BY BANKERS REPORTER
WorldRemit and dfcu bank have announced a partnership that will make it easier and faster for Ugandan nationals to process online money transfers.
The partnership means WorldRemit customers can now be able to collect funds in the form of cash pickup at 56 dfcu branches across Uganda. WorldRemit is global payments company.
Ivan Kanyali, Uganda Country Manager at WorldRemit, re-emphasised the company’s ambition to streamline digital cross-border payments.
“This new partnership with dfcu Bank once again confirms WorldRemit’s continued drive to expand its partnership base to make it easier and more accessible for people working globally to send money to their loved ones back home. In particular, it will be a welcomed service especially with the opening of the economy, as it will facilitate faster and simpler payments for those doing business and paying school fees.
“Our money transfer and fund access initiatives pave a smoother road for those who need to manage their finances and remittances between different countries. Launching a partnership with dfcu Bank enables Ugandans working in countries like the United Kingdom, Australia, Canada, and the United States to safely, conveniently, and quickly process their remittances via bank transfers,” Kanyali said.
Most remittances into Uganda come from the Middle East. According to data from Bank of Uganda, remittances inflows in 2020 recovered to $1b (sh3.6 trillion) from highs of $1.4 (sh5 trillion) in 2019.
Officials say the partnership will further provide an effective, secure, and practical alternative to the traditional ways of managing remittances and remitting much-needed funds back home to Uganda.
Miranda Bageine Musoke, Head of Personal Banking at dfcu Bank, noted that while the impact of the COVID-19 pandemic on both the global and Ugandan economies cannot be denied, remittance flows still provide crucial support to many families. In fact, Uganda still ranks among Sub-Saharan Africa’s top 10 recipient countries.
“The partnership between dfcu Bank and WorldRemit offers a much-needed solution, which has the potential to increase access to and use of remittances received by households for greater financial inclusion and investment opportunities.
“dfcu Bank is committed to providing services that will give our customers and the rest of the country the necessary support to revive both their personal lives and businesses,” she said.
The beginning of the year is a popular time for the Ugandan diaspora to send remittances back home to their families and loved ones. This money enables them to be more financially equipped for the university and academic school year starting in January.
With the disruptions caused by the coronavirus pandemic, remittances bring relief to Ugandans in uncertain times.