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TerraPay joins forces with Diamond Trust Bank Uganda

Thursday 22 February 2024 14:50 CET | News

TerraPay and Diamond Trust Bank Uganda have announced a partnership to expand international money transfers and strengthen financial inclusion in Uganda.  

According to the official announcement, both firms will deliver 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 brand name to optimise advantages for customers across the globe.

TerraPay and Diamond Trust Bank Uganda have announced a strategic partnership to expand international money transfers and strengthen financial inclusion in Uganda.

This partnership is intended to narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals. With this collaboration, TerraPay and Diamond Trust Bank Uganda will witness an expansion in their customer base for international money transfers, consequently bolstering direct international investments within the nation. 

Furthermore, the press release states that this initiative is expected to benefit customers and expatriates residing in the UAE, the UK, the US, Kenya, Germany, Qatar, Canada, and Europe, granting them the capability to execute real-time money transfers in Uganda. 

Simultaneously, TerraPay is set to 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 person-to-person remittances, while businesses can anticipate streamlined payouts spanning an extensive network of 140 recipient countries. This partnership is set to fuel the anticipated growth in digital transactions within Uganda. 

About TerraPay 

Based in the UK, TerraPay aims to simplify the movement of money by providing a single connection to the most expansive cross-border payments network regulated in 30 global markets and enabling payments to 140 receive countries, 210+ send countries, 7.5 billion bank accounts and 2.1 billion mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent, and fully compliant.  

TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. 

About Diamond Trust Bank 

Diamond Trust Bank Uganda (DTBU) is an affiliate of the Aga Khan Fund for Economic Development with offices in Tanzania, Burundi, Kenya, and Uganda. DTBU has 37 branches, 54 ATMs and over 800 Agents across the country. DTBU is regulated by the Bank of Uganda and offers an array of banking services to the population. The bank provifes money transfer services space with over 200 Money transfer outlets in Uganda. 

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Keywords: money transfer, financial inclusion, credit access, cross-border payments, partnership
Categories: Payments & Commerce
Companies: Diamond Trust Bank, TerraPay
Countries: Uganda
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Diamond Trust Bank

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