Ismail Ibrahim Ahmed is a Somali-British entrepreneur, founder and chairman of WorldRemit, a digital money transfer service launched in 2010.
Born in Hargeisa, Somaliland, he fled to the UK during the Somali Civil War, later earning a PhD in economics and an MBA from London Business School.
Ahmed’s experiences with costly remittance processes inspired him to create a more efficient mobile-based solution.
He also established the Sahamiye Foundation, committing $500 million to support Somaliland’s development in infrastructure, healthcare, and education.
Education
Ahmed holds a PhD in Economics from the University of London and an MBA from London Business School.
He received a World Bank scholarship to study economics in the UK during the Somali Civil War, which led him to migrate as a refugee.
While studying, he worked various part-time jobs, gaining firsthand experience with the challenges of money transfers that later inspired him to create WorldRemit.
Early career and founding WorldRemit
Ahmed began his professional journey with the United Nations, where he worked in various roles focused on international development and compliance.
As a refugee from Somalia himself, he witnessed firsthand the difficulties that families encounter when sending money across borders.
High fees and slow transfer times were common issues that often left families struggling to access funds.
This personal motivation inspired him to seek solutions that could simplify and reduce the costs associated with remittances.
In 2010, Ahmed founded WorldRemit with the vision of creating a digital platform that would allow people to send money internationally using their mobile devices or computers.
He aimed to leverage technology to make remittances faster, cheaper, and more accessible compared to traditional methods like cash transfers through agents.
WorldRemit launched its services that same year, initially focusing on providing remittance services to countries with significant diaspora populations.
The platform enabled users to send money online directly to bank accounts, mobile wallets, or for cash pickup at local agents
The company quickly gained traction and attracted significant investment from venture capital firms.
Over the years, WorldRemit raised over $375 million in funding from investors such as Accel Partners and Technology Crossover Ventures (TCV).
This funding allowed for rapid expansion into new markets and the enhancement of its technology infrastructure.
Notably, by offering lower fees and faster transfer times, WorldRemit has made it easier for migrants to support their families back home.
Under Ahmed’s leadership, WorldRemit has received numerous accolades for its innovation and impact on the financial technology sector.
Philanthropy
Ahmed is deeply committed to philanthropy, particularly through the Sahamiye Foundation, which he established to drive development in Somaliland.
He has pledged $500 million of his own wealth over the next ten years to support various initiatives focused on education, healthcare, and infrastructure in Somaliland.
The foundation aims to improve literacy rates, providing resources for over one million adults and young people to acquire Somali language skills and vocational training.
In addition to educational programs, the Sahamiye Foundation is dedicated to innovative development finance solutions that move away from traditional aid models.
Ahmed has also contributed significantly during the COVID-19 pandemic, donating $1 million worth of personal protective equipment and laboratory testing equipment to enhance healthcare capabilities in Somaliland.
Accolades
Ahmed was named EY Entrepreneur of the Year for London and the South, highlighting his entrepreneurial achievements with WorldRemit.
In 2020, he topped the Powerlist, which recognizes the most influential black Britons in the UK, showcasing his significant influence within the community.
Additionally, Ahmed has been acknowledged for his outstanding leadership in fintech by various organizations, including being awarded for Outstanding Leadership in Fintech at the CEO Today UK Awards 2023.
