Money matters made easier for Ugandan expats in the UK

Money matters made easier for Ugandan expats in the UK

IN A 2018 report published on March 20, Kampala, the capital of Uganda, has been ranked 172 out of 230 best cities to live in across the world. Lush foliage, tropical climates and a vibrant social life is how most Ugandans would remember their home country. However, in order to make a better living for oneself and one’s family, many Ugandans move continents in search of greener pastures.

Reports suggest that the Ugandan expatriate community in UK is over 63,000 people strong as of 2017. The UK is a cauldron where many cultures meet. An enriched African culture is an integral part of UK’s social fabric. Restaurants, activities, café, events, social media groups and community get-togethers ensure that Africans in UK have a sense of home despite living on foreign soil.

Moving to the UK and making the most of it

The obvious motive for any individual moving to a new country is their inherent search for professional growth, better quality of life and financial prosperity. While fulfilling personal goals, expatriates also hope to enrich the lives of their families left behind in their home country.

Reports reveal that more than half of UK households keep a regular budget. Creating a monthly budget to roadmap one’s personal finances would be a smart move in starting life as an expat in the UK. Each country has its own unique tax structure and it is quintessential to be educated about the tax implications of the UK.

Council tax bills are an avoidable expense as the UK Government provides almost 25% discount for people living alone. Keeping a close watch on one’s finances secures will help on a rainy day. Amidst setting base, Ugandan expats tend to watch out for their loved ones by regularly sending money home.

Sending money to your loved ones in Uganda

Remittances are woven into the tapestry of expat life. The World Bank reports reveal remittances worth $372 million are transferred within the UK-Uganda corridor. This reinstates the importance of having an easy, convenient and safe money transfer service at accessible locations. Hard cash continues to be the undisputed king.

Within remittances cash transfers is the preferred channel among the African population. Xpress Money is a global money transfer brand with a widespread UK presence in 350 locations across grocery stores, hair salons, roadside corner shops and other retail outlets. If you are sending money to Uganda all you need to do is walk into any Xpress Money location; provide your valid ID, accurate beneficiary details and the amount you want to transfer.

UN reports published in June 2018 reported almost 78.2% households in Uganda receiving cash transfers via formal channels. Thanks to Xpress Money’s instant Cash Payout service, your loved ones in Uganda can walk into any of the 271 locations and receive cash instantly. To accentuate customer’s convenience, Xpress Money has fostered partnerships with trusted financial institutions like Diamond Trust Bank (DTB), Development Finance Company of Uganda (DFCU Bank) and Unimoni in Uganda so that the diaspora’s hard-earned money reaches their family through legal and safe channels.

Xpress Money has joined forces with DTB and their agent partners to provide customers access to almost 140 locations. Another option available to customers comes through Xpress Money’s partnership with DFCU Bank where you can send and receive cash across 67 locations. Xpress Money has also collaborated with Unimoni and its agent partners spread across 56 locations in Uganda, where customers can avail Cash Payout/Payin services.

The outlook for remittances in Africa holds promise for the diaspora and their beneficiaries as accessible, affordable and convenient remittances are now a reality. Remittances are undergoing a paradigm shift from traditional cash payout services to fintech backed Mobile Wallets. Globally, Africa has set an excellent precedent as one of the frontrunners and early adopters of digital advent within the remittance industry.

Reports released by Bank of Uganda in 2016 state that mobile money technology is gradually catching up as it is used by 21.9% of the Ugandan households surveyed. Xpress Money has partnered with Terrapay in Uganda to provide mobile wallet services to customers, through telecom providers Airtel & MTN.

Annual reports released by Bank of Uganda highlight 38% increase in mobile money transactions, peaking to 1.11 billion in June 2017. Further, the value and volume of mobile money transaction in Uganda surged by 41% touching UGX 52.77 trillion around June 2017.

With migration witnessing a year on year growth, remittances are expected to be on the rise. Cash as a commodity will always be in vogue. Unequivocally, in the realm of remittances the customer’s comfort zone is in cash transfers. The onus now lies with global money transfer services to ace their game and ensure reach and relevance in an industry where no two days are the same.

For a more detailed walkthrough on how to send money, log onto www.xpressmoney.com

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