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Banks Eye Diaspora Talent to Drive Growth

Kenyan banks have stepped up their recruitment of expatriates and high-flying diaspora bankers to drive growth, regional expansion and adoption of new technologies. KCB, Equity, NIC, Barclays, CfC Stanbic,StanChart and National Bank have all signed new talent from abroad in recent months, helped also in part by rising remuneration packages that match international standards. KCB Group hired Avijit Mitra as its chief […]

Barclays has decided to close the accounts of about 250 money-transfer businesses, a move that could badly affect the flow of remittances to Somalia as it lacks a banking system. What are the options for Somalis? The closure of UK bank accounts belonging to cash-transfer firms would force many people to find new ways of […]

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Financial lifeline for poor around the world under threat as UK bank plans to stop cash transfers. Somalia receives around $160m a year from the UK’s Somali community, but now those transfers are in danger of being cut off. Barclays Bank has announced it will stop providing services to money transfer companies by the end […]

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Double Olympic champion Mo Farah on Friday made a direct appeal to the Board of Barclays to grant one year’s extension to the banking facilities it provides to UK remittance companies serving Somalia and the Horn of Africa.  Barclays  have said that they will terminate the bank accounts from 12 August having made ‘changes to […]

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Barclays bank is closing about 100 UK accounts held by cash transfer businesses, over fears they are being used for money laundering. The businesses are vital for Somali expatriates sending remittances back home, where banking facilities have collapsed. Aid workers say the service is a “lifeline” for 40% of the Somali population, who rely on […]

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