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- The impact of the COVID-19 pandemic on the global economy and job security for Ugandan migrant workers around the world has reduced the amount of money.
Recent data from the May Migration and Development Brief shows that remittance flows to Uganda declined by 26 per cent, from US$1.4 billion in 2019 to US$1.1 billion in 2020.
Yet despite the decline, Uganda was ranked among the top ten recipient countries in sub-Saharan Africa (SSA). The impact of the 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.
For millions of households that depend on remittances, the decline only underscores the role these private transfers of funds play in safeguarding their food security, health care, savings and investment opportunities.
If no claim is lodged for a closed electronic or mobile money account within seven years, the National Payment Systems Act indicates, the unclaimed balances shall be transferred to Consolidated Fund