Somalia: US bank move highlights importance of remittances

The welfare of hundreds of thousands of Somalis who depend on financial assistance from the diaspora is at risk following a decision by a US bank to close down accounts of Somali money transfer companies in the state of Minnesota by 30 December, according to local and international sources. Somalis, both in Somalia and in the diaspora, have reacted with dismay at the move by Sunrise Community Bank, arguing that money transfer companies are a lifeline to millions of Somalis who depend on remittances for their livelihoods.