By Mark Kawalya
Diamond Trust Bank Uganda (DTBU) and TerraPay a cross-border payments network company, have partnered to enhance international money transfers and foster financial inclusion in Uganda. The partnership will benefit customers worldwide by enabling direct account deposits from any location. It will also leverage DTBU’s renowned brand name and facilities to optimize customer advantages across the world. Through the collaboration, the firms will streamline money transfer processes, enhance savings, and improve credit accessibility, significantly reducing the financial inclusion gap.
By partnering with TerraPay, Diamond Trust Bank Uganda expects an expanded customer base for international money transfers. This will boost direct international investments in the country. TerraPay’s Vice President for East and South Africa, Willie Kanyeki, expressed confidence about the collaboration, saying, “Our partnership with Diamond Trust Bank Uganda strategically expands our presence in East Africa, making cross-border money transfers seamless. This collaboration aligns with our goal of providing affordable and reliable financial services to everyone. Diamond Trust Bank Uganda, which is known for its excellent customer service, is a valuable partner in achieving this objective.”
The initiative is expected to particularly benefit customers and expatriates in the US, the UAE, the UK, Kenya, Canada, Germany, Qatar, and Europe, allowing them to execute real-time money transfers in Uganda. Additionally, TerraPay aims to enhance its global reach through its partnership with DTBU. This will simplify digital cross-border money movements for individual consumers and businesses alike.
Additionally, the partnership with DTBU will enable TerraPay to enhance its global reach, simplifying digital cross-border money movements for individuals and businesses alike. This collaboration will allow quicker person-to-person remittances for individuals, while businesses can look forward to streamlined payouts across a vast network of 140 recipient countries.
Varghese Thambi, Managing Director of Diamond Trust Bank Uganda, emphasized the commitment to providing customers with an exceptional banking experience. He noted, “Our partnership with TerraPay aligns with our commitment to offering faster, more convenient, and secure money transfers with lower fees. We are confident that this collaboration will benefit both our organizations and the people of Uganda. TerraPay’s agile technology will enable us to reach a wider network of customers, facilitating easier cross-border money transfers.”
