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Saturday, August 13, 2022

World Champion Runner Pleads To Save Money Transfer Firms

Mo Farah
Mo Farah

Special to the Trice Edney News Wire from GIN

(Trice Edney Wire) – Olympic and  world champion runner Mo Farah has joined the campaign to preserve critical  money transfer companies now threatened by big banks which plan to end the  service to poor nations such as Somalia.

 Mo Farah said the decision by the British bank Barclays could mean  life or death to millions of Somalis. Many U.S. banks have already ended the  service, citing heavy U.S. Treasury fines if wired money falls into the hands of the Somali insurgency.

 The  looming cutoff is expected to occur next Saturday. It comes at a time when more  and more Somalis have returned from abroad to invest in their home country,  build new businesses and jump-start the nation’s economy after years of chaos.

 Farah’s native Somalia has no regulated banking system and gets 50%  of its income through remittances.

 This  weekend Farah added his name to a petition calling on the bank to extend its  deadline of Aug. 12 and asked his 800,000 Twitter followers to do the  same.

 Rushana Ali, shadow MP, said: “Countries across Africa and Asia  will be badly affected and none more so than Somalia, a population reliant on  what their friends and families send. Barclays’s decision will indeed cost lives  – quite apart from potentially triggering a new crisis in the  region.”

 Somali migrants send home approximately $1.3 billion in remittances  each year — more than Somalia receives in humanitarian assistance, development  assistance and foreign direct investment combined. About 20 percent of the total  comes from Somalis based in the United States, who send approximately $214  million — almost the equivalent of one year of U.S. foreign assistance to  Somalia — to families and friends each year.

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