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Ismail Ahmed will seek to commit $500 million of his own wealth and investments over the next 10 years to Somaliland-focused development programmes. Sahamiye Foundation will aim to double Somaliland’s literacy rate to 90% by 2023. A team led by WorldRemit founder Ismail Ahmed has today launched Sahamiye Foundation, a philanthropic organisation focused on using technology and innovation to tackle Somaliland’s most pressing development challenges. Over the next 10 years, Ismail Ahmed’s ambition is to be able to commit $500 million of his own wealth and investments to Somaliland-focused development programmes. The Foundation, based in London and Hargeisa, Somaliland’s capital, will initially focus on education, healthcare and infrastructure projects across Somaliland. The Foundation seeks...

Lower fees and technological innovation have resulted in 60% drop in average transaction value as African diaspora remits smaller amounts of money more often. London, October 2012 – While the overall amount of money remitted to Africa is on the rise, the average value of remittance transactions between the UK and Africa is falling, according to online money transfer specialist WorldRemit, which has seen the average amount sent per transaction drop by over 60 per cent in the last year WorldRemit, which is the largest dedicated online international money transfer service processing tens of thousands of remittance transactions to Africa each year, has witnessed the average transaction value fall from £270 to £96 over the past year. According to company found...

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WorldRemit founder Ismail Ahmed launches Sahamiye Foundation to tackle Somaliland’s development challenges and unlock entrepreneurial potential

Remittances to Africa becoming smaller and more frequent, says expert