TerraPay, DTB sign partnership to streamline global money transfers
Cross-border payments network company, TerraPay and Diamond Trust Bank (DTB) have unveiled a partnership that seeks to expand international money transfers and strengthen financial inclusion in Uganda.
The partnership was unveiled on Thursday at DTB head offices in Kampala.
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This collaboration will see TerraPay extend its global outreach through this association with DTB, simplifying digital cross-border money movement for both individual consumers and businesses alike.
As a result, individuals will enjoy swifter and more seamless person-to-person remittances, while businesses can anticipate streamlined payouts spanning an extensive network of 140 recipient countries.
Speaking at the unveiling, Samuel Muyingo, TerraPay’s manager for East and Southern Africa noted that some of the attributes that come with the partnership include enabling direct account deposits from any part of the world and leveraging DTB's renowned brand name to optimize advantages for customers across the globe.
Acknowledging the postive impact of remittances in this country, Muyingo said the partnership will encourage financial inclusion hence supporting macro and micro economic growth of the country.
“Above all, TerraPay will be able to ride on the network of DTB given their prescence within the region. It will narrow down the financial gap hence promoting finanancial inclusion,” Muyingo said.
“At TerraPay, we are really pleased to see that we are unfolding the possibilities that lie ahead of this partnership because they are enabling Ugandans, those banking with DTB to be connected to the rest of the world by receiving funds directly into their bank accounts.”
He further revealed that averagely, they are charging about $1.4-1.8 per transaction regardless the amount.
Commenting on the collaboration Varghese Thambi, managing director, Diamond Trust Bank Uganda expressed the bank’s commitment to providing 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."
Digital transactions within Uganda are projected to surge to a staggering USD 1.3 billion by 2027. The strategic partnership between TerraPay and DTB is set to fuel the anticipated growth in digital transactions.
This initiative is expected to greatly benefit customers and expatriates residing in the United Arab Emirates, the United Kingdom, the United States, Kenya, Germany, Qatar, Canada, and Europe.
The initiative grants them the capability to execute real-time money transfers to their loved ones in Uganda, a pivotal hub within this partnership.
