The target market for Pay Uganda Limited are Ugandans living in the Diaspora whose remittance are growing year by year and stood at USD 1000 million in 2008.
Pay Uganda Limited identified the need for formal channels to enable Ugandans, living and working abroad and those within the country, to send their money home in a fast, secure and cost effective way.
Pay Uganda Limited was started to address the high rates of informality and the persistence of monopolies by banks and the few money transfer operators which in turn results in higher transfer costs and clients obtaining less value for their money.
Pay Uganda has entered into correspondence relationship with Money Express, Moneytrans, Smallworld, Kendy Money transfer, Transfast Remittace LLC and RIA Financial Services, (the third largest money transfer organization in the world and is a subsidiary of Euronet Worldwide, Inc (‘Euronet’) (NASDAQ: EEFT)
Pay Uganda has also entered into a partnership with Yo Uganda Ltd a mobile integrator to provide mobile transaction to our clients in addition to the office cash pickups. This will help our clients especially those upcountry to easily access their funds without coming to Kampala.
Pay Uganda is also in negotiations with various financial institutions in the region especially those in Southern Sudan, Kenya, Democratic Republic of Congo and Rwanda with a view of entering into correspondence relationship with them. Uganda is both a gateway and biggest trading partner to Kenya, Southern Sudan and Rwanda. Our office location, on Kampala Road opposite the main office makes it easy to access which is a major advantage.