TerraPay partners Diamond Trust on cross-border transfers in Uganda
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.
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