Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram

TerraPay partners Diamond Trust on cross-border transfers in Uganda

Daba Finance/TerraPay partners Diamond Trust on cross-border transfers in Uganda
STARTUP VENTURE CAPITALFebruary 29, 2024 at 3:23 PM UTC

TLDR

  • TerraPay and Diamond Trust Bank Uganda partnership enhances international money transfers in Uganda
  • Direct account deposits available from anywhere in the world for greater convenience
  • Customers from various countries can conduct real-time money transfers to beneficiaries in Uganda

A new partnership between TerraPay and Diamond Trust Bank Uganda (DTBU) aims to enhance international money transfers in Uganda by offering direct account deposits from anywhere in the world.

This initiative is expected to simplify the process of transferring money, as well as improve access to savings and credit for individuals. It also aims to provide greater convenience and efficiency for both senders and recipients of international remittances.

One of the key advantages of this collaboration is the ability for customers and expatriates residing in countries such as the United Arab Emirates, the United Kingdom, the United States, Kenya, Germany, Qatar, Canada, and Europe to conduct real-time money transfers to beneficiaries in Uganda.

Key Takeaways

In the past ten years, remittances to Africa have doubled, reaching $100 billion in 2022; higher than foreign aid and investment. In some African countries, they account for as much as 20% of GDP. But despite their key role, remittances face high transfer fees, which can be as high as 20% of the amount transferred sometimes. Alongside partnerships like this, there are exciting developments in Uganda for remittances with improvements to domestic interoperability planned, roll-out of a new national ID scheme, a real-time eKYC scheme for ID verification planned, an innovative shared agency banking network to address rural financial inclusion, high-use of mobile money, a burgeoning fintech sector and new regulations for payment service providers. These could help create a more efficient and cheaper $13 billion remittance market.

Uganda
TerraPay
Diaspora Remittances
Cross-Border Transfers
Fintech
Mobile Money

Think someone else should see this?

share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

To invest in this opportunity and other opportunities across Africa

Download the daba finance app on your mobile through
appstore iconappstore icon
Phone Image

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved