Ugandans living abroad are the most frequent senders of money using Worldremit globally. The new platform allows users to send money digitally straight into someone’s mobile money or bank account.
This was revealed today in a statement by Worldremit during a visit by the Vice President Edward Ssekandi to organisation’s headquarters in London as part of his trip to attend the Uganda-UK investment summit last weekend.
According to survey by the GSM association, migrants normally make one transaction a month. But analysis of WorldRemit data showed that on a monthly basis, Ugandans send 4 transactions a month, compared to 3.5 for their Kenyan counterparts.
According to WorldRemit, Ugandans in the diaspora now send $84 million (Approximately Ushs300bn) each year to Uganda. The company says that about 80% of transactions to Uganda comes to mobile money accounts.
The company says that the convenience of sending and receiving money 24/7 from an app, phone, or website, has helped them achieve 88% growth a year. The digital transfer company sends money to 149 countries around the globe.
Most of the transactions come from USA, Europe and Australia – the USA is the fastest growing market at 600% per annum.
Worldremit has hailed Uganda’s innovative and flexible approach to regulation of the mobile money industry as a key factor in the expansion of mobile money and helping Uganda’s society transit into a cashless economy.
WorldRemit CEO Ismail Ahmed said: “Ugandan customers are at the front of the mobile money revolution – choosing to support families at home by sending through our fast, low-cost digital service. We are delighted in the growth of our Ugandan service, and are working on the expansion of services in Uganda”
The benefits of mobile money have been felt across the country. Recent research by the GSMA – the body representing mobile telecom operators – has shown that the per capita consumption of rural households increased by 72% after the adoption of mobile money.