Central Bank explains WorldRemit’s exit from Uganda

Uganda joins Singapore and Russia among the countries where WordRemit transactions have been blocked.

Uganda joins Singapore and Russia among the countries where WordRemit transactions have been blocked (PHOTO /Courtesy)

Bank of Uganda has sought to assure stakeholders and financial sector players that the exit of WorldRemit Money Transfer (U) Limited from Uganda does not affect money remittance business in the country.

Effective 6th June 2022, WorldRemit stopped facilitating any new outbound / send transactions from Uganda.

In a statement on Monday, 04 July 2022, Bank of Uganda said: “The public is notified that the closure of WorldRemit Money Transfer (U) Limited as a company will not affect WorldRemit money remittance product offered by several supervised financial institutions in Uganda.”

Bank of Uganda urged customers with outstanding claims for monies given to WorldRemit Money Transfer (U) Limited for remittance purposes to submit the claims, with evidence, to the office of the Director Non-Bank Financial Institutions Department at Bank of Uganda by July 18, 2022.

“Bank of Uganda assures the public that it will continue to safeguard the stability and integrity of the financial sector,” the central bank announced.

While announcing their exit from Uganda in May, A spokesperson from WorldRemit said: “It is our continued goal to ensure we are offering the greatest value for our customers around the world, and to do so, we occasionally have to make difficult decisions that impact a small number of customers. As part of our strategy, we have therefore decided to no longer support outbound money transfers from Uganda, as well as a handful of other countries across the world. Customers in these countries will however continue to be able to receive money through WorldRemit from abroad.”

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