Is there profit potential in launching a remittance business focused on Somalia?
1 Answer
Faisal Khan
Answered 03/Jun/2020
tl:dr; Yes. Like every other country that depends on remittances, there is definitely money to be made in the money transfer business to Somalia.
Contrary to popular belief, Somalia is not a sanctioned country. It has its fair share of problems, but the money transfer business is Somalia is thriving. The largest geographic segments who send money to Somalia are from the Minnesota, USA region, Canada, UK, and parts of Europe.
The problem is trying to find able and willing financial institutions to partner with, who can help you move money into Somalia, legally.
I did a short video on this subject that touches on the money transfer business opportunity for Somalia and how you if you are in the money transfer business can benefit from it. This is a shameless plug, but you can ignore that part.