Who We Are
Pay Uganda obtained a license to transact money remittances business from the Central Bank – Bank of Uganda under license number MR 23.18. The company is owned by Mr. Samuel Baguma, and Mr. Barnabas Taremwa.
To offer customers living and working abroad a cheap, secure and fast alternative to send their remittances back home.
Our Mission Statement:
To offer fast, convenient and secure money remittance services to the customers living and working abroad at a reasonable cost using innovative technologies.
The formal Money Remittances industry is dominated by two major players from the USA, i.e., MoneyGram and Western Union, working through some financial institutions as agents. According to IFAD, formal remittances into Uganda in 2006 were USD 642m amounting to 6.9% of its GDP. Remittances also account for up to 30% of the nation’s external revenue. Most estimates put the informal remittance to anywhere between 40-100% of the formal remittance.
With remittances constituting the second largest source of external funding for developing countries ahead of both capital market flows and official development assistance the industry will continue to be important than ever before as an alternative vehicle for acceleration of economic growth and cushion the recipients from adverse effects of poverty.