Bank of Africa Uganda has partnered with world’s leading digital money transfers service, WorldRemit to ease digital money transfers to Uganda.
During a ceremony at Bank of Africa head office on Friday, in Kampala, officials revealed that Ugandans in the diaspora in over 50 countries can now send money instantly for easy collection as cash at 35 branches across the country.
The Bank’s Managing Director, Arthur Isiko told journalists and stakeholders that with this partnership the bank has raised new possibilities to cater for the current trends in financial technology and banking innovation.
Mr. Isiko said; “Millions of Ugandans living in diaspora can now send money instantly for collection as cash at Bank of Africa branches using the WorldRemit app or website since majority send money to family and friends.”
“Our partnership with WorldRemit is crucial piece in the puzzle of Uganda’s economic development” Isiko said. These remittances will help Uganda to narrow the gap of economic standing and disparities between its economy and that of other countries since they are known to exceed official aid transfers in some regions and act as a buffer from economic shocks. Mr. Isiko added.
Sharon Kinyanjui, the Head of East and Central Africa at WorldRemit expressed delight with the partnership saying it would give the Ugandan diaspora a wider choice of cash pick up locations across the country.
“Africa now accounts for over half of WorldRemit’s transactions globally, and our ongoing collaboration with Bank of Africa will support our plan to serve 10 million customers connected to emerging markets by 2020,” Kinyanjui said.
The Ugandan diaspora in over 50 countries can now send money instantly to 35 new cash pickup locations directly from their phones.