MOFAC Press Release: We appreciate the considerable contribution and steady growth of remittances from Somaliland Diaspora

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The Diaspora Office under the Ministry of Foreign Affairs & International Cooperation of the Republic of Somaliland sends a congratulatory message to the Somalilanders living abroad on the occasion of the International Day of Family Remittances, 16 June 2023 and is so grateful for their conscientious contribution and unwavering sending remittances which recorded the highest growths in recent years in Somaliland, US Dollars $1.3 billion equivalent to 45% of GDP (2020).

We appreciate the considerable role of our Diaspora community in the national development agenda and particularly the remittances they have evermore continued to support relatives back home, help build resilience in times of crisis, invest in businesses, assist community development initiatives and generally in the achievement of national development goals as enshrined by Somaliland Vision 2030.

In actual fact, sending money back home every one to two months is more than an economic issue but reflects the cultural values, kinship, and social cohesion of our people.

Finally, in consideration of this year’s commemoration selected theme, we are taking this opportunity to encourage further promoting swift digital transfers, more affordable and safer sending of remittances, and at the same time creating early initiatives to better engage younger generations of the national Diaspora due to likely diminishing remittances, improving investment climate, formalizing incentives for mobilizing Diaspora direct and indirect funds and furthering inward investment flow and ensuring better coordination and migration management practices. “Digital remittances towards financial inclusion and cost reduction” Diaspora Office, MoFAC , Hargeisa, Republic of Somaliland.

“Digital remittances towards financial inclusion and cost reduction”

Diaspora Office, MoFAIC Hargeisa, Republic of Somaliland

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