Money transfer service launched for Ugandans in the diaspora

Jun 22, 2012

A new money transfer service has been launched for Ugandans that are members of the diaspora.

A new money transfer service has been launched for Ugandans that are members of the diaspora.

The scheme is a collaboration between three companies - TeleB, Mcash Uganda and Housing Finance Bank (HFB), the Observer reports.

It will allow Ugandans living in Europe and the Americas to send money to businesses and their families located in Uganda.

Over the past five years, the diaspora has experienced considerable expansion and remittances by Ugandans living abroad increased by 11.3 per cent in 2010 - reaching $773 million (£616 million).

TeleBM Chief Executive Officer Mohamed Kalisa said: "Providing a secure and convenient money transfer service is a step in the right direction, one that TeleBM and her partners are glad to be making and launching."

This comes just after HFB teamed up with MCash to offer a new mobile banking service in Uganda, giving the unbanked population a better opportunity to access financial services.ADNFCR-2976-ID-801391311-ADNFCR