London, 5 October 2023
Multigate, a licensed financial services platform company that delivers secure and innovative digital solutions to address the complex financial needs of corporates and financial institutions, has been granted a Money Remittance Business license by the Bank of Uganda and an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This marks another significant milestone in Multigate’s commitment to delivering innovative digital solutions governed by leading regulatory and security standards. These Money Remittance Business licenses are in addition to Multigate’s Money Services Business (MSB) registration with the Canadian FINTRAC.
“The acquisition of a Money Remittance Business license from the Bank of Uganda, following the same from Nigeria and Canada, further strengthens our position as a trusted solutions provider that takes regulations seriously. We thank the Bank of Uganda for the diligent and rigorous review process they took us through to ensure we met all requirements. The remittance industry is crucial in advancing Africa’s economy and enhancing African organisations’ regional and global trade. 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.
Multigate’s cross-border payment solutions allow Banking Financial Institutions (BFIs) and Non-Banking Financial Institutions (NBFIs) to execute real-time international payments using local currencies. Over the last few months, Multigate acquired several regulatory licenses and certifications that align with its mission to deliver solutions governed by leading regulatory and security standards.
In 2023 alone, Multigate became the first Pan-African-based technology company to be certified as a SWFT Lite2 Business Application Provider (L2BA), with ISO 20000, 22301, and 27001 certifications. In a press statement in July 2023, Eghosa Nehikhare said, “…these certificates showcase our willingness to invest upfront in the quality of service, ensuring our products are reliable, and our dedication to service management, business continuity, and information security. These certifications underline the company's commitment to delivering high-quality services, effectively managing risks, and safeguarding sensitive information”.
According to data from the World Bank, remittances contributed approximately $ 20 bn to Nigeria and $ 1.1 bn to Uganda in 2022. Whilst Nigeria accounts for 38% of remittances in Sub-Saharan Africa, it is predicted that Uganda’s remittance growth rate will double that of Nigeria. Uganda has a thriving economy and growing diaspora population, which present immense opportunities for the remittance sector in the country.
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