Diamond Trust Bank Uganda partners TerraPay to enhance cross-border transfer processes
Diamond Trust Bank Uganda (DTBU), part of Diamond Trust Bank Group, has partnered with UK payments firm TerraPay to streamline its cross-border money transfer processes as it looks to boost financial inclusion in the country.
DTBU partners with TerraPay
TerraPay says the partnership will enable the bank to “facilitate direct account deposits from any part of the world”, allowing customers and expatriates residing outside of the country to send “real-time money transfers to their loved ones in Uganda“.
Willie Kanyeki, TerraPay’s VP of East and South Africa, states the fintech is confident the new collaboration “will help promote financial inclusion in the region, by simplifying global money movement for both individuals and businesses”.
TerraPay adds that the move will expand the bank’s customer base for international money transfers, “consequently bolstering direct international investments within the nation”, while also helping to fuel “the anticipated growth in digital transactions within Uganda“.
In addition, through the partnership with DTBU, TerraPay will expand its own worldwide network for cross-border transactions, which now boasts 140 recipient countries.
Last year, DTB revamped its treasury management system by implementing Profile Software’s Acumen.plus solution.
