TerraPay, a leading global cross-border payments network company, and Diamond Trust Bank Uganda (DTBU), a prominent member of the Diamond Trust Bank Group, have announced a strategic partnership aimed at expanding international money transfers and fostering financial inclusion in Uganda. This collaboration promises unparalleled benefits for customers worldwide, leveraging the strengths of both entities to facilitate direct account deposits from any part of the world and optimize advantages through the renowned brand name DTB.

The primary focus of this partnership is to significantly narrow the financial inclusion gap by streamlining the processes of money transfer, savings, and credit accessibility for individuals. By teaming up with TerraPay, Diamond Trust Bank Uganda anticipates an expansion in its customer base for international money transfers, thereby boosting direct international investments within the nation. This initiative is expected to particularly benefit customers and expatriates residing in key global locations such as the United Arab Emirates, the United Kingdom, the United States, Kenya, Germany, Qatar, Canada, and Europe. These individuals will gain the capability to execute real-time money transfers to their loved ones in Uganda, making this partnership a pivotal hub for enhanced cross-border financial services.

Simultaneously, TerraPay aims to extend its global outreach through this collaboration with DTBU, facilitating digital cross-border money movement for both individual consumers and businesses. This strategic partnership is set to enhance the efficiency of person-to-person remittances, ensuring swifter and more seamless transactions. Additionally, businesses can anticipate streamlined payouts across TerraPay’s extensive network of 140 recipient countries.

Willie Kanyeki, TerraPay’s Vice President, of East and South Africa, expressed excitement about the partnership, stating, “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.”

Varghese Thambi, Managing Director of Diamond Trust Bank Uganda, shared insights on the collaboration, stating, “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.”

The collaboration between TerraPay and Diamond Trust Bank Uganda aligns with a shared commitment to advancing financial inclusion and facilitating seamless cross-border financial services. The strategic partnership is poised to play a pivotal role in driving the growth of digital transactions within Uganda, contributing to the nation’s vision of a thriving and inclusive digital economy.