TerraPay has partnered with Diamond Trust Bank Uganda (DTBU) to expand international money transfers.
In a statement, the payments firm said the deal will focus on streamlining savings and credit accessibility as well as facilitating direct account deposits from outside the country.
In particular, the intitiative is targeting expats in the UAE, UK, US, Kenya, Germany, Qatar, Canada, and Europe, by enabling them to execute real-time money transfers to family and friends at home.
The partnership between TerraPay and DTBU is expected to further fuel the growth of digital transactions in Uganda, a market projected to surge to USD 1.3 billion by 2027. It is also aiming to strengthen financial inclusion in Uganda by making financial services more accessible to the wider population.
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.”
Varghese Thambi, Managing Director, Diamond Trust Bank Uganda added, “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.”
