Summary:
- FlexiPay and partners enable Ugandans to send/receive money from 20+ countries for free, aiming for 70 by year-end. Promotes economic growth and financial inclusion through secure, convenient transactions.
KAMPALA, (Examiner) – FlexiPay, a digital payment platform from Stanbic Bank, has forged a transformative partnership with the International Fund for Agricultural Development (IFAD) and Upesi Money Transfer to facilitate seamless international money transfers for its users. Starting June 14, 2024, FlexiPay users can send and receive money from over 20 countries at no cost, with plans to expand this service to 70 countries by year-end.
Josephine Nakato Kasacca, Lead Customer Experience & Operations at FlexiPay, highlighted the platform’s dedication to enabling borderless financial transactions that are secure, rapid, and cost-effective. She emphasized FlexiPay’s role in fostering economic growth in Uganda by meeting diverse financial needs through innovative services.
Among the countries from which Ugandans can now receive money are Kenya, United Arab Emirates, United Kingdom, Qatar, United States, South Africa, and several others. Kasacca underscored FlexiPay’s safety measures, including advanced encryption and robust security protocols, ensuring the protection of users’ financial data.
Julius Okwana, Country Manager of Upesi Money Transfer, expressed enthusiasm about the collaboration’s potential to simplify financial transactions across borders. He emphasized that the partnership leverages FlexiPay’s growing popularity in Uganda and Upesi’s extensive global network to enhance the speed and convenience of international money transfers.
The partnership aims to address the increasing demand for cross-border transactions in Uganda, potentially revolutionizing financial inclusion and bolstering regional economic growth. Okwana reassured users of the security of all transactions against cyber threats.
With approximately two million Ugandans living and working abroad, and substantial annual remittances totaling $1.43 billion (about 5.32 trillion Ugandan Shillings), the initiative holds promise for poverty reduction and economic empowerment, according to David Berno of IFAD. He emphasized the pivotal role of remittances in meeting basic needs and promoting sustainable development in Uganda.
In summary, the FlexiPay-IFAD-Upesi partnership marks a significant step towards facilitating inclusive economic growth through accessible, secure, and efficient international money transfers for Ugandans.
