Over the years, the Somali culture of trust has created a well-functioning money transfer business (Remittance services providers or the Hawalas) which has allowed Somalis in Diaspora to send money back home in an unstable and unregulated environment.The Hawalas are the oldest financial service in the country.

Currently, there is no regulation for the operation of the remittance service providers in Somaliland as the Remittance bill has not yet been approved by the House of Representatives. As at December 31st, the Bank of Somaliland has issued licenses for the 16 listed below (chart 3).