Flex Money Group Secures Forex and International Money Remittance Licenses in Uganda

Kampala, Uganda – September 17, 2024 – Flex Money Group, one of the Africa’s leading remittance providers, has announced the acquisition of both Forex and International Money Remittance licenses in Uganda.

Operating under the brand name InstaRemit, the company has also opened its first customer engagement center at Crown House, Kampala Road. This milestone marks a pivotal moment in the group’s expansion across the region.

With Uganda ranking among Africa’s largest recipients of remittances, the presence of Flex Money Group is set to transform cross-border transactions by improving the speed, security, and overall customer experience for Ugandans both locally and abroad.

The group’s omni-channel strategy, which combines physical branches with advanced digital cross-border payment solutions, aims to cater to the diverse needs of the market.

Riyaz Naghoor, CEO of Flex Money Group, emphasized the importance of Uganda in the company’s regional plans:

“Uganda stands at the heart of our focus markets in Sub-Saharan Africa. Our innovative omni-channel approach, which combines physical branches with cutting-edge digital cross-border payment solutions, uniquely positions us to meet the needs of this vibrant market. Uganda, being one of the largest receiving remittance markets in Africa, presents a huge opportunity for us to enhance the efficiency of both inward and outward remittances. We don’t just send money; we deliver happiness. With our operations in Uganda, we are ready to amplify this impact further.”

The company’s plans include the opening of five more customer engagement centers across Uganda over the next year. These new centers will enable Flex Money Group to bring its services closer to customers and create a seamless experience for those using their remittance services.

“Flex Money Group extends its heartfelt gratitude to the regulators for their support in this endeavor. This licensing is a testament to our commitment to expanding our local and international footprint,” said the company in a statement.

As Flex Money Group deepens its footprint in Uganda, it aims to set a new standard for secure, fast, and reliable remittance services. By integrating both physical branches and digital platforms, the company offers a holistic approach that ensures funds sent from the diaspora reach recipients swiftly and securely.