Flex Money Group has launched its InstaRemit service in Uganda after securing Forex and International Money Remittance licenses.

The launch was marked by the opening of Flex Money Group’s first customer engagement center at Crown House, Kampala Road. This state-of-the-art facility promises to provide Ugandans with a secure, fast, and reliable remittance experience.

According to Riyaz Naghoor, CEO of Flex Money Group, Uganda is a critical market for them, and they are committed to delivering innovative solutions that meet the evolving needs of our customers.

“Our omni-channel approach combines physical branches with advanced digital cross-border payment solutions,” he said.

With Uganda ranking among Africa’s largest recipients of remittances, Flex Money Group’s entry is expected to significantly impact the market. The company plans to open five additional customer engagement centers across the country within the next year.

“InstaRemit is more than just a remittance service; it’s a bridge connecting Ugandans globally,” added Naghoor.

“We’re dedicated to delivering happiness to our customers by ensuring their loved ones receive funds swiftly and securely.”

InstaRemit’s key features include secure and reliable remittance services, fast transaction processing, competitive exchange rates, and an experienced customer support team.

The service also offers an omni-channel experience, combining physical branches with digital platforms for enhanced convenience.

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Liberty Life Assurance Uganda has launched the Kuza School Challenge, a transformative initiative aimed at equipping students with essential financial literacy and entrepreneurship skills. The challenge focuses on nurturing a generation that understands the importance of financial discipline, including the skills of making, saving, and growing money while positively impacting their communities.

The inaugural session of this initiative kicked off at Kabojja International School on Saturday 14^th 2024 with an informative session. This school is the first to participate in the Kuza School Challenge, setting the stage for the program’s expansion into more schools across the country.

Statistics on financial literacy in Uganda are concerning, with only 32% of Ugandans being financially literate (Bank of Uganda, 2023). Furthermore, 70% of micro and small business owners lack basic financial management skills (World Bank, 2023). Recognizing these gaps, Liberty Life is committed to fostering a mindset of financial discipline among secondary school students. These students are in their critical formative years, transitioning from primary school to university. This period is ideal for instilling a solid foundation of financial and entrepreneurial skills, helping them think productively and creatively about their future before they even reach high school graduation.

While addressing the students, Mr. Danish Mohammad Eqbal, Principal Officer/CEO of Liberty Life, emphasized the importance of leveraging readily available online resources to develop viable business proposals. He encouraged students to dedicate time and effort to finding these resources to create winning ideas. “You’re going to come up with a business idea, and the terms and conditions for this idea are that it must solve a community or social issue,” he explained. 

The challenge encourages students to think beyond personal gain and focus on solutions that can bring positive change to society.

The Liberty Kuza School Challenge aims to support high school students in growing social enterprises by providing seed funding, technical support, and mentorship. By the end of the campaign, the goal is not just to help students start businesses but also to equip them with lifelong financial skills applicable to their future endeavors. Liberty Life expects to impact over 5,000 students in the next year through this initiative.

Anna Sundell, headteacher at Kabojja International School, expressed her gratitude to Liberty Life Insurance for bringing the Kuza School Challenge to their school. “I hope with this collaboration we can create awareness among our youngsters. Starting a business is not always about money and becoming rich, but also about helping out in the community and contributing to a more peaceful world,” she said. 

She emphasized the importance of instilling a sense of social responsibility in students, making them aware that they have the power to make a difference in the world. “I’m really excited that we are hosting this, and that we’re doing this together. I think it’s going to be a great possibility for our learners and students,” she added.

The Kuza School Challenge will run for one school year in its first phase. Plans are underway to introduce the program to more schools and eventually organize an inter-school competition. The winners of the challenge will receive UGX 2 million each to start their businesses, along with mentorship to guide them through their entrepreneurial journey.

This initiative by Liberty Life Assurance Uganda is a significant step toward fostering financial literacy and encouraging social entrepreneurship among the youth, paving the way for a future generation that is financially savvy and community-oriented.

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The National Social Security Fund (NSSF) has recorded Shs 2.53 trillion in revenue, the just released 2023/24  financial year results indicate.

According to the results, the fund’s assets under management (AUM) increased from Shs 18.56 trillion in the financial year 2022/23 to Shs 22.13 trillion in the financial year 2023/24.

They further indicate that the member contributions shot up from Shs 1.72 trillion in financial year 2022/23 to Shs 1.93 trillion in financial year 2023/24.

The fund’s total revenue saw a 15% increase, from Shs 2.2 trillion in financial 2022/23 to Shs 2.53 trillion in financial 2023/24.

“Our cost of administration decreased to 1.00% of total assets, reflecting improved efficiency as we continue to maximize the performance of our assets,” Patrick Ayota, the managing director of NSSF said.

He noted that the compliance rate was maintained at 57%. Benefits paid decreased slightly from Shs1.199 trillion to Shs 1.120 trillion, driven by a reduction in claimants from 48,115 to 44,250. Mid-term benefit payments also dropped from Shs 272.2 billion to Shs 176.6 billion.

“Given the improved performance, I am extremely confident that the Fund will pay a competitive interest rate for the financial year 2023/24 as will be declared by the Minister of Finance, Planning, and  Economic Development at the 12th Annual Members Meeting,” he said.

“The performance puts into focus our duty to ensure the physical security of member savings, to ensure that members’ funds are available as and when they qualify, and to ensure the safety of members’ savings against erosion by inflation,” he said.

