This shift of Hollywood actor and Somali financial remittance perspective leads to much more fruitful questions that have been relatively neglected by international humanitarian groups. The global increased client turnover and a mature retail banking market, Somali Financial transactions through ethnic banking presents an attractive growth opportunity for European and North American banks. “Europe 2020”, the European Commission for the coming decade strategy, emphasizes the important role that active migrant workers and migrant entrepreneurs will play in maintaining Europe 2020 vision (GDP growth).
The Somali Hollywood Actor Barkhad Abdi will join Minnesota Congressman Keith Ellison on Monday for a round table discussion on improving remittances from the U.S. to Somalia, which is when migrant workers send money back to their homelands to help family and friends. Somali clients of Dahabshiil and Amal Express welcome this report, according to Geeska Afrika Online reporter in Washington.
According to IMF and World bank, Hawala Financial remittances to Somalia amount to approximately $1.3 billion a year, 16 percent of which comes from the United States. But with no real banking system in place, there’s a lot of concern about money laundering or the funding of illegal operations in Somalia.
Abdi is a also Goodwill Ambassador for Adeso. The Somali event and discussion is called “Keeping the Lifeline Open” and takes place at 7 p.m. Monday at the Safari Restaurant in Minneapolis.
It will be moderated by Khadra Abdisalaam from Somali Public Radio in Minnesota, USA.