Citizens of Somali who use Dahabshiil can now relax as the representatives for the money transfer service have confirmed that they have won extra time to prevent Barclays Bank from withdrawing from their remittance operations.
It appears that the British High court has establishes an interim sanction that will protect all the banking arrangements with the Barclays until a full trial is held.
Dahabshiik has accused Barclays of taking advantage of its dominant position in the marketplace and shutting it down without justification.
Experts believe that withdrawing services to Dahabshiil would put a whole sum of 100 million pounds ($160 million) worth of transfer of funds a year, at risk.
Barclays, which is trying to ditch Dahabshiil over money laundering concerns, said it was disappointed and would appeal the decision.
Project Associates said that: “ the injunction was a victory for the millions of Somalis and other Africans, many of whose livelihoods depend on our services.”
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