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Stanbic Bank’s FlexiPay, a leading digital payment platform in Uganda, has partnered with Upesi Money Transfer, a regional payments company, to enable Ugandans to send and receive money from abroad with ease.
FlexiPay’s strong presence in the local market and Upesi’s extensive regional and global network is set to be a game changer in enabling faster cross-border money transfers and offer more convenience without making unnecessary queues in banking halls.
The collaboration signed on Friday 14th, just a day to the International Money Remittances Day, comes as a beacon of joy for individuals and businesses in Uganda who rely on remittances from family and friends living in other countries.
Josephine Nakato Kasacca, The FlexiPay Lead of Customer Experience and Operations, said that the initiative is in fulfillment of Stanbic Bank’s commitment to support and enable customers to complete borderless financial transactions in a convenient, secure, quick, and affordable manner.
“Effective today, our customers can now use FlexiPay’s platform to send money to loved ones in over 20 countries and at the moment working towards bringing the number to 70 countries by the end of 2024,” Kasacca said.
Some of the foreign countries Ugandans can receive money from include; Kenya, United Arab Emirates, United Kingdom, Qatar, Oman, United States, South Africa, France, Canada, Israel, South Korea, India, Germany, Ireland, Netherlands, Kuwait, Bahrain, ARE, Australia, Poland among others.
She disclosed that FlexiPay is very safe to use, because it uses mobile applications and systems based on advanced encryption and other security measures to protect the sensitive financial information and transactions of all users.
“In line with our purpose; Uganda is our home, we drive her growth, we believe that by helping as many people as possible meet their financial needs with innovative services, goes a long way in driving economic growth. FlexiPay is ideal and let me emphasize again, very affordable!” she added.
Julius Okwana, Upesi Money Transfer Country Manager Uganda, expressed excitement about the possibilities of the partnership it will bring to their customers, stating that they are committed to providing innovative solutions that simplify financial transactions for their users.
“With the increasing demand for cross-border transactions in Uganda, this partnership between FlexiPay and Upesi is poised to revolutionize the way people send and receive money internationally. It is expected to drive financial inclusion and promote economic growth in the region.” Okwana said adding that all transactions are secure and protected from potential cyber threats.
As of 2023, there are estimated to be around two million Ugandans living, and working abroad, and also a good number of Ugandans abroad are involved in transacting business with foreign companies.
The recent World Bank report indicates that the total amount of money remittances received in Uganda on an annual basis is approximately USD 1.43 billion, an equivalent of UGX 5.2 trillion.
According to David Berno, the International Fund for Agricultural Development (IFAD) head Remittance and Inclusive, emphasized that money remittances play a crucial role in reducing poverty and enhancing food security in developing countries.
“We’re are excited to be affiliated to this campaign because money remittances enable families to meet their basic needs, such as food, shelter, and education, and can also contribute to local economic growth through increased consumption and investment,” Berno said, noting that, by supporting money remittances, IFAD aims to promote financial inclusion, empower smallholder farmers and rural entrepreneurs, and ultimately contribute to sustainable development and poverty reduction.
IFAD is a specialized agency of the United Nations that works to support smallholder farmers and rural communities in developing countries.
Stanbic Bank Uganda is part of the Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group’s headline earnings for the year ended 31 December 2023 were R42.9 billion (USD2.3billion) and total assets were R3.1 trillion (USD166.4 billion). The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres.
Standard Bank Group has more than 1 100 branches and 9 000 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.