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Bank of Uganda (BoU) has revealed that WorldRemit Money Transfer (U) Limited voluntarily ceased to carry on money remittance business in the country.

On June 6, 2022 WorldRemit ceased facilitating any new transactions sent from Uganda. According to the company, customers receiving funds in Uganda were not affected by their decision and they will be able to continue to receive funds via the WorldRemit service without disruption.

“Pursuant to regulation 19(3) of the Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006, the Bank of Uganda hereby informs the public that WorldRemit Money Transfer (U) Limited voluntarily ceased to carry on money remittance business.”

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“The public is notified that the closure of WorldRemit Money Transfer (U) Limited as a company will not affect WorldRemit money remittance products offered by several supervised financial institutions in Uganda,” BoU said in a statement.

BoU urged customers with outstanding claims for monies given to WorldRemit Money Transfer (U) Limited for remittance purposes to submit their claims, with evidence, to the office of the Director Non-Bank Financial Institutions Department at Bank of Uganda by July 18, 2022.

“Bank of Uganda assures the public that it will continue to safeguard the stability and integrity of the financial sector.”