WorldRemit, an online money transfer platform headquartered in London, has expanded its service in Uganda to enable customers to transfer money to mobile wallets.
The company, through providing this service, say they will increase the pay-out options available to consumers sending money to Uganda.
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The mobile wallet service will enable recipients to receive money on their mobile phones via MTN Mobile Money.
Upon receiving the money, customers can use the wallets for services including paying utility bills, buying airtime or withdrawing cash from authorised agents.
According to the World Bank, $733m of remittance payments were sent to Uganda through formal channels in 2012.
The figure amounted to 3.7% of Uganda’s GDP and made it one of Africa’s top recipients of remittances.
Uganda has also seen rapid growth of mobile money transfers and airtime top up.
35% of WorldRemit’s transactions to Uganda are going to mobiles, with the company expecting this figure to reach up to 80% in the future.
In March 2014, investment company Accel Partners announced it had made a $40m investment in to WorldRemit’s online money transfer business.
Related to:
Uganda launches COMESA’s Regional Payment and Settlement System
Ugandan government asks for public input on digital banking regulations
