British bank Barclays suspends Somali cash transfer.

moneyBritish bank Barclays has suspended money transfers to Somalia over fears that some of the cash may be used to fund terrorist organizations. Somali expatriates send $1.3 billion (£850 million) to their families in Somalia every year.

According to reports, Barclays banned transactions with more than 250 companies that transfer money to Somalia, a decision that could affect the lifeline for an estimated 40 percent of the country’s population which rely on the transfers.

Somali expatriates send $1.3 billion (£850 million) to their families in Somalia every year.

Earlier this month, British Olympic gold medallist Mo Farah, who was born in Somalia, urged Barclays and the British government to reconsider the decision.

“Everyone following the issue understands that Barclays has a bank to run, but this decision could mean life or death to millions of Somalis,” Farah said.

Somali President Hassan Sheikh Mohamud also pleaded with Barclays not to go through with the decision. He expressed concerns that the move would be a setback for the progress made by Somalia over the past few years and many Somali families will go hungry.

Two hundred Somali civil society groups also called on the bank to change its decision, saying if the plan is put to action, it is the Somali people who will be forced to bear the brunt.

Source: Presstv

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