Somalia: Beyond Remittances - the Modernization of Somalia's Financial Frontier

Somalia: Beyond Remittances - the Modernization of Somalia's Financial Frontier

Mogadishu, Somalia -- After decades of state collapse, Somalia's financial system is now at a turning point. Even as formal banking remains relatively new, many citizens continue to rely on remittances and informal money transfer systems that, while vital, face significant challenges. Factors such as limited regulation, exposure to financial crime risks, and costly barriers to international transactions have long constrained the sector's growth.