FlexiPay and Upesi team up to enhance money transfer services
The International Fund for Agricultural Development (IFAD) and Upesi Money Transfer, a regional payments provider, have teamed with FlexiPay, Stanbic Bank’s digital payment platform, to make it easier for FlexiPay users to send and receive money internationally.
According to Josephine Nakato Kasacca, Lead Customer Experience & Operations at FlexiPay, the new collaboration is a reflection of the Bank’s dedication to helping clients execute international financial transactions in a way that is easy, safe, rapid, and reasonably priced.
She noted that starting on June 14, 2024, users of FlexiPay will be able to send money to more than 20 nations. By the end of the year, intentions are to raise this number to 70.
Kenya, United Arab Emirates, United Kingdom, Qatar, Oman, United States, South Africa, France, Canada, Israel, South Korea, India, Germany, Ireland, Netherlands, Kuwait, Bahrain, ARE, Australia, and Poland are just a few of the foreign nations from where Ugandans are able to receive money.
Nakato revealed that the reason FlexiPay is so safe to use is that all users’ sensitive financial information and transactions are protected by systems and mobile applications built on cutting edge encryption and other security measures.
Upesi Money Transfer Country Manager Julius Okwana expressed enthusiasm for the potential that the cooperation will bring to fruition. According to him, their business is dedicated to offering cutting-edge technologies that make financial transactions simpler.
In conjunction with Upesi’s vast regional and worldwide network and FlexiPay’s quickly growing use in Uganda, he claimed the cooperation would expedite and simplify cross-border money transfers by eliminating the need for needless trips to banking halls.
An estimated two million Ugandans are thought to be living and working overseas as of 2023. Additionally, a sizable population of Ugandans is there, and they are actively conducting business with foreign firms.
According to a recent World Bank analysis, remittances totaling over $1.43 billion, or 5.32 trillion Ugandan Shillings, are received in Uganda each year.
Remittances are essential for lowering poverty and improving food security in poor nations, according to David Berno, Head of Remittance and Inclusive at the International Fund for Agricultural Development (IFAD).
