Page 28 - Powerlist 2020

The Top 10 NUMBER ONE

Ismail Ahmed

Smuggled out of war-torn Somalia in a dump truck, Ismail Ahmed discovered the
power – and the pain – of sending money home. He decided to make a change.
This year’s Powerlist No.1 talks to Eva Simpson about inspiration, vision and pride

If you’re one of the countless people For as long as I can remember they were fundamentally flawed. I knew
who regularly send money overseas, have been part of my world. When I there had to be a better way.
there’s a very good chance you’ve was a boy, family and friends crossed After uncovering (alleged) corruption
heard of WorldRemit. the Red Sea to work in the booming at the UN, I used my compensation –
The multi-million-pound company economies of the Middle East and they £200,000 – to set up WorldRemit.
founded by Ismail Ahmed in 2010 is were earning a good living.
one of the world’s leading digital Migrants started sending back a lot of That seems like a huge risk. Were you
transfer companies and it is disrupting money, which helped transform my worried you would lose your money?
the way remittances are sent globally. home city of Hargeisa, the capital of Setting up a technology business is very
The market is huge. In 2018, according Somaliland. Although it sometimes took hard but it’s doubly challenging in this
to the World Bank, the total volume of a year for recipients to get their money, space because our industry is one of the
personal transfers was $689bn, with it enabled them to construct houses and most highly regulated in the world.
$529bn going to middle to low-income set up businesses. After the war, it was We talk to more regulators than some
countries. Estimates on remittances money sent from refugees that helped of the biggest global banks.
from the UK range from £1.5bn to people to rebuild. So one of the most important things I
£16bn annually. did was enrol in the London Business
Like most entrepreneurs, Ismail School. It was brilliant for the network
spotted a gap in the market. WORLDREMIT and for learning about technology and
But for him, it was personal too. other aspects of running a business.
When he was a young man growing up IN NUMBERS I could have done another PhD, but I
in Somaliland he witnessed the power didn’t need another certificate. I went
of people supporting their loved ones 2010 Launched to LBS because I knew getting the
from abroad – and money transfers 600 Employees network was key.
helped him to escape the country
when war broke out. 1.1m Payments per month How important was it?
It’s this combination of the personal 4m Customers worldwide Absolutely critical, particularly in getting
and practical which is one of the the founding team. At the start it’s all
strengths of the firm, which is said to 150 Countries money sent to about teamwork and I was fortunate to
be valued at $900m. find my co-founding team while at LBS.
As he is named this year’s Powerlist Catherine Wines I got through contacts
Number One, Ismail sits down to talk How did that germ of an idea become I made there and Richard Igoe I got
about his journey, his experiences and the mighty World Remit of today? through the school itself.
why people still do a double take when I actually set up my first money transfer I don’t think we would have succeeded
they see him in swanky hotels. service in 1991 because there was a real without my two co-founders, who
need for the service. I was a student had complementary skills. Those early
in the UK, sending most of my money moves are so important for raising
back to Somaliland – many family money and building the foundation of
members were in refugee camps. the business.
Congratulations on being named I had to take on lots of work to keep
number one on the 2020 Powerlist. afloat, even strawberry picking. Is that something people
How does it feel? I saw for myself how costly and underestimate when they’re
It’s an honour and a privilege. I’ve been inconvenient it was to send money starting out?
on the list a number of years, but to be home. Just to make the transaction Definitely. It’s the networking, the team.
number one is great. involved a three-hour round trip for me. Knowing what you’re good at and what
I studied remittances before joining the you need help with. People who know
When did you realise the power UN, but I was already aware that the Catherine and Richard know we have
of remittances? traditional methods of sending money different skills. A lot of entrepreneurs

28 Powerlist 2020