Ecobank Uganda Limited is set to reshape the remittance landscape in Uganda through a promising partnership with Ria Money Transfer, a global name in cross-border remittance services.

The bank formed a strategic partnership with Ria Money Transfer, with an aim to bring significant improvements to how Ugandans receive money from abroad. 

With this new initiative, funds can be deposited directly into Ecobank accounts, potentially streamlining the process of managing transactions for many. 

Additionally, account holders and non-account holders will be able to collect cash transfers promptly at any Ecobank branch or through the bank’s extensive sub-agent network spread throughout the country offering an added layer of convenience.

This flexibility aims to accommodate the diverse needs of Ugandans, whether they prefer digital transactions or in-person service.

The development comes at a time when Uganda’s remittance market is getting a significant boost. Fintech NALA’s recent International Money Transfer Operator (IMTO) license, and Flutterwave’s Payment Systems Operator (PSO) license from the Bank of Uganda highlight the growing focus on cross-border payment services in the country. 

This trend isn’t surprising, given the increase in remittances, which reached over USD 1.4 B in 2023. These financial flows now account for nearly 3% of Uganda’s GDP, becoming a critical source of foreign exchange and financial stability.

Ms. Grace Muliisa, Managing Director of Ecobank Uganda, emphasized the partnership’s importance for Ugandans at home and in the diaspora, particularly those in the UK, the US, and the Middle East. 

She highlighted that this collaboration aligns with Ecobank’s mission to offer seamless and secure global funds transfer services.

Mr. El Hadj Malick Seck, Managing Director of Ria Money Transfer – Africa, also stressed the value of this partnership, noting the importance of East Africa, especially Uganda, in Ria’s operations, which spans over 580,000 locations in nearly 200 countries.

This partnership has the potential to provide greater convenience for Ugandans sending money to their families, helping bridge the gap between the diaspora and their loved ones back home.

As remittances continue to play a crucial role in Uganda’s economy, this partnership could be a key driver in expanding access to financial services and streamlining the remittance process for all Ugandans.