Kampala—12, August 2021: On Thursday morning in Kampala, Posta Uganda senior officials officially launched what it now known as “Eurogiro Financial Supermarket”.
In this partnership, Posta Uganda will offer remittances through Eurogiro financial supermarket. Other services include mobile money transfers, agency banking and international money transfers.
Eurogiro has its roots in European Postbank Cooperation, hence the ‘Euro’ and the ‘giro’ is its name, but its reach and aspiration go further. It embraces members and partners from all regions of the world. Its members exchange payments in many currencies and its services are suited for cross-border business.
Amwonya Aggrey is the Manager Agency and Financial Services at Posta Uganda. He tells media at the launch that as the world economy grows, Eurogiro Financial supermarket is there to be your partner for sending and receiving money around the globe.
“When you need convenient ways to send money to your loved ones back home or abroad, Eurogiro Financial supermarket is here to help. With money transfer services, you can send money to over 200 countries and territories,” he adds.
According to International Fund for Agriculture Development (IFAD) ‘report’ published on its website on 1, June 2021, the impact of Covid-19 pandemic on the global economy and job security for Ugandan migrant workers around the world has reduced the amount of money they are sending back home to their families.
“But remittances still provide crucial support for some of the world’s poorest people,” it adds.
With the above crisis a reality, Amwonya urges Ugandans abroad to continue sending their paychecks home to their families using Eurogiro Financial Supermarket of Posta Uganda.
He explains the new service is a simple transaction that is not only convenient, but “fast”. “Wives, husbands, parents, and children don’t have to wait weeks, or even months, for their loved ones to return. You can have near instant access to the money you need to buy food, pay bills, and get medical care through our Postal Offices near you.”
James Arinaitwe is the Managing Director Posta Uganda. He says, “it’s one other product we are doing, and it’s not a new experience.”
He says Posta Uganda is now focusing on partnerships and innovations, adding that with Eurogiro, services will be offered to the customers’ doorsteps.
“Posta Uganda has been here before independence, it’s reliable and it has an international reach,” he said at the launch, Thursday.
Arinaitwe tells Ugandans that Posta Uganda is not all about delivering letters as widely known. “We are at the centre of communications, we are not letter deliverant.” With Eurogiro, he adds the services will be available to customers’ doorsteps if they want, with small fee charged for delivery.
How it works
Eurogiro connects the physical and the digital world via a suite of classical and modern services. They designed eurogiro services for cost efficient transactions cross-border and its members are Posts, Post Banks; banks and payments service providers. The Eurogiro Financial Supermarket is the open payment platform that empowers postal organizations to passionately engage in financial services, both locally and globally.
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The Eurogiro Supermarket platform is provided as a white label, integrated turnkey solution, both via Cloud and API (Application Programming Interface). The platform includes clearing and settlement services, AML (Anti Money Laundering), sanctions screening, back-office reporting and related services required to successfully deliver a full suite of Postal Financial Services.
Duty of Posta Uganda
Posta Uganda has fulfilled its obligation of taking services nearer to the community. They are investing in mobile money services, agency banking and money transfers, and Eurogiro money remittance is one of them.
With an asset base of over 100 billion shillings and under a wide network across the country, Posta Uganda and Eurogiro will invest “considerable resources” to ensure that this money transfer service benefits its clients and the country.
While banks will not allow you to turn transfers into cash, Eurogiro Financial Supermarket is a money remittance that can be transferred to cash and the recipient gets money immediately.
The services [Eurogiro] are available in the Middle East, Europe, Asia Pacific, Americas and Africa.
Locally, it’s now available at postal outlets in Arua, Busia, Clock Tower (Kampala City), Gulu, Hoima, Lira, Mbale, Mityana, Entebbe, Busia, Bombo, Moroto and others.
Soon, the Managing Director, Arinaitwe, says they will extend it to Ngora, Pakwach, Wobulenzi, among other outlets. There are 49 postal offices in Uganda.