Somali money transfer companies must self-regulate to maintain the integrity of their services

A worker counts U.S. dollars as he serve a customers at a Dahabshiil money transfer office in "Kilometer Five" street of Soobe village, southern Mogadishu, in this May 8, 2013. [Image by FEISAL OMAR / Reuters]

In a world where financing of terrorism and efforts to combat it have taken center stage, sending hundreds of millions of dollars every year to a country where majority of the beneficiaries do not have access to credible, government-issued identification documents was always going to raise serious regulatory questions.

Somali entrepreneur raises $100 million to transform money transfer industry

Ismail Amed is the EO and founder of WorldRemit, a London-based company that lets expats and migrant workers send money to friends and family back home.

A Somali man has raised $100 million for his online money transfer startup, WorldRemit, a London-based company that lets expats and migrant workers send money to friends and family back home, Wired magazine reported Wednesday.

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