distressing enough. When they are thousands of miles away it’s even worse. When a company removes the vital economic lifeline with which you can help them, it is a…

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Today is the deadline for Barclays to close the bank accounts of the remaining four large Somali money transfer businesses. Despite suggestions to the contrary, none of our SOMSA members have been able to secure equivalent alternative banking arrangements ahead of the deadline today. Unless…