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Barclays faces pressure from Somali cash transfer firms
The UK government is being urged to stop Barclays closing the last account in Somalia which allows its citizens overseas to send money back home. A group of aid practitioners said the service was a "lifeline" for an estimated 40% of the Somali population which rely on the transfers. There are an estimated 1.5m Somalis living overseas...The group estimates that almost three quarters of Somalis who receive funds from overseas use it to pay for basic food, education and medical expenses. The amount of cash sent to the developing world through money transfer shops is far more than the total of international development aid.