Airtel Money introduces International Transfer Services to ease remittances

Airtel Uganda on Thursday announced the addition of International Transfer Services on its Airtel Money platform to ease the remittance of money by its customers at home and across the globe.

“The service we are launching today is not only simple, secure and instant but also stands to ease the convenience with which millions of people are able to send and receive money from their loved ones abroad driving financial inclusion while deepening social networks among friends and family”, said V.G Somasekhar, Airtel Uganda Managing Director, while launching the International Money Transfer at Kampala Serena Hotel.

He said the Airtel Money International Transfer Services Conforms to the global Anti Money Laundering policies enhancing international trade and regional integration. “Uganda is a growing economy that requires simplified ways of doing business at convenient and affordable rates. International Transfer Services will compliment e-commerce that we have facilitated through the numerous Airtel data offerings”, he added.

Erick Karobia, Airtel Money Director, said while using this service, the customer will not be charged nor taxed for receiving the money regardless of where the money is coming from. “Charges will only apply at the point of withdrawal reflecting the recent 79 per cent reduction in Airtel Money cash withdrawal. Customers sending money will be charged against a tiered tariff at competitive rates across the market ranging between Shs 900 to Shs 58, 000”, he said. He pointed out that Forex exchange rates will be determined by the prevailing market tariffs.

The Guest of Honour at the function, Hon Henry Okello Oryem, the State Minister for Foreign Affairs, welcomed the service as not only a solution that will deepen financial inclusion in Uganda, but also a boost to the regional integration agenda.

“Inbound remittances to Sub- Saharan Africa grew nearly 10 per cent to reach USD 46 Billion in 2018 as per World Bank estimates and, as the primary source of external financing in the region, its critical for its socio economic development”, he said.

He added that; with the average cost of 9.4 per cent, Sub- Saharan Africa ranks amongst the most expensive remittance corridors globally. “The introduction of this transfer option shows that Airtel Uganda is driving financial inclusion and supporting the UN Sustainable Development Goals by reducing the cost of remittances”, he added.

The International Money Transfers According to Airtel Uganda will see their customers send money directly to recipients in Tanzania and Malawi and soon to launch in Kenya, Rwanda and United Arab Emirates (UAE). Airtel Uganda adds that; customers will be able to receive money directly from Tanzania, Rwanda, Malawi, South Africa, Somalia, UK, USA, UAE, Qatar, Oman and Saudi Arabia. The function was also attended by Tanzania and Kenya Diplomatic Envoys.