The Bank of Uganda (BoU) has informed the public that WorldRemit Money Transfer (U) Limited voluntarily ceased to carry on money remittance business in Uganda.
“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,” BoU said in a statement dated July 4, 2022.7.
It adds: “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.”
The Bank of Uganda has assured the public that it will continue to safeguard the stability and integrity of the financial sector.
The impact of the COVID-19 pandemic on the global economy and job security for Ugandan migrant workers around the world has reduced the amount of money they are sending back home to their families. But remittances still provide crucial support for some of the world’s poorest people.
Data from the Migration and Development Brief shows that remittance flows to Uganda declined by 26 per cent, from US$1.4 billion in 2019 to US$1.1 billion in 2020.