A number of Somali ministers expressed concern over the effects of tightening regulations on the international banking system, saying they hinder the Somali diaspora from supporting their families through remittances, the Somali Prime Minister's office said Thursday (September 5th).
The ministers called on Barclays and other international banks to maintain the current remittance system.
"We are deeply concerned the situation of the money transfer business, which is the main source of income to millions of people and contributes a significant percentage to the regional economy," Deputy Prime Minister and Minister of Foreign Affairs Fowsiyo Yusuf Haji Aadan said during a cabinet meeting.
"Stopping the diaspora support system will have a negative impact to the livelihood of the Somali community and other similar communities around the region," she said.
Barclays set September 30th as the deadline when new regulations take effect.