By: 27 February 2024

The collaboration between TerraPay and DTBU to improve financial inclusion in Uganda

TerraPay and DTBU partner to expand global money transfers

Cross-border payments company TerraPay has partnered with Diamond Trust Bank Uganda (DTBU) to expand international money transfers and strengthen financial inclusion in Uganda.  

This collaboration is poised to facilitate direct account deposits globally and streamline the processes of money transfer, savings and credit accessibility for individuals.  

The partnership will also broaden DTBU’s customer base for international money transfers, which should bolster direct international investments within the East African nation.  

This initiative will benefit customers and expatriates residing in the UAE, the UK, the US, Kenya, Germany, Qatar, Canada and Europe.  

UK-based TerraPay and DTBU are positioning themselves to be at the forefront of a burgeoning sector. Digital transactions are anticipated to grow in Uganda, with the market expected to surge to $1.3bn by 2027.  

Willie Kanyeki, vice president of East and South Africa at TerraPay, expressed his enthusiasm about the partnership, highlighting its role in expanding the company’s reach in East Africa and simplifying cross-border transactions.

Kanyeki also emphasised the broader goal of providing affordable and reliable financial services to everyone. “We are excited to partner with DTBU to expand our reach in East Africa and make it easier for people to send and receive money across borders,” Kanyeki said.  

“This partnership will help us achieve our goal of providing everyone with access to affordable, reliable financial services.”  

Varghese Thambi, managing director at DTBU commented: “We are committed to providing our 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.” 

Thambi is optimistic about the positive impact of this collaboration on the lives of Ugandans. He said: “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.” 

Image: Canva 

Josh Poyser
Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.