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.
Continued support from the Somali diaspora is essential for Somalia to successfully emerge from its protracted humanitarian emergency and build the foundations for its long-term development.
Our Acting Country Director in Somalia, Ed Pomfret, explains why Barclay's must keep open the 'Somalia lifeline' of remittances.
Every year, Somali migrants around the world send approximately $1.3 billion to friends and families at home, dwarfing humanitarian aid to Somalia.
Senait Gebregziabher, Oxfam’s Country Director for Somalia said: