DTB Uganda Partners with Xpress Money To offer Zero-Cost Remittances
Diamond Trust Bank Uganda (DTB) has partnered with international money transfer service Xpress Money to provide customers with zero-cost remittance transfers to over 170 countries worldwide.
This collaboration is aimed at supporting the Ugandan diaspora and advancing financial inclusion in the country.
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The partnership, announced at DTB’s headquarters in Kampala today, seeks to eliminate barriers to sending money home, aligning with the United Nations Sustainable Development Goal 10, which aims to reduce inequalities by making remittances more affordable.
Uganda, one of the largest recipients of remittances in Sub-Saharan Africa, received approximately $1.4 billion in 2023, accounting for nearly 3% of the country’s GDP.
Godfrey Sebaana, CEO of DTB Uganda, emphasised the significance of the service for Ugandans abroad and their families at home. “We are excited to partner with Xpress Money to enhance our remittance offerings.
At DTB, we understand that remittances are vital for many Ugandans, covering expenses such as education, healthcare, and basic living costs,” Sebaana said. He added that this partnership would not only streamline financial inflows but also contribute to a more inclusive economy.
Through this collaboration, customers will be able to send funds via Xpress Money’s extensive network, utilising DTB branches across Uganda for secure and seamless transactions.
The service offers a range of transfer options, including cash-to-cash, direct account credits, and mobile wallet deposits, giving diaspora members convenient and reliable ways to support their families.
Samir Vidhate, CEO of Xpress Money, highlighted the global impact of the partnership. “Our partnership with DTB Uganda reflects our commitment to providing easy and secure remittance solutions.
We are pleased to expand our services to DTB Uganda’s customers, making remittance transfers more accessible and affordable for families across borders,” Vidhate said.
The partnership is also part of DTB Uganda’s wider digital transformation strategy and its efforts to expand diaspora banking services. By collaborating with fintech innovators, DTB aims to improve its remittance solutions and better serve the needs of the diaspora market, contributing to a more resilient and inclusive financial system in Uganda.
Remittances play a crucial role in Uganda’s economy, often funding essential needs like education, healthcare, and housing.
This zero-cost service enables families to retain more of the money sent home, providing a stronger economic cushion for households that depend on these funds.
Aligned with the UN’s goal of reducing remittance costs to below 3% by 2030, this initiative is poised to reduce financial gaps, empower Ugandan communities, and enhance economic equity.
For many Ugandans, the partnership between DTB and Xpress Money represents not just a cost-saving measure but a more accessible and affordable link to their loved ones overseas.
