remittance

remittance

somalia remittances

Cutting off the Somali Lifeline, a heated debate in Somaliland

In January 2015, Merchants Bank of California, which handles an estimated 60 to 80 percent of the remittances sent to Somali territories from the United States, announced the closure of its business with Somali-American money transfer operators (MTOs).

Keeping the Lifeline Open

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

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