By Spy Uganda
Citing regulation 19 (3) of the Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006, the Bank of Uganda (BoU) has announced that WorldRemit Money Transfer (U) Limited voluntarily ceased to carry on money remittance business.
The above announcement comes after WorldRemit its self announced in May 2022 that it will not be facilitating any new outbound / send transactions from Uganda come June 2022.
”Any transactions sent from Uganda before 6th June 2022 will be processed as normal, and customers will continue to receive SMS email updates. All users, both senders and receivers, can continue to access past transactions and recipient information, by logging into their account on the WorldRemit website,” announced WorldRemit in May 2022.
A spokesperson from WorldRemit said: “It is our continued goal to ensure we are offering the greatest value for our customers around the world, and to do so, we occasionally have to make difficult decisions that impact a small number of customers. As part of our strategy, we have therefore decided to no longer support outbound money transfers from Uganda, as well as a handful of other countries across the world. Customers in these countries will however continue to be able to receive money through WorldRemit from abroad.”
Meanwhile, Bank of Uganda says 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.
The Central bank states, ”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.”