The international remittance markets have grown dramatically in many parts of the world for the past two decades or so. Yet their critical roles in the economic development of least developed countries are not widely known and acknowledged in the field of economics, finance and related academic studies. The importance of remittance for the people of Somaliland since the collapse of the Somali state in 1991, engendering the breakdown of all institutions including national and international payment systems (banking), cannot be denied. Remittance services have provided lifeline for the majority of poor households as they mitigate vulnerability and sustain livelihoods among the population, through timely cash payments.
In other words both needy families and individuals in urban and rural localities in Somaliland receive vital small amounts of money sent by their migrant or refugee relatives from the Diaspora, particularly, from Europe, North America and the Middle East with the aim of supporting their family members back home, where most seem to endure abject poverty and low income aggravated by lack of economic and employment opportunities.
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