US Bancorp to open Somali money transfer account

AP News
Posted: Apr 16, 2013 7:11 PM

MINNEAPOLIS (AP) — U.S. Bancorp has agreed to open an account that will allow Somalis living in Minnesota to send money to relatives in Somalia.

The Minneapolis-based bank confirmed Tuesday it has agreed to open an account with Dahab-shil, a money service business.

That account will allow Somalis to send money to their families living in Somalia, more than a year after the last Minnesota bank stopped conducting the transactions.

U.S. Bancorp says it's worked closely during the past year with money transfer businesses seeking to send money to Somalia, which lacks a structured banking system.

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Minnesota has the largest population of Somalis living in the U.S. Minnesota Somalis say their families in Africa might not survive without the monthly remittances they send back home.

The bank hopes to start the transfers soon.