Arab Today, arab today somalis urge barclays not to close accounts
Last Updated : GMT 12:42:06
Arab Today, arab today
Arab Today, arab today

Somalis urge Barclays not to close accounts

Arab Today, arab today

Arab Today, arab today Somalis urge Barclays not to close accounts

Nairobi - AFP

Somalia\'s money transfer businesses appealed on Monday for the last major British bank they work with not to close its accounts, warning this would cut lifeline services for the war-torn nation. With their country ravaged by decades of conflict and without a formal banking system, many diaspora Somalis depend on money transfer services to send millions of dollars annually to support family in the impoverished country. The Somali Money Services Association (SOMSA), an umbrella group of transfer services, has said that Barclays bank is to close the accounts of its members next month. International banks have been tightening rules in a bid to cut money laundering and funding of groups accused of terrorism. However, SOMSA said closures would \"have dire consequences in Somalia, where no alternatives to the money service businesses exist\", warning it could push transfer \"underground into the hands of unlicensed, unregulated and illegal\" providers.Barclays is the last major British bank providing such services, SOMSA said, noting that aid agencies also use the service to send cash to support some of the world\'s poorest people. \"The key issue is the damage to flows of cash to the vulnerable Somali people, who depend on remittances for their livelihood; and the likely threat of this action to economic and political stability in fragile parts of the Somali region,\" SOMSA added. Somalis send money back home via the transfer shops known as hawala, which can accept deposits abroad and immediately credit recipients in Somalia. However, the hawala system need larger banks to help balance the books with larger transfers. Of SOMSA\'s 17 members, 12 have already had their accounts closed, with the remaining five facing \"imminent\" shutdown. Dahabshiil, the largest of all the transfer services, will have its Barclays account shut on July 10.Over a hundred Somali and international academics and researchers have signed a letter criticising the closures. \"What is at stake is a lifeline that provides essential support to an estimated 40 percent of the population of Somalia,\" the letter read, noting that the services are key for some 1.5 million Somalis abroad to send cash to family still in the country. \"We understand that in recent years there has been a concern about funds going to support individuals and groups who have been designated as terrorists,\" the academics\' letter read, organised by Laura Hammond of London\'s School of Oriental and African Studies. \"We think that the best way to work to avoid this is to promote responsible, transparent, and accountable systems... rather than by closing down the channels by which funds are sent.\" Similar bank cuts in the US state of Minnesota in 2011 left the large Somali community there struggling to send money to support their families, but new deals were worked out to resume transfers earlier this year.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today somalis urge barclays not to close accounts Arab Today, arab today somalis urge barclays not to close accounts

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday