Money transfer solutions provider MoneyGram has partnered with Centenary Bank enabling the bank’s customers to receive cash from over 300,000 locations worldwide.
World Bank migration and remittance data showed that over $1.5 billion or about 4.5% of Uganda’s GDP flowed into Uganda, as of October 2019, mainly from the Middle East, U.S, U.K, Canada, Kenya, South Africa, Italy, Germany and Western Europe.
Most of the remittances come from the Ugandan diaspora communities in Africa, with at least half from the Middle East, where at least 150,000 Ugandans are employed, according to Bank of Uganda.
“MoneyGram is proud to partners with Centenary Bank. Known for superior customer service and operational excellence, we are confident Centenary Bank will attract a significant portion of the over $1 billion remittance inflows into Uganda,” said Darryl Pietersen, MoneyGram Regional Director for South and East Africa.
MoneyGram already has an extensive presence in Uganda.
With 1.8 million consumers and a network of 74 branches and 181 ATMs countrywide, Centenary Bank is the second largest bank in Uganda.
Fabian Kasi, the bank’s Managing Director said: “MoneyGram is amongst the most reputable remittance services globally. Our partnership is another testament to our growth and our determination to offer quality and convenience to our customers and the public.”