Members

The majority of UK-based Somali money transmitters have entered into a Memorandum of Understanding and are in the process of confirming the final governance rules for membership. To retain membership, companies must undertake an annual compliance audit. Other companies that both facilitate financial flows to Somalia and can demonstrate that they are able to comply with the rules are welcome to join.

Our members:

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…

somali-woman

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…

Barclays Bank Logo

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…