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Hanging by a Thread: The ongoing threat to Somalia’s remittance lifeline

Every year, Somalia receives approximately $1.3bn in remittances – money sent from the Somali diaspora to loved ones back home. Remittances account for between 25 and 45 percent of Somalia’s economy and exceed the amount it receives in humanitarian aid, development aid and foreign direct investment combined. As Somali money transfer operators lose their bank accounts, Somali families are losing their only formal or transparent channel through which to send money. Somalia needs longterm support to build sustainable financial institutions as well as urgent help to maintain its current remittance flows.

Author

Oxfam

Publisher

Oxfam, Adeso, Global Center on Cooperative Security

Publication date

Publication type

Briefing paper

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