Diamond Trust Bank Uganda has partnered with UK payments firm TerraPay to streamline cross-border money transfers, boosting financial inclusion.
The two will deliver unparalleled benefits to customers worldwide.
The partnership empowers DTBU to facilitate direct account deposits from any corner of the globe.
Customers and expatriates residing abroad will send real-time money transfers to their loved ones in Uganda.
“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,” said Willie Kanyeki, Vice President of East and South Africa at TerraPay.
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The partnership strengthens direct international investments within Uganda to bolster its growth in digital transactions.
TerraPay’s global network for cross-border transactions will be expanded through the partnership with DTBU, now reaching 140 recipient countries.
This expansion promises swifter and more seamless person-to-person remittances for individuals, while businesses stand to benefit from streamlined payouts across an extensive network.
The deal comes when it’s projected that Uganda’s economy will grow to a staggering $1.3 billion by 2027.
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