Ugandan entrepreneurs and contractors selling goods and services to small and medium-sized enterprises (SMEs) in the U.K. can now receive payments faster and more conveniently following the launch of WorldRemit for Business.
Launched by leading digital remittances firm WorldRemit, the new service enables U.K.-based SMEs to quickly pay their employees and contractors in 140 countries worldwide, including fast-growing emerging markets such as Kenya, Uganda and South Africa. The new service will first be available to U.K.-registered businesses.
For Ugandan entrepreneurs and contractors doing business with clients in the U.K., this service will lead to significant time and cost savings. Traditional bank payments, which are still the dominant international transfer method for businesses sending money abroad to Uganda, can take up to a week, and often incur high fees and exchange rates. In contrast, WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the app or website.
Additionally, transfers to Uganda are processed within 24 hours or less and local entrepreneurs can receive payments via bank account, mobile money or cash pick-up—whichever method is most convenient for them. Users sending funds to Uganda can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money at the optimal time.
The U.K. is one of Uganda’s most important trading partners, with Uganda mainly exporting tea, coffee and horticultural products. However, with the advent of digital technologies such as e-commerce, smaller entrepreneurs have been able to capture a growing share of U.K.-Uganda trade, especially in the services sector. WorldRemit for Business will enable this new class of digital savvy Ugandan entrepreneurs to get paid quickly and securely.
Ismail Ahmed, Founder and Executive Chairman at WorldRemit, comments: “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.
Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Uganda. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
Shane Lennox, Senior Product Manager for Business, comments: “With more people moving and settling across borders, the nature of business is becoming increasingly global. This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors. This new product launch will enable millions of SMEs to benefit from our award-winning convenient service.”
WorldRemit customers complete over 1.4 million transfers every month from over 50 countries to over 140 destinations using its app or website and remains committed to providing innovative solutions to meet money transfer needs across the world. Earlier this year, the company announced a new partnership with FINCA and Diamond Trust Bank to further solidify its vast partnership network.