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Flex Money Group, one of the Africa’s leading remittance providers, has announced the acquisition of both Forex and International Money Remittance licenses in Uganda. Operating under the brand name InstaRemit, the company has also opened its first customer engagement center at Crown House, Kampala Road. This milestone marks a pivotal moment in the group’s expansion across the region.

With Uganda ranking among Africa’s largest recipients of remittances, the presence of Flex Money Group is set to transform cross-border transactions by improving the speed, security, and overall customer experience for Ugandans both locally and abroad. The group’s omni-channel strategy, which combines physical branches with advanced digital cross-border payment solutions, aims to cater to the diverse needs of the market.

Riyaz Naghoor, CEO of Flex Money Group, emphasized the importance of Uganda in the company’s regional plans:  

“Uganda stands at the heart of our focus markets in Sub-Saharan Africa. Our innovative omni-channel approach, which combines physical branches with cutting-edge digital cross-border payment solutions, uniquely positions us to meet the needs of this vibrant market. Uganda, being one of the largest receiving remittance markets in Africa, presents a huge opportunity for us to enhance the efficiency of both inward and outward remittances. We don’t just send money; we deliver happiness. With our operations in Uganda, we are ready to amplify this impact further.”

The company’s plans include the opening of five more customer engagement centers across Uganda over the next year. These new centers will enable Flex Money Group to bring its services closer to customers and create a seamless experience for those using their remittance services.

“Flex Money Group extends its heartfelt gratitude to the regulators for their support in this endeavor. This licensing is a testament to our commitment to expanding our local and international footprint,” said the company in a statement.

As Flex Money Group deepens its footprint in Uganda, it aims to set a new standard for secure, fast, and reliable remittance services. By integrating both physical branches and digital platforms, the company offers a holistic approach that ensures funds sent from the diaspora reach recipients swiftly and securely.

For inquiries, please contact:  

Email: info@instaremit.co / info@flex-money.com  

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The Ministry of Finance, Planning and Economic Development has kicked-off Local Government regional consultative meetings in different parts of the country for the 2025/26 National Budget.

The teams from the ministry will for the next three days be in Lira, Jinja, Mbale, Masaka, Hoima, Fort Portal, Mbarara, Kabale, Arua, Gulu, and Kampala for the workshops. This comes after the National Budget Conference held last week.

According to the ministry, the objectives of the consultative workshops include: providing feedback on issues raised during last year’s budget consultations, discuss the budget strategy for FY 2025/26 and discuss the strategic direction of the NDP4, the 10-fold growth strategy and how this will translate into local economic growth.

Commissioner Moses Kabanda, speaking at the opening of the local government budget consultative workshop in Lira City, urged Local Government leaders from the districts of Gulu, Amolatar, Kalaki, Kwania, Kaberamaido, Kiryandongo and Gulu City to ensure that their budgets are in line with the priorities of government to grow the economy ten-fold in line with the strategic direction of NDP4.

“You should ensure that your budget framework papers for FY 2025/26 are prepared in line with the grant guidelines and the guidance issued in the 1st Budget Call Circular,” said Kabanda.

He also urged them to finalize their respective development plans by 31st March 2025, to guide the budgetary releases in FY 2025/26.

Regarding the delayed re-voting of unspent funds for Uganda Intergovernmental Fiscal Transfer (UGIFT) and Uganda Support to Municipal Infrastructure Development (USMID), Kabanda said the Government has now ensured that these funds are available to LGs promptly to enable them complete ongoing projects.

In Arua, Minister of State for Investment & Privatisation Evelyn Anite and State Minister for Northern Uganda Kenneth Omona are leading the consultations on the budget for FY 2025/26.

Anite said the NDP4 to commence next FY is consistent with H.E the President’s guidance on the ambitious plan to grow the economy 10-fold by 2040.

“Growing the economy ten-fold by 2040 requires shifting to a higher growth trajectory of propelling the economy to double-digit growth; raising the tax-to-GDP ratio to 30%; raising per capita GDP from the current USD 1,146 to USD 700,” said the Minister.

She said these aspirations will be actualized through the four key growth areas (ATMS), adding that the government shall finance the budget for FY 2025/26 using domestically generated resources as well as external resources.

Minister Omona applauded the consultative and transparent nature of the budget formulation process.

He commended all players for spreading the gospel of development and mobilizing communities to participate in wealth creation initiatives and ultimately contribute to national development.

He also called upon leaders to prioritise the road infrastructure in the region to improve connectivity and trade.

In Hoima City, the Acting Commissioner of Budget Policy and Evaluation, John Muheirwoha,  said the objective of the consultative meeting is to provide feedback on the recommendations made during last consultations for the Budget of FY 2024/25, Provide Government’s Strategic Direction and the Budget Strategy for FY 2025/26 and convey the outcomes of the recently concluded negotiations on conditional grants for FY 2025/26  among others.

He said the recommendations from these consultations will guide the finalisation of the FY 2025/26 budget. On the issue of financing for maintenance of district urban and community access roads (DUCAR), he said effective FY 2023/24,Ushs 1bn was provided under Uganda Road Fund. He noted that this allocation has been maintained in the budget for FY 2024/25 and FY 2025/26 to enable LGs to improve their road networks. ” I implore you to prioritize maintenance of the most productive road network to stimulate economic activity within your respective districts,” said the Mini

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