Somalia's lifeline under threat
I started this blog post in 2013, following a decision by Barclays Bank in the UK to close the accounts of Somali and other remittance companies. The problem has spread to other countries, most recently the US where on Friday 6 February 2015, the main bank providing services to Somali money transfer companies, Merchants Bank of California, closed their accounts. Initially, the US-based Somali remittance companies suspended operations - but on 28 February they said they would restart operations, albeit in limited form. How will they do this? By carrying cash. I have highlighted the relevant part of the press release. Statement of the Somali American Money Services Association. Press Release February 28, 2015 Since Merchants Bank of California terminated the accounts of Somali American Remittance Companies on February 6, transmission of family support money to the needy Somali people in East Africa grounded to a halt. Remittance companie