Bank of Uganda, the financial services sector regulator has announced that WorldRemit Money Transfer (U) Limited has stopped offering the money remittance business that it is well known for.
“Pursuant to regulation 19 (3) of the Foreign Exchange (Forex Bureaus and Money Remittance” Regulations, 2006, the Bank of Uganda hereby informs the public that WorldRemit Money Transfer (U) Limited voluntarily ceased to carry on money remittance business,” the central bank stated in a public communication dated Monday 4th July 2022.
The Central Bank has also come out to clarify that the cessation of this Ugandan unit (entity) known as WorldRemit Money Transfer (U) Limited will not deter the company’s global service that is still being offered by other banks and authorised financial service providers who are located within this country.
“The public is notified that the closure of WorldRemit Money Transfer (U) Limited as a company will not affect WorldRemit money remittance product offered by several supervised financial institutions in Uganda,” said Bank of Uganda in a statement released yesterday.
The management of Bank of Uganda in the same cautionary letter to the public assured the public that the central bank will continue to safeguard the stability and integrity of the financial sector.
Adding that; “Customers with outstanding claims for monies given to WorldRemit Money Transfer (U) Limited for remittance purposes should submit the claims, with evidence, to the office of the Director Non-Bank Financial Institutions Department at Bank of Uganda by July 18, 2022.”
WorldRemit is a fast and secure service that lets you transfer money online using a computer, smartphone, or their app.
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According to WorldRemit’s website, “Cash is available to collect within minutes from many locations across the country.”
WorldRemit has a mobile money service that allows it’s users to send directly to mobile money accounts across the globe, within minutes. With WorldRemit’s global service airtime top up, “mobile airtime is added instantly.”
In May, WorldRemit announced send licence closure in Uganda, however, saying that customers receiving money are not affected.
“As of 6th June 2022, WorldRemit, a leading digital payments platform will not be facilitating any new outbound / send transactions from Uganda. Customers receiving funds in Uganda are not affected by this decision and will be able to continue to receive funds via the WorldRemit service without disruption through the company’s existing partner work,” the company said in a statement.
