Africa-based money transfer company Dahabshiil has waived charges for those sending money to assist flood victims in Somalia.
Chief Executive Officer Abdirashid Duale said it is vital for people of good will to come together to help save lives.
"Dahabshiil has already committed funds to help the victims as we did with those affected by drought. We have donated money towards ensuring they have basic requirements," Mr Duale said.
He added: "We have also waived charges for the diaspora community who are sending money to help their relatives and friends. This applies to accounts belonging to the community who are contributing funds to the drought and flood victims."
The international community and corporate organisations have been called upon to assist flood victims in East Africa and the Horn of Africa.
Already several have died and others are missing as heavy rains continue to pound Somalia and its neighbouring countries such as Kenya.
Many places that were affected by the recent drought (Kenya, Ethiopia, Djibouti, Somalia) are now experiencing flash floods.
A team comprising African Union Mission in Somalia and Somali security forces has evacuated more than 10,000 people in Belet Weyne and HirShabelle marooned by floods.
According to the Federal Government of Somalia, more than 175,000 have been displaced and over 400,000 affected in different parts of the country since the rains started in May.
Somaliland President Musa Bihi Abdi visited the family of the mother and her two children who were swept away by floodwater in Qudha-Dheer, Hargeisa.
Somalia’s two major rivers are affected, with the Shabelle River rising at an unprecedented rate of around 13 feet in less than a week in April.
According to the UN Food and Agriculture Organization, the current floods are some of the worst the region has ever experienced.
"Internally displaced people remain the most vulnerable to the impact of the flooding with many camps located in low-lying areas," Stéphane Dujarric, spokesperson for UN Secretary-General António Guterres, said in New York.
"Humanitarian partners on the ground have prioritized water, sanitation, hygiene, health, shelter and food response in their interventions," he added.
The heavy rains and flash floods come only months after a devastating drought left more than six million people in need of humanitarian assistance last year.