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Press Release: Somali Money Transfer Services Disruption

--For Immediate Release--
“Somali Money Transfer Services Disruption” 

Friday, June 28, 2013

Recently, some global financial institutions have announced that they will withdraw their support from Somalia’s money transfer (SMT) businesses, citing insufficient checks in place to prevent criminal activities including money laundering and terrorist financing. Shuraako and our partner global investors are deeply concerned by this development, and the consequences they will have for foreign investment and job creation in Somalia.

SMTs are a lifeline for the Somali economy; they support household consumption and lay the groundwork for Somalia’s development and reconstruction. Each year $1-1.5 billion in remittances are sent by the Somali diaspora through SMTs.i These funds exceed international humanitarian assistance, which were approximately $612 million in 2012.ii Most remittances pay for basic household expenses. In a recent survey by the UN Food and Agriculture Organization, a third of Somalis interviewed reported that a disruption of SMTs would prohibit them from accessing food, medicine, and education.iii SMTs also serve organizations working in the region such as the United Nations and other large, international nongovernmental organizations like Oxfam and Save the Children among others.iv

Somalia’s stability has increased in recent months, and the country appointed a central government in September 2012. The continued regional stability depends crucially on economic development and reconstruction. It is imperative to protect the livelihoods of those Somalis who are dependent on remittances.

Shuraako’s own efforts to connect promising business opportunities with investors are impacted by the news that money transfers to Somalia will be interrupted. We will continue to closely follow these developments and report on them on our website.

In addition, Shuraako hosts a collection of reports on Somali remittances at http://shuraako.org/remittances-industry-analyses-and-news. For more information please contact Shuraako’s social and digital media specialist, Jean-Pierre Larroque at This email address is being protected from spambots. You need JavaScript enabled to view it.

__________

Shuraako is a self-funded, non-profit initiative working to promote investment into promising business models and social enterprises in Somalia. Shuraako believes that job creation fosters stability and peace, and is key to rebuilding Somalia. We believe that developing the business sector generates financial and social revenues. Shuraako also aims to help facilitate and coordinate ongoing efforts that support trade, investment and other economic development efforts in Somalia.


i Cockayne, J., & Shetret, L. (2012). Capitalizing on trust harnessing somali remittances for counterterrorism, human rights and state building. Ministry of Foreign Affairs of Denmark.

ii United Nations Office for the Coordination of Humanitarian Affairs, (2013). Consolidated appeal: Somalia 2012 table d (Table ref: 32Sum). Retrieved from Financial Tracking Service website: http://fts.unocha.org

iii Food and Agriculture Organization of the United Nations, Food Security and Nutrition Analysis Unit- Somalia. (2013). Family ties: remittances and livelihoods support in puntland and somaliland. Nairobi: United Nations Somalia, Ngecha Campus.

iv Dahabshiil. (2013). Dahabshiil story. Retrieved from http://www.dahabshiil.com/about-us/dahabshiil- story.html 

 

Jean-Pierre Larroque

Social and Digital Media Specialist

Shuraako – One Earth Future Foundation
office +1 720.274.8231 │ mobile +1 505.239.1731

www.shuraako.org

  

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Weekly E-Newsletter February 28, 2013
Amoud Foundation for Education and Development

 

Amoud Foundation Annual Fundraiser

 We Invite You to Join Us:
"Touching Lives Through 15 Years
of Giving and Caring"
Tickets $25 - Childcare provided
March 9, 2013 - 6:30 to 9:00 pm
  
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Somali Government to relocate IDPs

 Welcomes Returning Refugees

 

MOGADISHU - The government of Somalia plans to relocate thousands of IDPs (internally displaced persons) currently living in Mogadishu to camps on the outskirts of the city.  However, there are concerns about inadequate government capacity as well as security and access to services in the new relocation areas.

 According to the UN Office for the Coordination of Humanitarian Affairs (OCHA), there are about 369,000 IDPs or people living like IDPs in the city of Mogadishu. Of these, approximately 270,000 could be relocated to three camps on the outskirts of the capital, thereby alleviating congestion in the city, according to the Mayor of Mogadishu, Mohamed Ahmed Nur Tarsan. (Click on the link below to continue reading.)
  
  
 
March 13 fundraiser
Al-Hayatt Medical Center
  
The people of Somalia suffer from many diseases such as TB, malaria, and other bacterial/viral infections that are either preventable or treatable.  Hundreds die each year because of the lack of adequate healthcare that all of us in the U.S. take for granted each day. 
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We have one contributor who is willing to give to Amoud about $450,000 worth of medical equipment to ship to Somalia.  Amoud Foundation needs $45,000 to send a container of some much needed medical supplies to Al Hayatt Medical Center in Borama, Somalia.The list includes surgical suites, maternity suite, physical therapy suite, library, etc...Please click on the DONATE BUTTON above if you would like to support the project for any amount or visit us at http://alhayattmedicalcenter.com/ to read more about this project.

 

 
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Awdal Achievement Award Nominations 2013

Awdal Achievement Award Nominations 2013

Amoud Foundation of Dallas is now accepting nominations for the 2013
Awdal Achievement Award through March 1, 2013.
This award is given each year to a deserving individual, group, or
organization that made a significant contribution to the welfare and
progress of their community. We believe that there are many unsung
heroes out there who did so much for their community without asking
for anything in return. We may never reach all of them, but
recognizing even one of them is worth the effort.

Press Release

AMOUD FOUNDATION
Sheikh Gyasi Mckinzie joins Amoud Foundation as Executive Director

Amoud Foundation is pleased to announce the hiring of Sheikh Gyasi Mckinzie as its Executive Director effective December 1, 2010.
Sheikh Mckinzie brings a wealth of knowledge and experience; he holds advanced degrees in Islamic and theological studies from Islamic University at Madinah,
Vanderbilt University, and the Hartford Seminary; he is a proven Islamic community builder with over 10 years of experience as an Imam, Youth Director, Chaplain,
and teacher, providing leadership to Islamic institutions and communities.