Dahabshiil got competition

[ToughGong]

Western Union Launch Money Transfer Service in Somaliland
Johannesburg, 13 April 2011 --- The Western Union Company (NYSE: WU), a leader in global payment services, has extended its rapidly growing agent network to Somaliland, taking the total number of African markets it serves up to fifty.

The strategic agreement between Western Union and Global Exchange and Money Transfer, a subsidiary of Global Export and Import Agency Ltd, will see it offer the Western Union® Money TransferSM service for the first time in the area, initially at a location in Hargesia with additional locations to be rolled out across Somaliland in the course of 2011.

This follows a string of recent agent network expansions by Western Union, which last year celebrated 15 years in Africa and has grown its agent network on the continent to reach more than 22,000 Agent locations.

Mr. Jean Claude Farah, Western Union's Senior Vice President for Middle East and Africa commented: "We’re very excited to be in Somaliland – a vibrant and growing market that plays such an important role in the economic development of the broader region. We also welcome the addition of an agent with strong community ties like Global Exchange and Money Transfer to our global network.”

The extension of money transfer services to Somaliland marks a further step in Western Union’s commitment to the expansion and development of its pan-African network which provides a critical link to the ever growing African diaspora. The Western Union service will initially enable only receipt of funds in Somaliland from its global network of over 440,000 agent locations.

With the World Bank estimating annual remittance inflow to Somalia at USD1bn, the agreement between Western Union and Global Exchange is expected to further facilitate formal remittance flows from key Somaliland diaspora hubs in the US, Canada, UK, Nordics, the Gulf and Africa where Western Union services are readily and conveniently accessible.

Abdikarim Abdi Adan, Managing Director of Global Exchange & Money Transfer, comments: “Western Union is one of the most recognisable and trusted names in the money transfer industry and we are delighted to be working with them to offer their much needed services in Somaliland. In addition, their investment here is a testament of the economic viability of our homeland and a great encouragement to other international investors.”

Somaliland’s Minister of Commerce, the Right Honourable Abdirisak Khalif Ahmed, added: “As Somaliland’s potential as a politically stable gateway to the wider region gains increasing attention among the international business community, we are optimistic that the entry of Western Union, a company recognised for its industry leading standards in compliance, will not only serve to underpin confidence in our financial services sector, but also in Somaliland as a technologically progressive market for foreign direct investment.”

http://somalilandpress.com/western-unio ... land-21676

[Executive]

This partnership may work if they can offer competitive rates. Its a clever model, but might not necessarily materialize.

[Salah Al-Din]

More competitors are on the way. The latest one is World Remit. It allows you to send money online from the comfort of your home.

Competition provides greater choice, better service and spawns new ideas.

Great Job

[Madelina]

Competition is good for business & for the consumers..

[Rightwing]

What? World Remit.I can transfer money online while sitting on my sofa? this service will save my time for travelling to the nearest Dahabshiil

[juzme123]

I'm think Dahabshiil provides a similar service where you can send money online through Dahabshiil.

[Monk-of-Mogadishu]

If the Dahabshiil owner had any brains he would pay off Somaliland politicians to keep this from happening, now he'll start losing money fast.

[Advo]

Dahabshiil biggiest enemies are cidgaale waliba a subclan of them, they have been behind these alternative money transferring agencies. I disagree that he shouldve paid them hush monies but he should've build few mansions for their king, faisal cali hyena.

[juzme123]

We should be careful before we start using this company instead of Somaliland and/or Somali owned companies.

Somaliland companies play a major role in the development of the economy as well as their charitable activities within the country. In the drought that Somaliland is experiencing, Somaliland companies have played a vital role in assisting the people by donating money, food and water.

Somaliland companies also don't take the profits that they make out of the country to American shareholders but re-invest it by opening different ventures and businesses that (a) employ local people (b) increase the tax paid to local authorities/government and (c) help the overall economic growth of the country.

Foreign companies have no direct link or bond with the people. For them it is about making money and nothing else. They have no particular interest in advancing Somaliland or its people, nor will Somaliland be their largest, most important or most profitable market, they are strictly here to take our money.

So my stance is to welcome anyone who wants to invest in Somaliland appreciating the benefits including increased competition as well as new technologies, but I for one will always use Somaliland/Somali companies rather than foreign owned companies, even if the foreign owned companies are more convenient or cheaper.

[udun]

Western Union were already in many Somali towns including Mogadishu and Boosaaso.

[Salah Al-Din]

Rightwing, Salaamz bro.

Yes bro, right from the comfort of your Sofa. This new money transfer angent is targeting all of afric and the rest of the world as well. It is somali owned and its business plan won an entrepenuership contest from the londong school of business in october. This sounds too good to be true, but it is. It's advertisement is " do you still que up at a hawala" LOL

www.worldremit.com. check it out.

I for one welcome all competition.

P.S. Just me, western union is partnered with a somali owned company if you read the article.

[Somalistan]

Western Union were already in many Somali towns including Mogadishu and Boosaaso.

Prove it.

[Monk-of-Mogadishu]

Prove it.

Not sure about Bosaso it might be, but Western Union opened in Xamar a long time ago, even AT&T is active in Xamar.

http://books.google.com/books?id=qu8OeU ... &q&f=false

[damu]

We should be careful before we start using this company instead of Somaliland and/or Somali owned companies.

Somaliland companies play a major role in the development of the economy as well as their charitable activities within the country. In the drought that Somaliland is experiencing, Somaliland companies have played a vital role in assisting the people by donating money, food and water.

Somaliland companies also don't take the profits that they make out of the country to American shareholders but re-invest it by opening different ventures and businesses that (a) employ local people (b) increase the tax paid to local authorities/government and (c) help the overall economic growth of the country.

Foreign companies have no direct link or bond with the people. For them it is about making money and nothing else. They have no particular interest in advancing Somaliland or its people, nor will Somaliland be their largest, most important or most profitable market, they are strictly here to take our money.

So my stance is to welcome anyone who wants to invest in Somaliland appreciating the benefits including increased competition as well as new technologies, but I for one will always use Somaliland/Somali companies rather than foreign owned companies, even if the foreign owned companies are more convenient or cheaper.

spot on

[Goljano Lion]

Western Union were already in many Somali towns including Mogadishu and Boosaaso.

Prove it.

was it 8 or 9yrs ago, western union used to have an office ina xassan rakuub area in Hargeisa but their rate was to expensive
it was short lived experiment, anyway, they couldn't compete with likes of Dahabshiil