Cross-border payments network company TerraPay and Diamond Trust Bank (DTB) have announced a partnership aimed at expanding international money transfers and fostering financial inclusion in Uganda.
The collaboration will enable TerraPay to enhance its global outreach through the association with DTB, facilitating digital cross-border money movement for individuals and businesses. The partnership is expected to streamline person-to-person remittances and provide businesses with simplified payouts across a network of 140 recipient countries.
The initiative is set to benefit customers and expatriates in countries such as the UAE, UK, USA, Kenya, Germany, Qatar, Canada, and Europe, allowing them to execute real-time money transfers to Uganda.
The collaboration was unveiled at DTB’s head offices in Kampala, where Samuel Muyingo, TerraPay’s manager for East and Southern Africa, highlighted the positive impact of remittances on financial inclusion and macroeconomic growth in the country.
Muyingo emphasized that the partnership would enable direct account deposits from any part of the world and leverage DTB’s brand name to optimize benefits for global customers. Varghese Thambi, Managing Director of Diamond Trust Bank Uganda, expressed the bank’s commitment to providing customers with a faster, more convenient, and secure money transfer experience through the partnership.
Digital transactions within Uganda are expected to reach USD 1.3 billion by 2027, and the strategic partnership between TerraPay and DTB aims to contribute to this anticipated growth in digital transactions. The initiative will support customers in executing real-time money transfers to their loved ones in Uganda, fostering financial connectivity and inclusion.
