By Mark Kawalya
The Bank of Uganda has granted Multigate a Money Remittance Business license, while similarly, the Central Bank of Nigeria has granted the firm an International Money Transfer Operator (IMTO) license. Multigate is a licensed financial services platform provider that offers secure and cutting-edge digital solutions to address the complex financial needs of corporations and financial institutions.
Multigate’s dedication to providing cutting-edge digital solutions governed by the highest industry regulations and security requirements has reached another key milestone with this achievement. In addition to Multigate’s Money Services Business (MSB) registration with Canadian FINTRAC, this company has been granted licenses for money remittance businesses. These Money Remittance Business licenses are in addition to Multigate’s Money Services Business (MSB) registration with the Canadian FINTRAC.
“The acquisition of Money Remittance Business licenses from the Bank of Uganda and from the Central Bank of Nigeria, following the same from Canada, further strengthens our position as a trusted solutions provider that takes regulations seriously. We thank the Bank of Uganda and Nigeria for the diligent and rigorous review process they took us through to ensure we met all requirements. With these licenses, we are excited and prepared to expand our cross-border payment solution to our valued clients and partners in Uganda and Nigeria.” said Eghosa Nehikhare, CEO of Multigate.
Banking Financial Institutions (BFIs) and Non-Banking Financial Institutions (NBFIs) can conduct international payments in real time utilizing local currencies thanks to Multigate’s cross-border payment solutions. Multigate has recently received a number of regulatory licenses and certifications that are in line with its objective to provide solutions that adhere to the highest security and regulatory standards.
Remittances contributed almost $20 billion to Nigeria and $1.1 billion to Uganda in 2022, according to World Bank figures. While Uganda is expected to double Nigeria’s remittance growth rate, 38% of remittances in Sub-Saharan Africa go to Nigeria. Uganda’s strong economy and expanding expatriate population provide the country’s remittance industry with numerous prospects.