4 ms·

Money transfer systems in developing countries are fascinating. Hawala[1] is one notable example – a remarkably fast, efficient and cost-effective system based

Money transfer systems in developing countries are fascinating. Hawala[1] is one notable example – a remarkably fast, efficient and cost-effective system based on interpersonal relationships and trust. [1]https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala

hckr_news 7y ago
Absolutely. As one of the poorest countries in the world, remittances are crucial to Somalia’s economy.
pradn 7y ago
Hawala is a pretty common way for people to send large sums of money between the USA and India. Amounts on the order of $100,000+ are not unheard of.