News & Press

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Barclays says no to remittance ‘lifeline’

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 clock is ticking for Somalis’ remittance lifeline

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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Somali remittances: It’s about justice, not charity

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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SOMSA Press Release 30/09/2013

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…

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SOMSA’s Response to Barclay’s Recent Statement

In light of recent statements issued by Barclays, SOMSA would like to address a number of inaccuracies in the public statements they have made. We note Barclays’s statement that 12 of SOMSA’s 16 members banked with banks other than Barclays, and that of the 4 that…

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The Barclays UK decision on the Somali MSBs accounts: @Barclays to reconsider its decision

We are writing to request that the UK Government works with British banks to find a durable solution to the recent decision of Barclays to close its accounts with Somali Money Service Businesses (MSBs). Some have already…

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US money laundering laws and banking decisions hurting Somalia families

Adeso invites you to a briefing marking the launch of a new joint research report with Inter American Dialogue and Oxfam America, keeping the Lifeline Open: Remittances and Markets in Somalia. The briefing will take place on September 6th, 2013 at Safari Restaurant 3010 4th…

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Keeping the lifeline open

Briefing Note on strengthening and maintaining remittance transfers to Somalia , August 2013 Every year, Somali migrants around the world send approximately$1.3 billion to friends and families at home, dwarfinghumanitarian aid to Somalia.1 Of these remittances, over £100million comes from the United Kingdom.2 Individual…

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Let them remit

Western worries about money-laundering are threatening an economic lifeline for millions of Africans FOR Mohamed Abdulle, sending money to his family in Somalia means a trip to a high street in Stratford, East London, home to a large…

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New Oxfam report on remittances to Somalia: keeping the lifeline open

Oxfam America has today published a report entitled Keeping the Lifeline Open: Remittances and Markets in Somalia. The report focuses on remittance flows from the United States, but has important points to make about money transfers to Somalia from the United Kingdom. Key findings: The global Somali…

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Barclays to cut Somalia’s remittance ‘lifeline’

By withdrawing banking services from more than 250 money-transfer companies, Britain’s Barclays Bank risks severing an essential lifeline for millions of people in Somalia who depend on remittances from relatives in the UK, warn humanitarians, rights activists and academics.

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Somalia money business warns ‘money will go underground’

The chief executive of Somalia’s largest money transfer company warned Tuesday that funds wired into the country could “go underground” if Somalis aren’t able to send money to family members through banks.

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Barclays halts banking activities in Somalia

One of UK’s biggest banks, Barclays, late on Tuesday said it had ended banking activities with Dahabshiil, an authorised Somali payment institution and other money service businesses.

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Somali leader reminds Barclays Bank remittances are a lifeline

H.E. Hassan Sheikh Mohamud, President of the Federal Republic of Somalia, has called on Barclays Bank to suspend its decision to shut down the accounts of crucial Somali cash transfer firms.