Dahabshiil: The maker of liquid gold
Dahabshil, which is Somali for ‘the gold melter’, is a ‘rags to
riches’ story of an African entrepre neur who lost everything during
the Somali civil war.
With nothing but a strong network of contacts, he set about
rebuilding the company which two decades later is now the largest
African-owned money transfer business in the world. Dahabshiil was
founded by Mohamed Said Duale more than forty years ago. He opened
his first shop in Burao, the regional capital of Togdheer province
in North-West Somalia, now known as Somaliland.
He started off by selling imported goods from Gulf states on behalf
of Somali migrant workers and transferring the proceeds back to
their families.
The business collapsed as civil war broke out across Somalia,
forcing more than a million Somalis to flee and seek refuge all over
the world. With limited resources, Duale used his experience to set
up a new remittance venture, enabling Somali refugees to send money
and goods to displaced family members.
Over the next two and half decades, Mr. Duale, with the support of
his staff and his son, Abdira shid Duale, who worked in the shop
while also attending school, expanded the business to beco me the
leading money transfer company in the Horn of Africa and beyond. Dahabshiil now oper ates in many African countries including Uganda,
Rwanda, Sudan, South Sudan, Kenya , and Ethi opia. It serves migrant
communities all over the world and is fully compliant with
international regulations.
Dahabshiil made banking history when in 2009 it launched the first
ever debit card in the Somali territories. It also opened the
Dahabshil Bank in Djibouti which is operational in some parts of th e
Somali territories as well
Abdirashid Duale, the current CEO of Dahabshiil, has worked for the
company since his school da ys, helping his father develop what was a
small family business into a global firm operating in mo re than 150
countries. He has committed his company to increasing financial
inclusion in develop ing countries, and has been an integral part of
the economic development in the Horn region.
The company is involved in community regeneration projects. It
invests five percent of its profit s each year into such activities,
including the development of schools, hospitals, agriculture,
san itation and infrastructure. This amounts to millions of dollars
annually.
The company’s humanitarian efforts during recurrent food crisis have
included partnership with leading aid agencies in the delivery of a
‘cash for food’ programme, involving money transfers to
beneficiaries for the purchase of food in local markets.
With headquarters in the Somali territories, the United Kingdom, and
Dubai, Dahabshiil provides services to some of the world’s leading
humanitarian organisations, including the United Nations and
international NGOs.
Dahabshiil is also currently spearheading initiatives consisting of
partnerships with development organisations in an effort to
establish sustainable financial products to meet the needs of poor
communities.
Abdirashid Duale has established a reputation as an expert in the
remittance industry, and has vast experience in all areas of money
transfer operations. He has gained a reputation as a regul ar keynote
speaker at international and regional conferences, including those
organised by The School of Oriental and African Studies,
International Fund for Agricultural Development, The Lon don School
of Economics, Oxford University, the African Development Bank and
the British Hous es of Parliament. He speaks about remittances,
telecommunications and development issues.
Abdirashid Duale has won several awards. This year he was
independently selected out of nea rly 700 candidates as one of the
top 50 most influential people in Africa by the respected
pub lication, The Africa Report. In addition to this he was recently
awarded Top Manager of the Year by the International Association of
Money Transfer Networks in recognition of the outstanding services
that the firm offers its clients. He has also received the UK’s
Mayor of Tower Hamlets award for excellence in the community, which
recognises what it describes as the “outstanding contribution” Dahabshiil has made to the local, national, and international Somali
community ove r the last forty years.
The story of Dahabshiil, which started off as one small shop, is an
inspiration to many people, es pecially Africans. It has overcome
many challenges in a difficult part of the world, and proves t hat
hard work, commitment, professionalism, and resilience can yield
large dividends.
Written by Thebridgem.
|