Centenary bank customers will be able to receive cash from over 300,000 MoneyGram locations worldwide, after the bank entered a new partnership with the money transfer solutions provider last week.
Uganda receives over $1.5 billion in remittance or about 4.5% of GDP annually, with most of the money coming from the Ugandan diaspora communities in Africa, Canada, USA, UK., the Middle East and western Europe.
Last year, Bank of Uganda noted that at least half of Uganda's remittances were currently coming from the Middle East, where at least 150,000 Ugandans are employed.
"MoneyGram is proud to partners with Centenary bank. Known for superior customer service and operational excellence, we are confident Centenary bank will attract a significant portion of the over $1 billion remittance inflows into Uganda," said
Darryl Pietersen, MoneyGram Regional Director for South and East Africa. MoneyGram already has an extensive presence in Uganda.
With 1.8 million consumers and a network of 74 branches and 181 ATMs countrywide, Centenary bank is the second largest bank in Uganda.
Fabian Kasi, the bank's managing director, said: "MoneyGram is amongst the most reputable remittance services globally. Our partnership is another testament to our growth and our determination to offer quality and convenience to our customers and the public."