Worldremit a UK-based International money transfer service, has ceased sending transactions from Uganda barely a month after the East African country said 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 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.
However, the Uk based firm clarified that all transactions sent from Uganda before June 6 2022 will be processed as normal, and customers will continue to receive SMS email updates.
“Customers receiving funds in Uganda are not affected by this decision and will be able to continue to receive funds via the WorldRemit service without disruption through the company’s existing partner work,” the firm said in a statement shared to newsrooms.
The bank of Uganda has assured the public that it will continue to safeguard the stability and integrity of the financial sector.
