Diamond Trust Bank Uganda (DTBU) and TerraPay, a global cross-border payments network company, have recently entered into a strategic partnership to enable account deposits from any location worldwide. The partnership, announced in a news release on February 22, aims to narrow the financial inclusion gap and enhance monetary processes, including credit access for individuals in Uganda.
TerraPay is a global payments network that facilitates sending and receiving payments to hundreds of companies. Founded in 2014, TerraPay strives to improve financial inclusion across various markets.
Willie Kanyeki, Vice President of TerraPay’s East and South Africa division, expressed his enthusiasm about the partnership. "We are excited to partner with Diamond Trust Bank Uganda to expand our reach in East Africa and make it easier for people to send and receive money across borders," he said. "This partnership will help us achieve our goal of providing everyone with access to 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 successful and promote financial inclusion in the region by simplifying global money movement for both individuals and businesses."
With a history spanning over seven decades in East Africa, Diamond Trust Bank Uganda operates more than 130 branches across Kenya, Uganda, Burundi, and Tanzania. This includes several 24/7 digital branches as per information available on the bank's website.
Varghese Thambi, Managing Director of Diamond Trust Bank Uganda also commented on the new alliance. "We are committed to providing our customers with the best possible banking experience," Thambi said. "This partnership with TerraPay will allow us to offer our customers faster, more convenient, and more secure money transfers at lower fees. We are confident that this partnership will be beneficial for both our organizations and the people of Uganda. TerraPay's agile technology will enable 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."