Main navigation

Ripple Partner MoneyGram Expands Its Presence in $1,500,000,000 Remittance Market

Thu, 10/09/2020 - 16:00
Ripple Partner MoneyGram Expands Its Presence in $1,500,000,000 Remittance Market
Cover image via
Read U.TODAY on
Google News

MoneyGram, Dallas-based remittance company and one of Ripple's most prized partners, is expanding its presence in the East Africa region by joining forces with Uganda's largest commercial bank, Centenary Bank.

Darryl Pietersen, the regional director for South and East Africa at MoneyGram, praised Centenary Bank for its "operational excellence" in a sentence:

MoneyGram is proud to partners with Centenary bank. Known for superior customer service and operational excellence, we are confident Centenary bank will attract a significant portion of the over $1 billion remittance inflows into Uganda.

East Africa's second-largest remittance market

According to data provided by the World Bank, Uganda is the second-largest beneficiary of remittances in East Africasecond only to Kenya.

Image by

Its diaspora has sent over $1.5 bln back home from the U.K., Canada, Germany, neighboring Kenya and India, where the number of immigrants from Uganda has risen sharply over the past few years for some obscure reason.

More than half of all the inflows come from Middle Eastern countries. More than 150,000 Ugandans work there.

Tanzania and Rwanda come in third and fourth place, respectively, in terms of the volume of remittances.

Last week, MoneyGram also partnered with payment network Thunes to launch a new service for its customers in Uganda, Kenya and Tanzania. It allows customers to send funds directly to mobile wallets.

Blockchain Giant Ripple Recognized as One of Fastest-Growing Companies

New ODL corridors in Africa

Ripple has already established On-Demand Liquidity (ODL) corridors with MoneyGram in the Philippines, Australia and Europe, together with MoneyGram.

As reported by U.Today, Marcus Treacher, Ripple's SVP of customer success, claimed that they were hoping to open new corridors in Africa and the Middle East:

We have established On-Demand Liquidity corridors into Mexico, the Philippines, Australia, and Europe, and we’re hoping to further this expansion by opening corridors to APAC and EMEA this year.


Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles