Hawala Tech and Banks in Somalia

Hash writes:

Somali’s have been using the Hawala form of money transfer for centuries, to the tune of approximately $1.6 billion annually. Somalia, per capita, has one of the largest diaspora populations in the world. One in eight Somali’s live abroad. Therefore, it’s not surprising that the remittances they send make up approximately 40% of urban household income, averaging out at $132/per.While the political ramifications of Hawala are hugely important and interesting in the post-9/11 world, what I find more pertinent are the mechanics and how technology is changing the way it works.