TerraPay, a leading global payments infrastructure company, is pleased to announce 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 contributor 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.
Commenting on the partnership, Sam Mwogeza, 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.
About TerraPay
Headquartered in the United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 29 global markets, TerraPay is one of the leading global partners to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to an extensive network of 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets, across 121 receive countries and 210 send countries, TerraPay enables its partners to become beacons of the promise of global financial inclusion.
About Stanbic Bank Uganda
Stanbic Bank Uganda Limited is the anchor subsidiary of Stanbic Uganda Holdings Limited (SUHL) owned by Standard Bank Group Limited—Africa’s leading banking and financial services group. The Standard Bank Group is the leading banking group focused on emerging markets. It is the largest African banking group ranked by assets and earnings. Stanbic Bank Uganda Limited is the largest bank in Uganda by assets and market capitalization, and customer deposits. It offers a full range of banking services through three main business units: Personal and Private Banking (PPB), Business and Commercial Banking (BCB) and Corporate and Investment Banking (CIB).