Xpress Money reports 26 per cent increase in remittance transactions from UAE to Uganda
Xpress Money has reported an average growth of 26 per cent in the number of remittance transactions from UAE to Uganda over the last three years, as well as a 28 per cent increase in the volume of money being sent by expats in the UAE to their home country, Uganda.
For years, Xpress Money has offered convenient and cost-effective money transfer options like Cash-to-Cash and Cash-to-Mobile Wallet services to Uganda. With over 250 agent and sub agent partners in Uganda like UAE Exchange, Diamond Trust Bank, dfcu Bank and a host of other trusted banking and non-banking financial institutions, receiving money is even more convenient for the beneficiaries in the country.
“This phenomenal increase in number of transactions from UAE is great news for Uganda’s economy, and for Xpress Money. For us, Uganda has always been a significant market, both in terms of inward and outward remittances. We have strategically created a wide network of agent partners in Uganda to ensure an efficient and cost-effective money transfer ecosystem for our Ugandan customers. This rapid increase in remittances encourages us to further increase our footprint in Uganda and offer more convenient ways for Ugandan expats to securely access their money,” said Xpress Money’s COO, Sudhesh Giriyan.
Remittances sent to Uganda from abroad, locally known as kyeyo, play an in important role in the country’s economy in terms of an increased flow of foreign exchange and high economic growth. As per a World Bank report, Uganda received nearly $1.02 billion in remittances in 2016. This number is expected to grow further in 2017. Traditionally, Uganda receives remittances mainly from the UK, USA, Europe, United Arab Emirates, South Africa and Japan. The growth in remittance transactions also indicates that more and more Ugandans are choosing UAE for better prospects.