Dahabshil: A Global Money Transfer Leader and Financial Powerhouse

A leading international money transfer company and a global player in over 120 countries, Dahabshiil has an unparallel presence in East Africa and remains the biggest African provider. Founded in 1970 as a small business, Dahabshiil has grown over the past 47 years into a multi-million dollar financial powerhouse with diversified business sectors including Banking, , and sector etc.

Equally serving both individual customers and international organizations such as the , Oxfam, Save the children, and the American Refugee Committee, Dahabshiil has Mr. Abdirashid Duale become a trusted partner with International organizations on projects that empower the CEO, Dahabshil communities and their businesses, creating jobs and reducing poverty.

Talking to Africa Leads about the company’s phenomenal rise, business opportunities available for investors and development in the Mr. Abdirashid Duale, CEO of Dahabshiil, attributes Dahabshiil’s region. A large number of African diaspora are also present in the west Tcapacity to building excellent customer relationships and including in America, Europe, and the Middle East.” providing reliable and trustworthy services to people as the company’s competitive edge. “These immigrants have one tradition in common— to help people who they left behind in their home countries,” Mr. Duale says, underling “We are all about accountability, reliability, and integrity created by that “Dahabshiil developed a trustworthy network that allows people customer loyalty. In each outlet of Dahabshiil, we hold our employees in the diaspora to help their families, friends and relatives back home. and agents to high ethical standards, and that is what gives us a Money is sensitive, and people like to keep it in safe hands. From competitive edge.” the beginning, Dahabshiil strengthened its consumer care system by providing fast, reliable, and efficient services.” He went to say: “We Focusing on underserved communities, Dahabshiil was the first in continue to consistently meet compliance of regulatory and anti-money the private sector to introduce a Micro-finance initiative in the Somali laundering requirements within the countries in which we operate.” region: ““Our Micro-Finance Initiative Micro-Dahab has issued products and loans to thousands of women and youth in the region,” Mr. Duale “The number of transactions going through our outlets continue to says, adding that: “This year, Dahabshiil is participating in the eighth increase in certain regions and as a result we have hired a substantial annual Global Entrepreneurship Summit (GES) in Hyderabad, India in number of employees. Increased transactions and an increased late November.” workforce are the results of our excellent service and reputation for customer satisfaction.” Dahabshiil builds high hopes on learning from and sharing experience with its international counterparts during the conference to be attended On the company’s future plans, Mr. Duale explains that there is always by high level delegations including Ivanka Trump, USA President’s room for improvement and expansion: “Africa consists of 57 countries Advisor, who will lead the American delegation to the Summit. with an estimated population of 1.2 billion people. The majority of the people of this continent are hardworking and are always seeking “The Summit will highlight the theme Women First, Prosperity for All, opportunities to better their lives,” he says. and will focus on supporting women entrepreneurs and fostering economic growth globally. We hope the summit will enable us to “A substantial population also depends on remittances from their further boost our projects targeting women and youth.” relatives in the diaspora as well as on the aid provided by the international humanitarian organizations. Dahabshiil recognises this Supporting start-ups in less advantaged communities is another zeal and determination of the African people and our goal is to not successful Dahabshiil initiative: “We have also worked with other only provide services to this growing population but also to contribute partners and sponsored business pitch competitions ‘Minbar’ where towards improvement of their livelihood through community projects. potential startups in less advantaged communities are connected to “Dahabshiil’s plan for 2018 is therefore to reach many more individuals global networks of investors, incubators and accelerators, mentors, and corporations by opening new outlets globally and to partner with entrepreneurship programs and others who want to help. We have the international community and corporations to create more jobs and done this is in East Africa in particular Uganda and in Minneapolis reduce poverty.” in the US. There are plans to replicate these in other cities in Africa, Europe and the US.” Mr. Duale says. “The banking relationship between the UAE and many African countries is still being established and it is Dahabshiil outlets that enable African business people Unshakable Trust and Fast Service to transfer their funds to buy products and services in the Dahabshiil has become the first choice for African immigrant population UAE. Therefore, I am confident to say that Dahabshiil is who send money back home: “African countries are experiencing one of the bridges that connects African traders to UAE growth and the cost of living is rising along. This has expanded the markets.”

