TerraPay, Stanbic Uganda partner to enhance cross-border payments
The United Kingdom is the highest contributors of cross-border payments flowing into Uganda with a 25% share, while the United Arab Emirates and the United States are the next highest contributors, with a 23% share apiece.
TerraPay, a leading global payments infrastructure company, last week announced a new strategic partnership in Uganda, with Stanbic Bank, the country’s leading commercial lender by assets, customer deposits and income, as of December 31, 2022.
The partnership will revolutionize cross-border payments, providing customers with faster, more convenient and cost-effective solutions for global money movement.
As part of the partnership, customers will enjoy faster cross-border payment transaction processing, enabled to make direct deposits to Stanbic Bank accounts and the Flexipay Wallet, ensuring quick access to funds at lower transaction processing fees, reducing the overall cost of cross-border transactions.
The partnership will enable Stanbic Bank’s individual and business customers to gain access to a wider network of countries, enabling them to transact from multiple regions through TerraPay’s global reach. The expanded connectivity will, no doubt, open new opportunities for cross-border trade.
The integration of TerraPay’s agile technology with Stanbic Bank’s robust infrastructure will provide a more efficient and user-friendly cross-border payments service for all.
Remittances account for at least 4% of Uganda’s GDP and recipients of cross-border payments in Uganda are often highly family-oriented, supporting loved ones with the funds they receive for basic needs such as food, housing, and healthcare, school fees, or starting small businesses.
The United Kingdom is the highest contributors of cross-border payments flowing into Uganda with a 25% share, while the United Arab Emirates and the United States are the next highest contributors, with a 23% share apiece.
Sam Mwogeza, the Head, Personal & Private Banking, said, “We are excited about our collaboration with TerraPay. This partnership aligns with our commitment to providing innovative solutions that meet the evolving needs of our customers. By leveraging TerraPay’s global reach and advanced technology, we will enhance the payments experience for our customers, delivering faster, more convenient, and cost-effective services.”
Willie Kanyeki, Regional Director – East and South Africa, TerraPay, also commented on the partnership, stating, “We are delighted to partner with Stanbic Bank Uganda to revolutionize cross-border payments and drive financial inclusion. By combining TerraPay’s global payments infrastructure with Stanbic Bank’s strong presence and customer-centric approach, we aim to provide individuals and businesses in Uganda with a more seamless, convenient, and cost-effective payments experience.”
TerraPay’s collaboration with Stanbic Bank Uganda marks a significant milestone in the quest to transform the payments landscape in Uganda and promote financial inclusion across the country. By leveraging the strengths of both partners, this partnership will drive positive change, making cross-border payments faster, more accessible, and affordable for customers.
