Xpress Money, one of the most dependable money transfer brands in the world, has partnered with dfcu Bank, the second largest bank in Uganda, to offer customers the convenience of transferring money across dfcu Bank branches. The partnership augments Xpress Money’s network; adding another 67 bank branches to its existing network of 158 agent locations in the country.
Uganda is a key remittance market in East Africa. The country received $1.1 billion in 2016, according to World Bank reports; countries including United Kingdom, Rwanda, United States of America and Canada are the top sources of remittance to this market. While Uganda is chiefly a receive market, the country has also shown a significant rise in outbound remittances to countries including United Arab Emirates, India and Pakistan, in the last few years.
Xpress Money, increasing its commitment to the Uganda market, is constantly expanding its network to cater to the growing demand of money transfer services. The company currently provides remittance offerings that include both send (Cash to Cash, Account Credits and Mobile Wallets) and receive (Cash to Cash transfers) services in the country; and is also in the process of collaborating with businesses to offer other innovative and customizable remittance solutions.
“At Xpress Money, we are committed to creating a memorable experience for our customers by providing them with convenient ways to send and receive money. Uganda is one of the leading remittance receiving countries in East Africa, wherein, Ugandans living and working outside the country are saving and sending money back home. Therefore, it’s important that we have a strong network as the demand for instant, convenient and secure remittance services increases with each passing year. Through our partnership with dfcu Bank, we aim to address this demand and elevate the level of customer convenience in this market,” said Sudhesh Giriyan, COO, Xpress Money.
According to the William Sekabembe, dfcu Bank Chief of Business and Executive Director, partnering with Xpress Money, a global money transfer brand, provides the bank with an additional channel for its customers and the general public to send and receive money from the diaspora. “We are seeing a rise in the global remittance industry and if the world bank estimates that indicate private capital remittances to Uganda reached over UGX 3.5 trillion in 2016 is anything to go by the trend will continue,” says Sekabembe. “Xpress Money is known for its strong network globally, particulary in the Middle East and South East Asia; partnering with the brand is therefore particularly important for us given the growing number of Ugandans that migrate to the Middle East and South East Asia for work which form a good base for inward remittances. Considering the volume of transactions between Uganda, Middle East and Asia dfcu Bank is poised to provide a wide network for secure and convenient money transfer services for its customers and the public,” he adds.
With dfcu Bank’s wide network of sixty seven (67) branches across Uganda customers now have secure and convenient money transfer services literarly at their doorstep underpinning the banks commitment to take financial services closer to the people.