Ugandan diaspora most frequent senders of remittances in the world
Milestone highlighted as Vice-President of Uganda, Edward Ssekandi, visits WorldRemit HQ
London, 18 September 2017: Ugandans are the most frequent senders of remittances, according to WorldRemit, the digital transfer company which sends to 149 countries around the globe.
Migrants normally do just under one transaction a month, according to global surveys. But analysis of WorldRemit data showed that on a monthly basis, Ugandans send 4 transactions compared to 3.5 for their Kenyan neighbours.
The convenience of sending and receiving money 24/7 from an app, phone, or website, has driven the growth on WorldRemit’s business.
WorldRemit customers now send $84 million each year to Uganda. The company is experiencing fast growth of 88% a year. About 80% of transactions to Uganda go to mobile money accounts.
Most of the transactions come from USA, Europe and Australia – the USA is the fastest growing market at 600% per annum.
As Uganda moves rapidly towards becoming a cashless economy, the Government of Uganda’s innovative and flexible approach to regulation of the mobile money industry has been recognised as a key factor in the explosion in mobile money usage.
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.
Uganda’s leading role in the mobile money revolution was highlighted as the Vice-President of Uganda, His Excellency, Edward Ssekandi, visited WorldRemit headquarters in London. He is due to speak at the keynote Uganda-UK investment summit in London on Saturday.
Ismail Ahmed, CEO of WorldRemit 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”
For more information on how to send money to Uganda, click here.