KAMPALA  – Global cross-border payments network company TerraPay and Ugandsa’s Diamond Trust Bank Uganda (DTBU) have signed a strategic partnership to expand international money transfers and strengthen financial inclusion in Uganda.

Under this arrangement, TerraPay and DTB partnership will facilitate direct account deposits from any part of the world.

SamuelMuyingo, TerraPay Country Director said the partnership will provide a platform for users to access affordable, reliable financial services.

“Diamond Trust Bank Uganda is a well-respected bank with a strong track record of providing excellent customer service. We are confident that this partnership will be a success and will help promote financial inclusion in the region by simplifying global money movement for both individuals and businesses, making it easier than ever to connect with loved ones and also, empower global commerce,” said Muyingo a press conference in Kampala.

Muyingo said the initiative will benefit customers and expatriates residing in the United Arab Emirates, the United Kingdom, the United States, Kenya, Germany, Qatar, Canada, and Europe.

This strategic partnership is set to fuel the anticipated growth in digital transactions within Uganda, a market projected to surge to a staggering USD 1.3 billion by 2027.

On his part, Varghese Thambi, Managing Director, Diamond Trust Bank Uganda said the partnership with TerraPay will allow offer 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.”