The New Vision newspaper reported in August 2018 that Uganda received USD1.2 billion in 2017 as remittances from Ugandans living abroad. This accounts to 5% of the country’s Gross Domestic Product (GDP).
Some of that money is sent through platforms set up by Cayman Consults Ltd, one of the oldest Business Process Outsourcing (BPO) companies in the country. Cayman partnered with a Canadian firm, Mangu E-Solutions, to franchise a money transfer mobile phone application to enable convenient money transfer services from abroad.
With the matching grant facility, Cayman integrated Mangu E-Solutions’ Mangu Mangu solution which enables an Out-Bound Dialer, which automatically calls pre-set telephone numbers to deliver a recorded voice message once the phone call is answered, an Inbound Dialer Voice Receiver which automatically picks an incoming call and plays a pre-recorded message usually to a live caller, and lastly finance a system for ease of funds tracking and accountability. Ugandans abroad can access money transfer services in Uganda via mobile money as well as making direct cash deposits.
The MGF support is enabling the company to market the Mangu Mangu product in Dubai and Canada and later in USA and UK. The company projects sales revenue of USD 10,000 monthly from the 5% commission earned on every funds transfer and at least 20 permanent jobs. The app is available in Google Play Store.
The matching grant also enabled Cayman to have a fully fledged BPO center, which has seen the company effectively handle payroll functions for Trigin, a company that handles temporary UN staff in war zones. Cayman Consults currently handle a total staff size of 374 which was reflected in their 2016 financial turnover standing at USD 324,933.