Dahabshiil CEO: Africa Day Marks a "Turning Point" for African EconomyBy Africa Business, PRNE
Monday, May 23, 2011
LONDON, May 25, 2011 -
Dahabshiil CEO Abdirashid Duale today described Africa Day as
a "turning point" for the African economy. This follows recent economic
reforms in many African countries which have played a significant role in
promoting Africa as a viable business partner in the global market.
African governments have worked to liberalise exchange rates,
whilst mandates have been issued to address the financial strains placed upon
banks. Mr Duale believes that a number of political and socio-economic
factors have contributed to the emergence of Africa as a player in the
marketplace - something he insists should be celebrated on Africa Day.
Abdirashid Duale said: "I truly believe that Africa Day 2011
marks a turning point for the African financial system. Overall, the economy
is thriving. Market liberalisation has resulted in increased investment in
the private sector, and when you set that against an abundant supply of
natural resources such as oil and metals, it is clear that the African
economy is entering a phase of accelerating organic growth. It is important
however that investment and reinvestment remain strong."
The economic crisis did not have as heavy an impact on African
countries as it did on their global counterparts. Many of Africa's 48
economies are recovering at a faster rate than the rest of the world, with
growth in output rising to approximately 4 per cent overall for the
continent. In addition, Sub-Saharan Africa is increasingly attracting
investment opportunities as a result of improved management of public
Africa's recent fiscal development can be traced to a range of
factors including remittances sent back to Africa from migrant workers. Funds
remitted to Africa by its global Diaspora play an important role in national
economies, providing a supplementary source of income which boosts private
sector growth. Dahabshiil sends approximately $1bn back to Africa every year,
and is the largest of the international payments firms established in Africa.
Globally, money sent home by migrants constitutes the second
largest financial inflow to developing countries, exceeding international
aid. Remittance income is especially vital for communities in more remote
regions of Africa, and helps to bolster the funding of humanitarian
organisations operating in those locations.
Mr Duale added: "I know that remittances have been an
essential lifeline for many communities across Africa. I believe the African
Diaspora sends approximately $40bn annually to families and local communities
back home, which has undoubtedly played a role in fuelling Africa's economic
Dahabshiil is an international funds transfer company and the
largest of the Somali money transfer operators. The company employs more than
2,000 people across 144 countries, with offices in London and Dubai.
Dahabshiil provides a broad range of financial services and invests in
state-of-the-art technologies to offer both SMS notification and 24 hour
online transfers to its customer base. Dahabshiil has a comprehensive and
robust compliance and anti-money laundering programme, used throughout its
network to ensure full compliance with all relevant regulations.
Dahabshill's mission is to strengthen its market position as
the premier regional money transfer organisation. The company plans to expand
its global network of agents, to continue to build strong partnerships and to
develop new products and services to meet the growing expectations of its
info at africabusiness.com
Tags: Africa Business, London, May 25, United Kingdom