WorldRemit announces new presence in Somalia

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • WorldRemit will become the first big-name provider to operate in the country.
  • The nation has experienced war in recent decades and is now also struggling with the pandemic.
  • “We are happy to be able to provide this great opportunity for Somalis in the United States to now remit home with ease,” said a WorldRemit spokesperson.

Digital money transfer brand WorldRemit has announced that it will become the first big name from the sector to set up shop in Somalia.

WorldRemit said that its presence in the country will be anchored around remittances from the US.

It will offer its Cash Pick Up service to customers in the country who are looking to get money from loved ones in the US.

A smartphone will not be necessary for the transaction, the firm said.

In a press statement, the firm shared some more background information about the decision – and especially how it pertains to the current situation on the ground.

“Those in the diaspora mostly fled the country during the two decades of conflict and previously relied on bricks and mortar money transfer agents whose operations have been severely limited due to Covid-19,” it said.

“WorldRemit delivers a digital service that removes the middleman and allows Somalis living in the United States to send money home 24/7 at their convenience, quickly and securely,” it added.

According to Ahmed Tani, who serves as the country manager for Somalia at WorldRemit, the new move will happen as a result of cooperation with a partner network.

“We are happy to be able to provide this great opportunity for Somalis in the United States to now remit home with ease,” he said.

“We have partnered with Dahabshiil, the largest Cash Pay Out network in Somalia which has more than 200 locations.”

He also said that there were moves afoot to shift the current balance of operations away from offline methods and towards online money transfer moves.

“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,” he added.

Somalia is rarely mentioned in the online money transfer sector news, and it is perhaps the case that firms in the industry have avoided the nation in recent years due to its domestic political troubles.

However, as the press release from WorldRemit shows, there is huge demand for remittances services in the East African nation.

23% of the country’s gross domestic product (GDP) comes from remittances sent into the country from abroad – a figure that means that there is a lot of reliance in inflows of cash from elsewhere.

By establishing a presence here, WorldRemit is helping to establish itself as a leading industry provider.

Our news pages are the place to be if you would like to discover more information about what’s going on in the remittances world. Click here to read more.


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