WorldRemit launches remittance services in Somalia

Thursday 2 July 2020 12:40 CET | News

WorldRemit, the global online money transfer service provider, has announced the launch of its remittance services in Somalia.

According to the World Bank, every year an estimated USD 1.4 billion in remittances is sent to Somalia by approx. 2 million Somalis in the diaspora. The remittances contribute to 23% of Somalia’s GDP which is a vital lifeline for many Somalis who rely on it to get food, shelter, pay for education, health services, and sustain their small businesses. Previously, Somalis relied on bricks and mortar money transfer agent, but their operation is now limited due to the COVID-19 pandemic.

WorldRemit is offering a digital service that removes the middleman and allows Somalis living in the US to send money home 24/7. Customers in Somalia can receive remittances via WorldRemit from friends and family anywhere across the US via Cash Pick Up without the usual mandatory need for a smartphone.

WorldRemit operates in over 50 send countries to over 150 receive countries and is now is establishing its operational presence in Somalia. The company’s app helps to transfer money on the go and in tracking the transaction.

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Keywords: WorldRemit, remittance, Somalia, money transfer, payments
Categories: Banking & Fintech
Countries: Somalia
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Banking & Fintech

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