Diamond Trust Bank (DTB) and TerraPay’s new partnership promises to revolutionize remittance services, potentially slashing costs by over 50% for sending money to Uganda from abroad. With current average costs at 6.2%, and 7.3% to Uganda, the deal aims to align with global goals, aiming for transaction costs of 3% or less by 2030, set by the United Nations and the G20 group of countries. This collaboration is poised to enhance financial inclusion, facilitating seamless money transfers, savings, and credit accessibility, particularly benefiting individuals in Uganda. TerraPay’s Country Manager for East and Southern Africa, Samuel Muyingo, highlights the efficiency of the service, allowing money transfers from 210 countries to Uganda in just a minute, with transaction costs capped at $1.8 per transaction, well below the UN’s targeted average. This strategic alliance is expected to empower Ugandans residing abroad, while also fostering digital transactions within the country, contributing to the projected $1.3 billion growth in Uganda’s digital transaction market by 2027. With a focus on simplicity, affordability, and speed, DTB and TerraPay aim to drive financial inclusion and simplify global money movement, ultimately empowering individuals and businesses alike.
