Airtel launches international MoMo transfer services

November 14, 2019 in Business, Companies, Financial Services by Editor

Airtel Uganda has introduced international transfer services on its Airtel Money platform. Subscribers will initially be able to make instant funds transfers across boarders to Tanzania and Malawi from their Airtel Money wallets. Rwanda, Kenya and the UAE will also launch the service in the near future.

“The service we are launching today is not only simple, secure and instant but also stands to ease the convenience with which millions of people are able to send and receive money from their loved ones abroad driving financial inclusion while deepening social networks among friends and family,”  said V.G Somasekhar, Airtel Uganda’s Managing Director.

When fully constituted the international transfer service will also see Airtel money customers receive money directly from Rwanda, Tanzania, Malawi, South Africa, Somalia, UK, USA, UAE, Qatar, Oman and Saudi Arabia.

Airtel says its international transfer services conform to the global Anti Money Laundering policies enhancing international trade and regional intergration.

While using this service, the customer will not be charged nor taxed for receiving money, regardless of where the money is coming from. Charges will only apply at the point of withdrawal .Forex rates will be determined by the prevailing market tariffs.

The State Minister for Foreign Affairs – Hon. Henry Okello Oryem welcomed the service as not only a solution that will deepen financial inclusion in Uganda but also a boost to the regional integration agenda.

“Inbound remittances to Sub-Saharan Africa grew nearly 10 per cent to reach $46 billion in 2018 as per World Bank estimates and, as the primary source of external financing in the region, it is critical for its socio-economic development. With the average cost of 9.4 per cent, Sub-Saharan Africa ranks amongst the most expensive remittance corridors globally. The introduction of this transfer option shows that Airtel Uganda is driving financial inclusion and supporting the UN Sustainable Development Goals by reducing the cost of remittances,” he said.

@Airtel