Home » Queen’s bank honors Somali tycoon Abdirashid Duale for contribution to financial sector

Queen’s bank honors Somali tycoon Abdirashid Duale for contribution to financial sector

by Omokolade Ajayi
Abdirashid Duale

Somali tycoon Abdirashid Duale has received yet another award for his good works. This time, it was at the Platinum Jubilee beacon-lighting event, as the Queen’s bank Coutts in London honored him for his contribution to the growth of the financial sector.

The Platinum Jubilee, which was celebrated across the United Kingdom and the Commonwealth, was a celebration of Queen Elizabeth II’s unifying power.

The world’s eighth-oldest bank, Coutts invited Duale in recognition of “the fantastic work” that he has done in the financial sector, with the businessman accepting the honor and reflecting on his company Dahabshiil’s performance thus far.

While accepting the honor, Duale stated: “Dahabshiil embodies this spirit. From small beginnings, we have built ourselves into a global business, creating jobs and supplying lifeline services whereby African diaspora communities can help their families and invest in businesses back home.”

This comes nearly three weeks after Dahabshil received two Global Good Governance awards from Cambridge IFA, a London-based financial consultancy firm, for its money transfer services to the diaspora.

Dahabshiil, an indigenous African company, was founded in 1970 as a remittance venture to allow migrants to send money home to family and friends in East Africa. Dahabshiil’s services are especially important now, with the worst drought in 40 years ravaging East Africa and the Horn of Africa.

Since its inception more than five decades ago, Dahabshiil has grown into a leading African money transfer business under the leadership of Duale, as the company facilitates transactions across 126 countries worldwide, 40 of which are in Africa.

Dahabshiil provides money transfer and banking services to businesses and global organizations such as the UN, World Bank, Oxfam, and Save the Children, as clients rely on Dahabshiil to provide payment services to their employees, contractors, government institutions, and partner NGOs.

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