Dahabshiil Proud to Have Some of the Lowest Transaction Costs in the Business

LONDON, April 16, 2014 /PRNewswire/ --

Dahabshiil today took part in an event to launch a new report by leading development think tank the Overseas Development Institute (ODI), which found that Africans living abroad face some of the highest fees in the world to send money home.

According to the research into global charges on money sent to sub-Saharan Africa, the average rate to send $200 is 12% - more than double the global average. This is a shockingly high figure.

Dahabshiil is proud to have some of the lowest transaction costs in the business, consistently meeting and beating the 5% target set by both the G8 and G20.

The ODI report demonstrates the vital role that affordable remittances play in the developing world. The Somali remittance industry is focussed on developing and maintaining a regulated remittance offering that will enable the customers in Somalia to continue to send and receive vital remittance payments to family and NGOs in Africa.

Speaking at the event Mr Duale said:

"The ODI report published today demonstrates the vital role that Dahabshiil and others play in providing affordable remittance services from the UK to the Diaspora in Africa.  

"The ODI is rightly drawing attention to the 'super-tax' on remittances that many people sending money to family in Africa are forced to pay. We must prioritise solutions that help Africa and help those who rely on remittances as a genuine lifeline. 

"At Dahabshiil we pride ourselves on providing a safe, efficient and cost effective service for our customers and I am therefore extremely pleased to be able to say that we already meet and beat the 5% target on transaction costs set by the G8 and G20. 

"It is important for the industry to continue to innovate and embrace new technology. The Somali money transfer industry is continuing to work closely with the UK Government and other stakeholders to develop the "Somali Safer Corridor" which will enable vital remittance monies to continue to be sent from the UK to those in Africa a safe and regulated environment."   

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SOURCE Dahabshiil