KAMPALA — The Government of Uganda has commended Stanbic Bank for its pivotal role in revolutionizing the remittance landscape, a move seen as a significant leap in the modernization of the country’s financial services sector.
The recognition came during the 8th Annual Uganda Bankers Association Conference, held at Serena Hotel in Kampala, under the theme: Harnessing the Potential and Maximizing the Impact of Remittances on Development.
Bank of Uganda Governor, Dr. Michael Atingi-Ego, praised financial institutions like Stanbic Bank for embracing digital innovation to streamline and scale remittance services. He noted that remittances have become a cornerstone of Uganda’s economy, not only contributing to GDP but also directly improving the livelihoods of millions of families.
“In 2023 alone, Uganda received USD 1.4 billion in remittances — nearly 3% of our GDP. This figure is not just economic data; it tells the story of resilience, sacrifice, and unwavering support by our diaspora who continue to build bridges of prosperity from thousands of miles away,” Dr. Atingi-Ego said.
He lauded Stanbic Bank’s investment in user-friendly platforms that ease cross-border transactions and reduce costs for recipients, adding that such digital innovations are deepening financial inclusion and empowering communities across the country. He further revealed that the Bank of Uganda is working on policy reforms to modernize the payment infrastructure, reduce transaction fees, and create a regulatory environment that supports innovation without compromising financial stability.
Stanbic Bank’s Chief Executive, Mumba Kalifungwa, reiterated the bank’s commitment to being a development partner, not just a financial institution. In his keynote address, Kalifungwa said remittances are a vital link between the diaspora and Uganda’s economic resilience.
“Stanbic Bank is proud to power this connection. Our FlexiPay platform enables fast, low-cost international transfers that uplift families and fuel enterprise. We are not simply a service provider — we are allies in the country’s development journey,” he said.
Kalifungwa called for closer collaboration among stakeholders in the remittance space to unlock its full potential, stating that true transformation will require collective effort and sustainable partnerships.
Also speaking at the conference, Gender, Labour and Social Development Minister Betty Amongi noted the sharp rise in remittances from migrant workers — from USD 700 million in 2020 to USD 1.4 billion in 2024. She emphasized the need to encourage the use of formal remittance channels to ensure proper monitoring, accountability, and developmental impact.
“As international migration increases, Uganda must position itself to harness the full potential of these inflows. Formal channels not only ensure transparency but also strengthen our financial systems,” Amongi said.
Salim Kitagenda, Head of Products at Stanbic Bank, provided insight into how FlexiPay — launched in 2022 — is redefining access to financial services. He said the platform has enabled Ugandans, including the unbanked, to send and receive money more efficiently. In 2024 alone, over 260,000 new users joined the platform, with more than 11,000 transactions worth UGX 30 billion processed.
“Our partnerships with international money transfer services ensure real-time processing and convenience for both senders and receivers. FlexiPay is transforming how Ugandans interact with money — both at home and abroad,” Kitagenda noted.
He added that remittances are increasingly driven by young Ugandans working in the Middle East, North America, and Europe, and that each dollar sent home supports multiple lives.
Globally, remittances affect nearly one billion people — with over 200 million migrants sending money to an estimated 800 million family members. According to the International Fund for Agricultural Development (IFAD), although these remittances average just USD 200–300 every month or two, they can account for up to 60% of a household’s income in low- and middle-income countries like Uganda.
More than just financial transactions, remittances have become a lifeline — funding education, healthcare, housing, and small business growth. They also play a major role in advancing Uganda’s progress toward achieving the UN Sustainable Development Goals by 2030.
As Uganda continues to modernize its financial ecosystem, institutions like Stanbic Bank are positioning themselves not only as players but as transformative forces in shaping the future of inclusive banking.
