TerraPay, a global leader in cross-border payment networks, and Diamond Trust Bank Uganda (DTBU), a prominent member of the Diamond Trust Bank (DTB) group, have announced a strategic partnership to enhance international money transfers and boost financial inclusion in Uganda. This collaboration aims to provide unparalleled benefits to customers worldwide, including the ability to facilitate direct deposits to accounts from anywhere in the world and leverage the renowned DTB brand to optimize benefits for customers globally.
The partnership is poised to significantly reduce the financial inclusion gap by streamlining money transfer processes, savings, and credit accessibility for individuals. By teaming up with TerraPay, Diamond Trust Bank Uganda will expand its customer base for international money transfers, thereby strengthening direct international investments in the country. This initiative will notably benefit customers and expatriates residing in various countries, enabling them to make real-time money transfers to their loved ones in Uganda, at the heart of this partnership. At the same time, TerraPay will extend its global reach through this association with DTBU, simplifying cross-border digital fund movements for individuals and businesses. This strategic partnership is expected to fuel the projected growth of digital transactions in Uganda, a market set to reach .3 billion by 2027.
Willie Kanyeki, Vice President of TerraPay for East Africa and South Africa, expressed excitement about the partnership, highlighting the goal of expanding financial access to affordable and reliable services. Varghese Thambi, CEO of Diamond Trust Bank Uganda, emphasized the organization’s commitment to offering customers a superior banking experience. This partnership is expected to deliver faster, more convenient, and secure money transfers with lower fees while benefiting both organizations and the people of Uganda.
TerraPay simplifies money transfers globally by providing a seamless connection to the most extensive cross-border payment network, allowing payments to over 140 recipient countries, over 210 sender countries, more than 7.5 billion bank accounts, and over 2.1 billion mobile wallets. As for Diamond Trust Bank Uganda, it is a subsidiary of the Aga Khan Fund for Economic Development with a significant presence in East Africa, offering diversified banking services to the population. With a history dating back to 1946, DTBU has received acclaim for its service excellence in Uganda’s service industry. The group is a frontrunner in money transfer services with over 200 transfer points in Uganda.
Overall, the strategic partnership between TerraPay and Diamond Trust Bank Uganda is poised to revolutionize cross-border money transfers, promote financial inclusion, and facilitate economic growth in Uganda. For more information, visit terra.com.
