Remittances to Somalia face new hurdle

A U.S. bank in Minnesota has decided to close down accounts by Friday of companies that transfer money to Somalia, escalating the crisis facing many Somalis who depend on remittances from relatives abroad.

Remittances don’t just help the Somalis who receive them, they also help those who own the stores where the recipients spend money. If other banks decide to follow suit, the impact on the humanitarian crisis would be devastating.

For more information, see the full article on IRIN. For a list of InterAction members working in the Horn of Africa, see our crisis response list. For a list of projects by InterAction members in the region, see our Horn of Africa Aid Map.