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Flex Money Group, one of Africa’s leading money remittance providers, has acquired Forex and International Money Remittance licenses in Uganda. Operating under the brand InstaRemit, the company opened its first customer engagement centre at Crown House, Kampala Road.
This milestone marks a pivotal moment in the group’s regional expansion.
With Uganda ranking among Africa’s largest recipients of remittances, Flex Money Group’s presence is set to transform cross-border transactions by improving the speed, security, and overall customer experience for Ugandans locally and abroad. The group’s omnichannel strategy, combining physical branches with advanced digital cross-border payment solutions, is designed to cater to the market’s diverse needs.
Riyaz Naghoor, the CEO of Flex Money Group, emphasised Uganda’s importance in the company’s regional plans: “Uganda stands at the heart of our focus markets in Sub-Saharan Africa. Our innovative omnichannel approach, which combines physical branches with cutting-edge digital cross-border payment solutions, uniquely positions us to meet the needs of this vibrant market.”
He added: “Uganda, being one of the largest receiving remittance markets in Africa, presents a huge opportunity for us to enhance the efficiency of both inward and outward remittances. We don’t just send money; we deliver happiness. With our operations in Uganda, we are ready to amplify this impact further.”
In alignment with these goals, Daniel Kiptum, InstaRemit’s Head of Operations, said the company aims to reduce remittance costs to zero “as a stepping stone”.
“We have removed our fees for transactions from Uganda to across Africa,” Kiptum said in a statement issued by the company.
The company plans to open five more customer engagement centres across Uganda next year, furthering its efforts to bring services closer to its customers and creating a seamless experience for those using its remittance services.
“Flex Money Group extends its heartfelt gratitude to the regulators for supporting this endeavour. This licensing is a testament to our commitment to expanding our local and international footprint,” the company added.
As Flex Money Group deepens its footprint in Uganda, it aims to set a new standard for secure, fast, and reliable remittance services. By integrating physical branches and digital platforms, the company offers a holistic approach that ensures funds sent from the diaspora reach recipients swiftly and securely.