- WorldRemit aims to provide the cheapest international money transfers to Uganda
- Cross-border payments will be wired directly to Bank of Africa accounts
- Cash is also available for pickup in the bank’s 35 branches
One of the world’s leading money transfer services has just entered the Ugandan finance market. WorldRemit announced that it has signed a partnership agreement with the Bank of Africa to facilitate cheaper rates for international money transfers to Uganda.
Ugandan migrants who send money home regularly will be able to send funds to family and friends instantly, according to WorldRemit representatives, who noted that transactions will not require much effort and it won’t be costly.
The bank announced the development in its Kampala offices last weekend with the aim to help out-of-country Ugandan workers save money on remittances and for families to receive more funds than before. Money sent to Bank of Africa accounts can be accessed by recipients at any of the bank’s 35 branches.
WorldRemit’s Head of East and Central Africa Sharon Kinyanjui describes the partnership as an “exciting” venture because, apart from instant access to funds, money transfer recipients in Uganda can also pick up their cash in the local currency.
During a press conference, Kinyanjui said: “We pride ourselves in our prices being affordable. Because we are a digital company, our fees are very reasonable.”
Bank of Africa’s General Manager for Business Development Ronald Kamulegeya added that WorldRemit customers can now go to any of the bank’s branches around the country to pick up their money as long as they have a valid ID and have the transaction details.
WorldRemit is a digital money transfer brand founded by Ismail Ahmed. Since its inception in 2010, it has gained a huge following in Africa. The UK-based company services 47 countries for recipients and 52 countries for senders. According to WorldRemit users, the brand charges a small amount of 1% on remittances.
For more information about WorldRemit, take a look at this link.
