Uganda Central bank launches dashboard as remittances hit $2.5 billion

KAMPALA, Uganda — Bank of Uganda Deputy Governor Augustus Nuwagaba launched a new digital monitoring system Wednesday as updated data revealed that diaspora remittances surged to $2.5 billion last year.

The Granular Remittance Dashboard, unveiled at the Golden Tulip Hotel, provides a more precise look at financial inflows that were previously estimated at only $1.5 billion. The $1 billion increase is attributed to a new enhanced data collection framework that expands coverage to capture transaction-level reporting from service providers across the financial sector.

Nuwagaba called the improved tracking a fundamental achievement for the country’s economic monitoring.

Remittances are a lifeline, they are more than statistics, they represent the sacrifices of Ugandans abroad who work to earn this money, Nuwagaba said. They provide for families and households both formally and informally and have proven to be a sustainable source of foreign currency inflows, competing with other sources such as coffee and tourism, which supports our Balance of Payments.

Hillary Musoke, senior presidential advisor on agribusiness and value-addition development, represented the State House Diaspora Unit at the launch. Musoke said the dashboard will allow the government to create evidence-based policies and financial solutions that benefit both Ugandans abroad and their families at home.

According to the updated figures, digital platforms have become the dominant method for transfers, with mobile money accounting for more than 60 percent of all receipts.

The State House Diaspora Unit noted the launch marks a significant step in recognizing the economic power of the diaspora. Officials said the unit will continue to support initiatives that maximize the development impact of these contributions, which are primarily used for education, healthcare and household needs.