Government has recognized Stanbic Bank for its transformative impact on the remittance sector, as highlighted during the 8th Annual Uganda Bankers Association Conference in Kampala.
The bank’s digital innovations, particularly the Flexipay platform, have enhanced the efficiency, accessibility, and affordability of remittance services, supporting Uganda’s diaspora and their families.
In his address, Dr. Atingi-Ego, the governor of the central bank expressed admiration for financial institutions like Stanbic Bank that have taken bold strides in leveraging digital technology to enhance remittance services.
He said remittances are a vital component of Uganda’s socio-economic fabric and applauded the bank’s strategic move to improve digital platforms that empower the diaspora community and their families back home.
“In 2023 alone, Uganda received $ 1.4 billion in remittances, accounting for nearly 3% of GDP. This is more than just a statistic; it reflects the resilience, sacrifice, and unwavering commitment of our diaspora, who continue to build bridges of hope and prosperity from afar,” he said.
These funds, primarily from migrant workers in the Middle East, North America, and Europe, support approximately 800 million family members globally and bolster local economies.
Flexipay, launched in 2022, has onboarded over 260,000 users in 2024 and processed transactions worth UGX 30 billion, enabling seamless cross-border payments and reducing costs through partnerships with global money transfer organizations.
Stanbic Bank’s chief executive, Mumba Kalifungwa, underscored the bank’s role as a key partner in Uganda’s development agenda.
“Financial institutions play a crucial role in unlocking the development potential of remittances. Stanbic Bank is not just a service provider; we are strategic partners in Uganda’s growth. Our Flexipay platform enables seamless cross-border transactions, reduces costs, and enhances economic resilience,” Mumba stated.
Betty Amongi, the minister of Gender, Labour and Social Development, acknowledged the growing contribution of migrant workers to national income.
“As of 2024, remittances from migrant workers have reached $1.4 billion, up from $700 million in 2020. While migration remains a global phenomenon, Uganda must ensure these remittances flow through formal channels to enable proper tracking and maximize their developmental impact,” she said.
