Mwesigwa Rukutana Hails Western Union

Date: Wednesday, September 15, 2004

The finance state minister, Mwesigwa Rukutana, has said the country has experienced vibrant growth in the recent past because of capital infusion by Ugandans living abroad.

Opening the Western Union international seminar at Speke Resort Munyonyo on Monday, Rukutana said, "Private money transfers have more than doubled from an estimated $270m seven years ago, to over $500m last financial year."

He said the money transfers had contributed to investment and growth of the economy and assisted the Government in the fight against poverty.

He said the ease and speed with which Western Union transfers money had accelerated Uganda's economic growth.

Richard Byarugaba,Nile Bank managing director, one of the main agents of Western Union in the country, said according to figures supplied by Celent's 2002 Global Money Transfer Report, the market share of non-official money transmitters had declined from 50% in 1996 to 45% in 2001.

The conference which will end today is being attended by about 50 delegates from all over Africa.

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