Business and Finance

WorldRemit launches its mobile money services in Uganda

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Global money transfer service WorldRemit has launched its mobile money remittance service in Uganda.

The UK based company is targeting the growing remittance market with $733 million in remittances in 2012 according to the World Bank.

“The mobile wallet service enables recipients to receive money quickly and securely on their mobile phones via MTN Mobile Money. Once they have the money, customers can use their mobile wallets for many purposes, such as paying utility bills, buying airtime or withdrawing cash from authorised agents,” the company said.

WorldRemit hopes to have at least 80% of remittances done via mobile money in the country. Currently only 35% go to mobile money wallets for remittances in Uganda.

“Customers can send funds from 35 countries to families and friends in over 100 destinations, all from the privacy and convenience of their own home. All they require is Internet access, eliminating the need to take time off to visit an agent location,” the company added.

According to the Uganda Communication Commission (UCC), Uganda’s mobile industry contributed 5.1% of the country’s GDP in the 2102/2103 financial year.

BuddeComm puts the country’s mobile phone penetration at 52% as of end of 2013. Uganda’s population is 36 million, according to the World Bank.

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