Uganda: Worldremit Ceases Money Remittance Business in Uganda

4 July 2022
Capital FM (Nairobi)
By Carolyne Tanui

Nairobi — UK-based International money transfer service, Worldremit has ceased its operations in Uganda barely a month after saying it will no longer be offering bank transfers to Zimbabwe.

In a statement, the Bank of Uganda noted that the firm voluntarily ceased its business.

"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 Worlremit ceased to carry on money remittance business," the bank said

"The public is notified that the closure of WorldRemit Money Transfer Limited as a company will not affect the world remit money remittance product offered by several supervised by financial institutions in Uganda," a statement issued read in part.

It urged all customers with outstanding claims for monies given to WorldRemit to submit claims, with evidence, to the office of the Director Non-Bank Financial Institutions Department at the Bank of Uganda.

The bank of Uganda has ssured the public that it will continue to safeguard the stability and integrity of the financial sector.

Read the original article on Capital FM.

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