FINCA partners with WorldRemit for instant money transfers to Uganda
Digital money transfer service WorldRemit has teamed up with FINCA Uganda to add over 25 new cash pickup locations to its network in the country.
The new partnership with FINCA, a trusted microfinance institution, takes the total number of WorldRemit cash pickup locations in Uganda to over 250 across urban and rural areas. Transfers sent for cash pickup are instant, and both senders and recipients receive SMS or WhatsApp notifications when the transaction is sent and ready for recipients to collect at any of the 25 FINCA locations.
FINCA’s mission is to provide financial services to low-income entrepreneurs and small business owners to help them invest in their future. The company also offers financial literacy programmes to support clients with their small and medium businesses, budgets and investments.
According to the World Bank, the Ugandan diaspora sent home over $1.2 billion in 2017, accounting for 5% of the country's GDP. Remittances help thousands of Ugandan families pay for essential needs such as healthcare, bills and education. Recent research by WorldRemit found that 15,000 Ugandan children were likely to be in school as a result of receiving international remittances.
Ivan Kanyali, Country Manager for Uganda at WorldRemit, said: “FINCA is a natural partner for WorldRemit, as we share a common goal to offer accessible financial services to everyday Ugandans and foster financial inclusion.
“Uganda is our fourth largest market in Africa and is growing fast. The new partnership with FINCA further expands our cash pickup network in the country, connecting more recipients in urban and rural areas to our award-winning money transfer service.”
James Onyutta, Managing Director, FINCA Uganda Limited MDI, said “The addition of WorldRemit to our value proposition enhances not only our product and services range, but also supports our mission and vision of reaching out to more Ugandans through formal financial services. We are excited to re-commit our purpose to Ugandans and hope that many lives will be changed through WorldRemit and this partnership will enable us build Uganda’s future together.”
WorldRemit customers make 1.3 million transfers a month from over 50 countries to 145+ destinations worldwide. 80% of its transactions are made from a smartphone.