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WorldRemit, Bank of Africa sign money transfer deal

Online money transfer service WorldRemit and Bank of Africa have signed a partnership agreement that will enable customers send remittances to any of the bank’s outlets in Uganda and across Africa.

Under the new arrangement, Bank of Africa will allow customers to send money instantly to 35 new cash pickup locations in Uganda – stretching from Gulu to Entebbe and from Mbale to Mbarara.

Speaking at the signing last Friday, Sharon Kinyanjui, head of East and Central Africa at WorldRemit, said the partnership opens up another opportunity for the 400,000-strong Ugandan diaspora, broadening their choice of cash transfer options.

“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,” she said.

Arthur Isiko, managing director at Bank of Africa, explained that in line with their Triennial Development Plan to provide “tailor-made financial solutions and convenient, affordable services to our customers, we have partnered digital money transfer service, WorldRemit”.

“Our partnership enables the Ugandan diaspora to send money home to friends and family, using the WorldRemit app or website; partnership will offer the diaspora more money transfer options and make remittance rates more competitive, ultimately benefiting our customers and supporting financial inclusion,” he said.

The deal

Ugandans living abroad in over 50 countries will now send money instantly for collection as cash at Bank of Africa branches using the WorldRemit app or website. Bank of Africa is one of the top three pan-African banks, with a presence in 18 countries worldwide. It has a network of 35 branches across Uganda.

According to Kinyanjui, Uganda is one of the top five remittance-receiving countries in Africa for WorldRemit.

The World Bank estimates that the country received over $1.4 billion in remittances in 2017, accounting for five per cent of Uganda’s Gross Domestic Product.

Re-dessiminated by The Asian Banker from The Observer

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