Leading online money transfer service WorldRemit last weekend unveiled a partnership with Bank of Africa in Uganda, through which Ugandans abroad will be able to send money back home instantly, with little effort and at an exceptionally low cost.
Through the partnership, which was announced Friday at BoA offices in Kampala, Ugandans in diaspora will be able to channel money which can be accessed at any one of the 35 BoA branches in the country.
Sharon Kinyanjui, World Remit’s Head of East and Central Africa, told press that BoA customers under this arrangement, will be able to have their money wired directly to their accounts, or they or can pick up the cash in local currency at any of the bank’s branches.
Describing this partnership as “exciting”, Ms Kinyanjui noted, “We pride ourselves in our prices being affordable. Because we are a digital company, our fees are very reasonable.
Speaking at the partnership launch, BoA’s General Manager Business Development, Ronald Kamulegeya explained, “World Remit Customers can now walk into any of our branches across the country with their valid identification and transaction details, which include a Transaction Reference Number, sender names and the amount. With these details, they will be able to receive money instantly from their loved ones.”
Founded by an East African Ismail Ahmed back in 2010, WorldRemit is currently the world’s biggest online remittances service.
Based in the UK, the company enables fast transfer of cash from any of its 52 send-countries to its 47 receive-countries, through its mobile app or its website.
Kinyanjui revealed that Uganda, being its 6th biggest market, is an important market for the company, which prompted this partnership.
The service, she said, is very cheap. The company charges only 1% on remittances ranging from £1 up to £50,000.
Currently, according to Bank of Africa Managing Director, Arthur Isiko, the cost of sending money to Sub Saharan Africa on average, is over 9%.
This is more than triple the Sustainable Development Goals target of 3%.
“At WorldRemit it will be just 1%; you can imagine the costs that this will save Ugandans,” he noted.
“We at Bank of Africa are committed to providing affordable services to our customers, and in pursuit of this commitment we are commencing this partnership with World Remit. It will go a long way in reducing high cost of remittances,” he said.