Somali Remittances in USA to Resume Operations

Somali remittance companies in USA are expected to resume operations on Sunday after agreements was reached between Somali community there, authorities and companies.

The agreement stipulates that the companies would only send small amounts of money to families so as to keep the lifeline for millions of Somalis who were badly affected.

This is just in time for the month end when families in East Africa receive their monthly bills from their relatives in USA and elsewhere.

Merchants Bank announced this month that its closing down all accounts for Somali remittance companies due to concerns over remittances falling into the wrong hands, that would have legal implication for the bank. The bank feels that US financial regulators were on their hills and would not afford a single mistake from their side.

Demonstrations were staged in Mogadishu on Thursday demanding smooth sailing for the remittances. Government and US Somali community also lobbied to keep the gate opened for money to follow to Somalia.

Goobjoog News