Recent analytic work conducted by GIABA and FATF has revealed trends and typologies of how terrorists in West Africa finance their activities.
Terrorists finance their activities through trade, non-governmental and charitable organizations, taxation, through criminal activities such as the smuggling of weapons, and drug trafficking. They move their funds through cash couriers, as well as other formal and informal channels (likely hawala, MSBs and banks).
Analysis: Terrorist groups operating in West Africa make use the the economic activity (either licit or illicit) in the jurisdictions in which they are operating to make money. They participate in that activity, or they tax it to raise funds for their purposes. As with most other terrorist organizations, they use the means at their disposal to move funds, primarily through cash couriers and informal value transfer networks.