abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapelocationmap-pinminusnewsorganisationotheroverviewpluspreviewprofilerefreshnewssearchsecurityPathtagticktooltiptwitteruniversalityweb
Article

Oxfam official says "three million Somalis risk going hungry this year" after banks stop money transfers due to terrorism financing risks

"Somalia faces crisis as remittances cut"

Somalia could face a financial crisis with close to $1.3 billion in annual remittances as the last major US bank stopped money transfers to the country and to the Dadaab and Kakuma refugee camps in Kenya. A fortnight ago, California-based Merchants Bank closed all its accounts with Somali MTO’s; Australia’s Westpac Bank has also announced that it will close Somali remittance accounts soon. The move follows a decision in 2013 by Barclays, one of the biggest banks in the UK, to cut its ties with a company in Somalia that had been a recipient of large amounts of remittances...Oxfam Somalia Country Director Enzo Vecchio said..."three million Somalis risk going hungry this year, families will not be able to afford health care, and a generation of children could be kept out of school”...