The International Fund for Agricultural Development (IFAD) and Upesi Money Transfer have accepted a partnership with Stanbic Bank’s digital payment platform, FlexiPay to allow its users to send and receive money from 20 countries globally with immediate effect.
Josephine Nakato Kasacca, Lead of Customer Experience and Operations for FlexiPay, said the partnership reflects Stanbic Bank’s commitment to support and enable its customers to complete borderless financial transactions in a convenient, secure, quick, and affordable manner. She also stated that the number of countries will be increased from 20 to 70 by the end of the year.
The 20 countries eligible now are Kenya, the United Arab Emirates, the United Kingdom, Qatar, Oman, the United States, South Africa, France, Canada, Israel, South Korea, India, Germany, Ireland, Netherlands, Kuwait, Bahrain, Australia, and Poland.
“FlexiPay is an ideal platform for sending and receiving payments. I want to take this opportunity to call upon all of you to use it because there are dozens of unmatched benefits one cannot find on similar platforms,” said Kasacca. “In line with our purpose; Uganda is our home, and we drive her growth, we believe that helping as many people as possible meet their financial needs with innovative services, goes a long way in driving economic growth.”
Kasacca disclosed that FlexiPay is “very” safe because it uses mobile applications and systems based on “advanced encryption” and other security measures to protect the user’s sensitive financial information and transactions.
Julius Okwana, the Upesi Money Transfer Country Manager expressed excitement about the possibilities the partnership will realize. He said their company is committed to providing innovative solutions that simplify financial transactions.
He said that coupled with FlexiPay’s rapidly increasing uptake in Uganda and Upesi’s extensive regional and global network, the partnership promises to make cross-border money transfers faster and more convenient without making unnecessary visits to banking halls.
“With the increasing demand for cross-border transactions in Uganda, this partnership is poised to revolutionize how people send and receive money internationally,” noted Okwana. “It is expected to drive financial inclusion and promote economic growth in the region.”
Agreeing with Kasacca on security, Okwana also assured users that all transactions are secure and protected from potential cyber threats.
According to David Berno, the International Fund for Agricultural Development’s Head of Remittance and Inclusive, remittances play a crucial role in reducing poverty and enhancing food security in developing countries.
“We are excited to be affiliated with this campaign because money remittances enable families to meet their basic needs, such as food, shelter, and education contributing to local economic growth through increased consumption and investment,” said Berno. “Therefore by supporting money remittances, IFAD aims to promote financial inclusion, empower smallholder farmers and rural entrepreneurs, and ultimately contribute to sustainable development and poverty reduction.”
As of 2023, there are estimated to be around two million Ugandans in the diaspora and at home doing plenty of business with foreign companies. The recent World Bank report indicates that the total amount of money remittances received in Uganda annually is approximately USD$1.43 billion (approx. UGX5.32 trillion).
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