Company background

Dahabshiil, an indigenous African company, was founded in 1970. It was set up as a new remittance venture to enable migrants to send money to family and friends back in the countries of East Africa. Dahabshiil has grown to be the largest African money transfer business operating in 126 countries across the world, 40 of which are in Africa. It remains a business committed to its original values of trust, reliability, integrity, and customer-focus.

In addition to serving individual customers, Dahabshiil offers money transfer and banking services to businesses and international organizations, including the United Nations, World Bank, Oxfam, and Save the Children. They rely on Dahabshiil to provide payment services to their staff, contractors, government institutions, and partner NGOs. The United Nations describes Dahabshiil’s services as ‘the only safe and efficient option to transfer funds to projects’.

The importance of money transfer services

Many international organizations have recognized the crucial role of remittances, both during humanitarian crises and for development. For example, organizations including the United Nations, World Bank, Oxfam, and others comment regularly on the importance of money transfer services. They describe them as a lifeline for millions of people, especially those living in rural communities where other financial services, such as banks, do not exist. Dahabshill is very strong in rural communities. As well as enabling Africa’s very poorest people to survive, Dahabshiil allows others to invest and create jobs, contributing to growth on the continent.

International organizations have also recognized that companies like Dahabshiil are a much safer and more desirable option compared with informal channels, which are not subject to checks on where the money comes from and where it goes.

The existence of companies like Dahabshiil is viewed as crucial to sustaining a healthy atmosphere of competition. This helps keep prices down and the standard of service high. Dahabshiil has some of the most competitive rates available.

Commitment to communities

Dahabshiil has had a long-standing tradition of contributing to the communities in which it operates. It dedicates 5% of its profits to humanitarian and community regeneration projects. It supports and has provided funds amounting to millions of dollars to projects such as hospitals, schools, and community facilities.

Compliance

Dahabshiil has comprehensive and robust compliance, and anti-money laundering and counter-terrorism finance programs used throughout its global network ensuring full compliance with all relevant regulations. Its network and associates are fully licensed, regulated, and supervised by the relevant authorities in every jurisdiction worldwide in which it operates. These include most countries in Africa, Europe, the USA, Canada, Australia, and the Middle East. In Kenya specifically, Dahabshiil was the very first money transfer business to receive a license and has continually complied with all relevant laws and regulatory requirements.

Kenya

In Kenya, Dahabshiil has implemented policies and procedures that ensure a full suite of checks and controls are completed on senders and receivers of remittances. For two weeks in February 2015, the Central Bank of Kenya Supervisory Department carried out an in-depth audit of Dahabshiil’s business and found that Dahabshiil was fully compliant with all relevant policies and procedures. It was the first money transfer company to be audited by the Central Bank. Dahabshiil contributes to the Kenyan economy by employing Kenyans, providing hard currency, and paying substantial taxes and other contributions. Dahabshiil values its civic obligations in Kenya. It was recently one of the companies which sponsored the Kenya Diaspora Forum, graced by his Excellency the President of the Republic of Kenya, where it played a pivotal role as a gold sponsor.