Hawala Closure: Banks Eye More Diaspora Cash amid Suspension of Al Shabaab Linked Money Transfer Firms

Closure of dozens of money transfer firms in Kenya believed to have links with Somali based al Shabaab has set mainstream banks expecting to reap immensely of remittance business. Kenya reached the decision to suspend licences for 13 hawala money transfer firms suspected of having links with Al Shabaab terror group on Wednesday following the...