IFAD, Stanbic Bank enter partnership to cut money transfer costs to Uganda in half

News published on Sep 6, 2023 @ 12:50 pm

IFAD and Stanbic Bank Uganda announced a partnership that will cut the cost incurred by Ugandan migrant workers sending money home in half by using Flexipay, a digital payments platform. The partnership will also provide remittance recipients, especially in rural areas, with digital and financial training to promote the savings culture and foster digital finance uptake among these communities.

The average cost of sending money back home for Uganda’s migrant workers is 11.3 per cent, higher than the global average of 6.25 per cent and African standards of 8.35 per cent,  more than triple the Sustainable Development Goal (SDG) target of 3 per cent (SDG 10).

Topic
Digitalization+ Remittance families and development
Focus Region
Africa
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