28 29 Red Crescent . We also waived all commissions on funds sent to Strong African Market and Technology alleviate the drought effects,” Mr. Duale says On future prospects of the African market, Mr. Duale notes that Dahabshiil is gearing up for a strong market in Africa and continues According to Mr. Duale the company’s other outreach projects include to increase its outlets across the continent: “In the , we the support of vulnerable communities, particularly those affected by have already launched eDahab, mobile money transfer system that the civil conflict in the East African region: “I can confidently say that allows our customers to move money with ease. Very soon, we plan Dahabshiil has played a crucial role in improving the living conditions of to expand further in the region. In short, we are committed to serving many communities in the East Africa where many people experience the African communities,” he says. hardship,” he underlines.

On regulations he adds: “African money transfer companies should Connecting African Businesses to UAE enhance collaboration between themselves and with the regulators. They should also put into consideration the customers’ needs and Markets good customer service. Innovation should also be put at the core of On the trade prospects between Africa and the Gulf Cooperation our businesses so that we can continue to offer efficient services while Countries (GCC), Mr. Duale explains that there is historic trade keeping abreast of technological development.” between the two regions, particularly the UAE, noting that the geographical proximity of the two regions is one reason for the strong Describing technology and innovation as Dahabshiil’s mainstay, Mr. trade partnership that dates back centuries. Duale says: “In today’s world, technology has become a powerful tool that companies use to deliver their services and products as well as According to him, such strong trade has influenced the regions to to increase the efficiency and effectiveness of business operations.” share not only common business interests, but also the development “In Dahabshiil, we have a long tradition of using technology such as of a reliable infrastructure. “For instance, DP World recently launched using an online system and mobile network that allows transactions an infrastructure development project that includes the Port of Berbera to be sent in seconds. This system is supported by highly-secure, in . Expectations are that the improving of the port and efficient, advanced technology that offers our customers to collect the highways that lead to the port will increase the movement of their funds in minutes. merchandise from the Horn of African to the UAE (or vice versa) by %50.” “We also engage with our customers on our social media platforms. We built an effective system that helps our customers, either individual He however cautions that although the trade between the two or corporate accounts, to send funds in minutes while blocking regions has improved, there are many things that still need to be criminals out. This system provides for security and for the protection done. “Dahabshiil, the largest African money transfer company, has of the integrity of our financial organization.” already put in place a system that will allow traders to transfer funds in seconds and purchase goods they need while continuing to meet A Leader in Community Development regulators’ expectations.”

Apart from providing its services to both individual customers He adds: “The banking relationship between the UAE and many and international organizations, Dahabshiil is also a partner with African countries is still being established and it is Dahabshiil outlets International organizations on projects that empower the communities that enable African business people to transfer their funds to buy in supporting businesses, creating jobs and poverty reduction. products and services in the UAE. Therefore, I am confident to say “We have had a long-standing tradition of contributing to the that Dahabshiil is one of the bridges that connects African traders to communities in which we operate. We dedicate a substantial amount UAE markets.” of our profit to humanitarian and community regeneration projects,” Mr. Duale says, adding that it is through these initiatives that the He notes that because of the significant presence of African business company provides funds to projects such as hospitals, schools and in the UAE, it is in the interest of both to focus on their trade and community facilities. investment opportunities: “The is a major hub for commerce and business in this part of the world, I believe there “We have recently worked with the Bill and Melinda Gates foundation are now thousands of African companies present in the country. Any to transfer funds into individual beneficiaries’ mobile phones using measure that simplifies business travel between Africa and the UAE Dahabshiil’s mobile payment platform eDahab. This was conducted and makes it easy to carry out transactions will contribute towards live during the ‘Goalkeepers event’ which was attended by President business growth and the opportunities.” Obama, Prime Minister Trudeau among other dignitaries.” On Africa’s participation in Dubai Expo 2020, Mr. Duale expresses On relief efforts, Dahabshiil plays a crucial role in helping vulnerable his belief that many international companies including Dahabshiil will communities: “When drought hit many Somali regions in 2016, participate in this important milestone event. “This event will no doubt Dahabshiil donated nearly two million dollars to support internally increase the level of trade, business transactions, partnerships and displaced people and refugees, while contributing to relief efforts opportunities. We look forward to interacting with these like-minded spearheaded by other international organizations such as the Emirates companies during the Dubai Expo 2020,” he says.

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