By Goth Mohamed Goth
Dahabshil the largest money remittance company in Africa shall remain open for business until Barclays’s next week when a high court judge will hand down a verdict on an injunction sought by Dahabshil, against a decision by Barclays’s to close its account after the hearing, which took place high court before Justice Henderson, ended on Wednesday.
The CEO of Dahabshil money remittance company speaking to reporters after the court hearing said, “We are pleased to reassure customers (both individuals and NGOs) who rely on our services in the UK and across Africa that Dahabshiil remains open for business this after Barclays agreed to continue to keep our accounts open until judgment is reached.”
‘” I take this opportunity to thank all those who have campaigned for this noble cause especially Oxfam,the various international NGOs ,UN and all those people living in the UK who have been tirelessly supporting us through this period”,stated Mr. Abdirashid.
Dahabshil Mr. Abdirashid Duale, said his company is ready to work with international financial institutions to find short and long-term solutions to the fears and concerns expressed by banks and western governments.
Dahabshil lawyer said, “One of the things we have been asking Barclays bank is to extend the services provided to Dahabshil and three other money transfer companies closed earlier to further 12 months and that extra twelve month window shall allow the treasury and the UK government to put in place a safe corridor which will give the banks a new confidence to resume the services they provide to this money transfer companies,
It claimed that Barclays is abusing a dominant position by proposing to end an existing relationship without objective justification and by treating Dahabshiil differently from other customers.
Dahabshil has in the past had a “good working relationship with Barclays for over 15 years” and such short notice on the closure of accounts is “both unreasonable and unfeasible.”
Dahabshiil is also used major international charities, NGOs and UN agencies to fund their operations around the world. 95% of the funding for humanitarian projects in Somalia is transferred through Dahabshiil. In a country with no functioning financial system, “money transfer companies provide a vital lifeline to citizens,” said a statement issued by the organization.
There is a fear that closing the accounts could drive the system underground into unregulated and illegal providers.
SomalilandPress.com
