Barwaqo Bank, a Somalia-based microfinance bank, recently signed an agreement with MoneyTrans, a Belgian money transfer company serving 100 countries, to facilitate the remittance process for Barwaqo customers.
Abdisalan Musa, the CEO of Barwaqo Bank, said, “the issues we have had with Somali money transfer companies was according to regulators, the recipient was always unknown which made regulators wary of facilitating such funds in case these funds ended up in the wrong hands. However, in our case it’s clear who the recipient is because they have online current or savings accounts with us” [1].
Hassan M. Dudde, the CFO of Barwaqo Bank, said, “the average amount sent from abroad to Somalia is around USD 200 which barely covers a family’s basic day to day needs, as a result it is imperative that we ensure the money gets to those who need it the most” [1].
Barwaqo’s services include current accounts, savings accounts, microcredit, micro insurance, money transfer and foreign exchange. Barwaqo Bank does not report to the US-based nonprofit Microfinance Information Exchange (MIX), and financial information on it is not otherwise available.
By Jeff Pierce, Research Associate
About Barwaqo Bank
Barwaqo Bank, Somalia-based microfinance bank that was founded in 2012, offers financial services to micro-, small and medium-sized enterprises (MSMEs). Its services include current accounts, savings accounts, micro credit, micro insurance, money transfer and foreign exchange. Barwaqo Bank does not report to the US-based nonprofit Microfinance Information Exchange (MIX), and financial information on it is not otherwise available.
About MoneyTrans
Moneytrans, a money transfer service headquartered in Belgium, was founded in 2001 and as of 2015 consists of a network spanning 100 countries and 146,000 payout locations.
Sources and Additional Resources:
[1] Barwaqo Bank Press Release: “Barwaqo Bank signs landmark agreement with MoneyTrans, Europe’s largest money transfer company.” http://www.barwaqo.com/news/23/barwaqo-bank-signs-landmark-agreement-with-moneytrans-europes-largest-money-transfer-company
[2] Barwaqo Home Page: http://www.barwaqo.com/
MicroCapital Universe Profile: Barwaqo Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Barwaqo+Bank
MicroCapital Universe Profile: MoneyTrans
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MoneyTrans
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Lipa Later Acquires Fellow E-commerce, DFS, Merchant Services Platform Sky.Garden of Kenya for $1.6m
- MICROFINANCE PAPER WRAP-UP: “Remote Coaching to Prevent Dormancy Among Low-income Savers,” by Scott Graham et al, Published by WSBI
- MICROCAPITAL BRIEF: African Fintech Nala Expands Remittance Service to EU, Launches Business Platform
- MICROCAPITAL BRIEF: Agents for Impact Disburses $8m from Invest in Visions (IIV) to Microfinance Institutions Digamber of India, Imon of Tajikistan
- MICROFINANCE PAPER WRAP-UP: “Driving Financial Resilience Through Formal Savings Among the Low-Income Population,” by Laura Courbois et al, Published by World Savings and Retail Banking Institute
