MoneyGram International, Inc. (NASDAQ:MGI) and Centenary Bank Uganda, today announced a new partnership which enables Ugandan consumers to receive remittances from more than 300,000 MoneyGram locations around the world.
MoneyGram has an extensive presence in Uganda, providing a key remittance bridge for Ugandan diaspora communities in Africa, Canada, U.S., U.K., Middle East and Western Europe. Centenary Bank is currently the second largest commercial bank in Uganda serving a customer base of over 1.8 million people across Uganda and in the diaspora.
“MoneyGram is proud to be able to fulfil this partnership today with Centenary Bank. Centenary Bank is noted for superior customer service and operational excellence and we are confident this will see Centenary Bank attract a significant portion of the $1 billion remittance inflows into Uganda,” said Darryl Pietersen, MoneyGram Regional Director for South and East Africa. “MoneyGram continues to lead the way in Uganda, innovating solutions that allow Ugandans to send money home reliably, through both online and physical solutions.”
In his remarks, Mr. Fabian Kasi, Managing Director (MD) of Centenary Bank noted, “The decision to offer MoneyGram services is a key initiative to increase access to remittance services for Centenary Bank customers. MoneyGram is amongst the most reputable remittance services globally, and our ability to attract and sign on this brand is another testament of our growth and our determination to offer quality and convenience to our customers and the public. We assure Ugandans that from today, from Kisoro to Kaabong, from Hoima to Sironko, and everywhere in between, we at Centenary Bank have Uganda covered and we will offer MoneyGram at each of our points in Uganda.’
According to World Bank migration and remittance data, updated as of October 2019, over $1.5 billion flowed into Uganda, mainly from the Middle East, U.S, U.K, Canada, Kenya, Italy, and Germany
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