TerraPay, a leading global cross-border payments network company, and Diamond Trust Bank Uganda (DTBU), a prominent member of the Diamond Trust Bank Group, today, announced a strategic partnership to expand international money transfers and strengthen financial inclusion in Uganda. Together, both firms will deliver unparalleled benefits to customers worldwide. The key attributes of this partnership include the ability to facilitate direct account deposits from any part of the world and leverage DTB's renowned brand name to optimize advantages for customers across the globe.
This partnership is poised to significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals. By forging this collaboration with TerraPay, Diamond Trust Bank Uganda will witness an expansion in its customer base for international money transfers, consequently bolstering direct international investments within the nation. Notably, this initiative will greatly benefit customers and expatriates residing in the United Arab Emirates, the United Kingdom, the United States, Kenya, Germany, Qatar, Canada, and Europe, granting them the capability to execute real-time money transfers to their loved ones in Uganda, a pivotal hub within this partnership. Simultaneously, TerraPay will extend its global outreach through this association with DTBU, simplifying digital cross-border money movement for both individual consumers and businesses alike. As a result, individuals will enjoy swifter and more seamless person-to-person remittances, while businesses can anticipate streamlined payouts spanning an extensive network of 140 recipient countries. This strategic partnership is set to fuel the anticipated growth in digital transactions within Uganda, a market projected to surge to a staggering USD 1.3 billion by 2027.
Talking about the partnership, Willie Kanyeki, TerraPay's Vice President, East and South Africa, said, "We are excited to partner with Diamond Trust Bank Uganda to expand our reach in East Africa and make it easier for people to send and receive money across borders. This partnership will help us achieve our goal of providing everyone with access to affordable, reliable financial services. Diamond Trust Bank Uganda is a well-respected bank with a strong track record of providing excellent customer service. We are confident that this partnership will be a success and will help promote financial inclusion in the region, by simplifying global money movement for both individuals and businesses, making it easier than ever to connect with loved ones and also, empower global commerce."
Commenting on the collaboration, Varghese Thambi, Managing Director, Diamond Trust Bank Uganda said, "We are committed to providing our customers with the best possible banking experience. This partnership with TerraPay will allow us to offer our customers faster, more convenient, and more secure money transfers, with lower fees. We are confident that this partnership will be a win-win for both, our organizations and the people of Uganda. TerraPay's agile technology will allow us to reach a wider network of customers, making it easier for them to send and receive money across borders. We are certain that this partnership will have a positive impact on the lives of many people in Uganda."