UAE Exchange has rebranded its Uganda operations as “Unimoni”. This announcement was made by Promoth Manghat, Executive Director of Finablr and Group CEO, at an event held in Kampala, in the presence of Vice President of Uganda Hon. Edward Kiwanuka Ssekandi, and other dignitaries.

The new brand “Unimoni”, short for ‘Universal Money’, mirrors the company’s aim and objective to strengthen its global presence and provide a wider spectrum of innovative financial services to its customers. Unimoni plans to be present in 14 African markets by the year 2020.

Promoth Manghat, Executive Director of Finablr said, “Home to some of the fastest growing economies globally, Africa holds tremendous potential and is a critical component of our growth strategy as a group. We will continue to invest in enhancing the breadth of our reach and depth of our operations in the African continent. As a group, we have earmarked USD 100 million in investments to support our growth and expansion efforts in Africa over the next decade. As Unimoni, we will facilitate seamless and connected experiences for our customers and pave the way towards sustainable development and inclusive growth of the various African markets.”

Allen Semboze, Regional Head Africa, Unimoni, said: “The next few years are going to be very eventful for us at Unimoni, as we set out to achieve our ambitious growth strategy. We are in advanced discussions with various ecosystem partners including Mobile Network Operators and aggregators to develop new money transfer solutions. These services will be available in four of our seven markets in Africa by the second half of 2018. We are also working on developing our digital capabilities including an online remittance platform, a white-label solution for our corporate customers and an online forex solution. While we are adopting a phased approach towards our growth in Africa, all these offerings will be live by 2020 across all our African markets.”

The rebranding exercise follows an earlier announcement made by noted UAE-based businessman and philanthropist, Dr. Bavaguthu Raghuram Shetty, Founder and Chairman of the UAE Exchange Group.

In April 2018, Dr. Shetty launched “Finablr”, a holding company which, subject to regulatory approvals, aims to bring together his global portfolio of category-leading financial services brands including Unimoni, UAE Exchange, Travelex and Xpress Money under one umbrella.