We all love doing things seamlessly - like shopping online, booking appointments, bill payment, including sending money across the globe.
But when it comes to moving money internationally, it doesn't always come easy. International money transfers are mostly saddled with high exchange rates, delayed transactions, too many paperwork, to mention but a few.
And for individuals and businesses in Uganda, the story is not any different.
Challenges of Cross-border Payments in Uganda
Uganda is one of the top ten recipients of remittances in Sub-Saharan Africa. Many Ugandan families still depend on their diaspora-based relatives for food, housing, healthcare, tuition, savings, investments, etc.
However, a recent report from May Migration and Development Brief shows that remittance to Uganda declined by 26% after the Pandemic One major reason for this decline is the limited availability of cross-border payment services in the country.
On the other hand, the International Fund for Agricultural Development (IFAD), has called on fintech and digital companies to boost financial inclusion in Uganda. These companies are to liaise with PRIME Africa Programme - (Platform for Remittances, Investment and Migrants’ Entrepreneurship) which is in collaboration with the European Union to help boost digitization, seamless cross-border remittances and lower transaction costs across all channels.
The remittance industry in Africa is saddled with several roadblocks like low speed/ delayed transactions, including long duration of processing these payments and high transaction costs. In fact, many MTOs (Money Transfer Organisations) charge as high as 9.2% for cross-border transfers.
A 2018 study by Send Money Africa shows that the cost of sending money across Africa is almost twice the cost of sending to Africa. More so, minimal emphasis is placed on intra-Africa transfers and trade, because most key players in the remittance industry concentrate on originating transactions from the US, UK, Australia, Canada, Middle East etc.
As with other African countries, Ugandans are also faced with the major concerns of accessing safe, secure and cost effective cross-border services, and several other challenges.
Thankfully, this is where Transfy comes to save the day. Introducing Transfy - a faster and easier way to send money to and from Uganda.
Why Should You Choose Transfy?
Transfy is a fintech startup that is revolutionizing the way individuals and businesses in Africa move their monies across borders. Transfy was borne out of the need to provide a more seamless, safe, and cost-effective means of sending money across Africa and beyond.
Cross-border payments are a challenge in Uganda for a few reasons. There are a limited number of banks and other financial institutions that offer cross-border payment services, which means that businesses often have to go through several intermediaries to complete a transaction. But with Transfy, these challenges are a thing of the past.
Who Can Use Transfy?
- Entrepreneurs and businesses who transact with partners and clients in different African countries, or want to pay remote workers without worrying about hidden fees, high-transaction costs and delayed transactions.
- Damba who works abroad and needs to send money to his friends and loved ones in Uganda with a few clicks.
- Families who depend on remittance inflows and desires to receive monies in their local bank accounts or mobile money walkers Uganda without hassles.
- Afiya who schools in Kenya and wants to pay tuition fees in Kenyan shillings from the comfort of her room in Uganda without worries.
- Families, friends or lovers looking to book accommodations/flight tickets to countries in and outside Africa.
The Transfy multi-currency wallet provides an innovative solution that caters for the needs of these users in the most convenient and cost-friendly ways possible. Individuals and businesses in Uganda can now send, receive, hold and save in several African currencies like KES, NGN, GHC, ZAR, XOF and XAF without the hassles.
With a solid presence in countries like Nigeria, Kenya, Ghana, Cameroon, Senegal, Ivory Coast, and South Africa; and a seamless access to 30% of mobile money wallets and banks in Africa, Transfy is able to help businesses and MTOs expand their digital footprints in Africa.
Transfy is fast growing and looking to pitch their tents in several countries and continents outside Africa, including the USA, UK, Europe and China. This will also help Ugandans and other Africans in diaspora to easily and instantly send money home in a few clicks.
For many individuals and businesses in Uganda, making and receiving cross-border payments can be difficult, confusing, and expensive.
There are a lot of hoops to jump through - from hidden fees, to high exchange rates and transaction charges, down to rigorous protocols and paperwork. And finally, transactions can often take longer than expected to go through, which can be frustrating if you need the money urgently.
But with the payment solution, you can overcome these challenges and make cross-border payments easier. At Transfy, we work with businesses to make payments cheaper, faster, and more reliable. Contact us today to learn more about our services and how we can help your business grow.