The strategic agreement between Western Union and Global Exchange and Money Transfer, a subsidiary of Global Export and Import Agency, will see it offer the Western Union Money Transfer 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.
Jean Claude Farah, Western Union's senior VP 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. "
With the World Bank estimating annual remittance inflow to Somalia at US$1billion, 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 accessible.
Somaliland's Minister of Commerce, 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."
