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HSBC said last autumn it would get out of the money service sector entirely.
The Somali government called the Shabab threat to the money service a barometer of the group's ultimate aim.
The accounts are administered much the same way a bank runs any conventional on-demand money service, like a checking account, Mr. DeFillippo said.
Examples include Vodafone's mobile phone based money service Mpesa or L'Occitane, which works in Burkina Faso to support traditionally produced shea butter.
"Barclays made a legitimate decision to exit these businesses based upon the well-known risks of money-laundering and terrorist financing in the money service business sector.
"It is recognized that some money service businesses don't have the proper checks in place to spot criminal activity and could unwittingly be facilitating money laundering and terrorist financing," the bank said in a statement.
Similar(15)
The use of mobile money services has increased exponentially.
Today, two other mobile money services operate in the country.
* Know what you are getting for your money; services vary.
Unless his old enemy, Mr Brown, provides more money, services to Londoners will suffer.
Tesco also called a halt to travel money services this morning but has since resumed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com