WorldRemit founder WINS entrepreneurship Award for new system for the transfer of money

December 14,Dr Ismail Ahmed, the founder and CEO of WorldRemit, won the entrepreneurship award at the Somali Achievement Awards ceremony held in London on 11 December 2010 in recognition of an innovative online money transfer business he established earlier this year. WorldRemit (www.worldremit.com) enables members of the diaspora to send money safely from the comfort of their own homes at any time of day or night. Dr Ahmed said, “We are delighted to have won this community award which recognises the contribution of our innovative business to the Somali diaspora. Winning this award as well as the prize we won at the prestigious London Business School business plan competition in May 2010 is a fantastic accolade for our business and our team. Traditionally migrants used to send money home through “hawalaagents which meant withdrawing cash from a bank, taking time off to visit an agent, queuing up to hand over cash, and presenting identification documents. Up to 90% of transfers are $100 or less, but on average it takes up to one hour to travel to and from an agent location. In some cases the travel costs of those who don’t live near agents are more than the amount they send. Now, using a variety of payment options including debit and credit cards, customers can send money to family and friends from the privacy and convenience of their own home or office without the need to queue up at an agent location. WorldRemit currently offers money transfer to 25 countries. Recipients can receive money either by collecting cash from one of the many pay-out locations or directly in their bank or mobile phone account.