Members of the Somali diaspora send approximately $1.3 billion each year to their friends and relatives in Somalia – comprising between a third and a half of the country’s entire economy. However, the Somali money transfer companies that facilitate this important flow have almost no access to banking in the United States. If these companies continue to experience bank account closures, the flow of money will be disrupted and will go underground, putting millions of families in danger and undermining efforts to bring stability and peace to Somalia.
On June 16, PSFG held an expert tele-briefing on remittances to Somalia with:
- Scott Paul, Senior Humanitarian Advisor, Oxfam International;
- Stephen Lassiter, Senior Legislative Assistant to Congressman Keith Ellison; and
- Carol Wayman, Senior Legislative Assistant to Congressman Keith Ellison.
The issue of remittances to Somalia ties into broader themes such as financial inclusion, remittances for development, remittances in emergencies, and financial access in high-risk areas. A recording of the briefing is available for PSFG members. To request a copy of the recording, members should contact Rachel LaForgia.