Launch of a financial association
Support to the set-up of the Somali Money Services Association through the branding of SOMSA, including the design and launch of a web platform, advice on enhanced due diligence, and facilitation of public-private dialogue to find durable solutions to policy issues surrounding money flows to Somalia.
We are committed to promoting and protecting the interests of
people in any diaspora wanting to send money home. Their remittances to family and friends in developing countries exceed £341bn, which equals three times more than foreign aid. This lifeline is funded by relatively modest people in the sending countries, who faithfully remit small amounts on a regular basis through ethnically-oriented MSBs operating on minimal margins. Typically these remittances are processed by UAE-based clearing houses, which also facilitate trade through import/export business – a critical service for the poorest countries without an adequate banking system. A major problem in transferring funds is the inherent risk of money laundering and terrorism finance.
Beechwood is playing a role in facilitating public-private dialogue to find durable solutions to this serious dilemma. Financial associations that specialise in particular corridors, like Somalia, are an important step in this process, and we were delighted to support the formation and successful launch of SOMSA.