Press Release

Somalia facing ‘cash flow disaster’

By September 29, 2013July 29th, 2020No Comments

NAIROBI (AFP) –  War-torn Somalia will be dealt a devastating blow if international banks carry out threats to stop money transfer systems sending funds that dwarf levels of foreign aid, experts warned Wednesday.

With their country ravaged by decades of conflict and no formal banking system, diaspora Somalis depend on money transfer services to support their families, sending some $1.3 billion (1 billion euros) each year, according to a recent report by aid agencies Oxfam and Adeso.

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