Financial Services

Dahabshiil Group derives its name from the first business established by Mohamed Said Duale in 1970. Dahabshiil, which translates to “gold smelter”, is synonymous among Somalis around the world with sending money home to loved ones. Financial services, therefore, are at the heart of the Dahabshiil family of companies.

eDahab

eDahab is mobile money transfer service allowing users to send and receive money, access their Dahabshil Bank International accounts, or send and receive airtime all via the Somtel network.

Governance, Risk and Compliance

With financial services at its core, the Dahabshiil family of companies is committed to setting the standard for corporate governance, risk management, and compliance with all relevant regulations throughout all areas of operations.Though the regulatory environment varies from one jurisdiction to another, Dahabshiil Group financial services companies maintain a set of core policy principles everywhere it operates.

Anti-Money Laundering & Counter-Terrorist Financing (AML/CTF)

Given the continuing presence and activities of terrorist groups in countries the Dahabshiil family of companies operate in, including Somalia, and the risk of terrorist groups abusing financial institutions, all Dahabshiil Group financial service companies have invested significant resources and attention to AML/CTF policies and procedures.

Know Your Customer (KYC)

All Dahabshiil Group financial services companies maintain departments and teams dedicated solely to ensuring that KYC policies meet or exceed the criteria of their respective jurisdictions, that transactions are monitored, and suspicious activities detected.

Sanctions Compliance

All Dahabshiil Group financial services companies use sophisticated software for onboarding and client monitoring to ensure KYC processes are screened against comprehensive sanctions databases.

Anti-Bribery and Corruption

All Dahabshiil Group companies maintain strict anti-bribery and corruption policies and ensure their staff are familiar and comply with such policies.

Data Protection

All Dahabshiil Group companies maintain comprehensive data protection policies based on six guiding principles:

  • lawfulness, fairness and transparency
  • purpose limitation
  • data minimisation
  • accuracy
  • storage period limitation, and integrity and confidentiality.