Remittances from Ugandans in the Diaspora have grown over the years, with Bank of Uganda projections putting expected transfers at over Shs1.89 trillion ($700 million) in 2013 alone.
However, such contributions continue to suffer from foreign-owned money transfer services which not only make it expensive but tedious to send money back home.
Mr Francis Ssennoga, the president of the Ugandan North American Association (UNAA), an organisation for Ugandans in North America (USA and Canada), says convenient services when transferring money have been unavailable to the Diaspora community.
“Most money transfer companies are foreign, meaning a good number of their services are designed without a deep understanding of the immigrant communities.”
To meet these needs, Post Bank has come up with an account for Ugandans in the Diaspora called the diaspora classic account to make it cost friendly to maintain and manage an account for Ugandans who live out of the country, either in paid employment, for studies or in business.
Post Bank managing director Stephen Mukweli, said: “The diaspora classic account is an internet-based account which enables the holder to manage the account using a personal computer or mobile phone.”
Using the account, business customers can pay their taxes online through the e-tax solution available at Post Bank. This means that they no longer have to send money through people hence reducing the chances of diverting their money.