Online money transfer service WorldRemit has announced the launch of its remittance services in Somalia
WorldRemit said it is now the first global digital money transfer player to operate in Somalia.
According to the World Bank, an estimated US$1.4bn in remittances is sent to Somalia every year by approximately two million Somalis in the diaspora.
The remittances contribute to 23 per cent of Somalia's gross domestic product which is a vital lifeline for many Somalis who rely on it to get food, shelter, pay for education, health services, and sustain their small businesses.
In the diaspora, Somalis previously relied on bricks and mortar money transfer agents whose operations were severely restricted because of COVID-19. WorldRemit provides a digital service that removes the middleman and enables Somalis living in the US to send money home 24/7 quickly and securely at their convenience.
Ahmed Tani, country manager Somalia, WorldRemit, said, “We are happy to be able to provide this great opportunity for Somalis in the US to now remit home with ease. Somalis can receive the cash through the Dahabshiil network, the largest Cash Pay.
“Out network in Somalia which has more than 200 locations. We will also soon be launching a Mobile Money service. This launch will kick start the transition from offline remittances to online, where Somalis will have access to safer, faster and low-cost money transfer methods.”
Customers in Somalia can receive remittances from friends and family through Cash Pick Up via WorldRemit anywhere across the US. The company has added that there is no need for a smartphone for the receivers.
