Somalia: Dahabshiil Bank struggling to survive

Published On: Monday, August, 20 2012 - 00:53:31 This post has been viewed 1418 times

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The Bank was to be a flagship institution for the Dahabshiil franchise which grew to become the worlds biggest Hawala in a about a decade.

Djibouti (SDN)-Dahabshiil Bank in Djibouti has been struggling to survive after the Bank failed to build clientele in the lucrative horn of African market.

The Bank which is a subsidiary of Dahabshiil Remittance service was to be the main Bank for all Somalis in dire need of such institution

Somalia and Somaliland both do not have an official Banking institution since the collapse of the central government.

Dahabshiil Bank could not master more then a meager couple of hundred clients in it’s Djibouti center.

That according to former employees who left the west to work at the Djibouti addition of the Dahabshiil conglomerate.

The former employees who requested their names not be used in the report expressed a concerns over the new staff that took their place.

The new staff do not have the expertise needed to run a bank and could further jeopardize the survival of the institution,and the hard earned customer funds.

The Bank was to be a flagship institution for the Dahabshiil franchise which grew to become the worlds biggest Hawala in a about a decade.

The Failure of the Bank stems from lack of capital an ingenuity according to the former employees.

The expansion in retrospect seems a move to fight of other competing companies in the sector.

Dahabshil Bank did not return our calls for an interview on this report.

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