By Gilbert Akampa Kakurugu,
KAMPALA -Business News
Terrapay a global payments infrastructure firm based in the UK, has partnered with Stanbic Bank, the leading commercial bank in Uganda, to provide faster, more convenient cross-border payment solutions in the region. Customers of the bank will now be able to enjoy shorter processing times for their transactions, access lower fees, and deposit funds directly into the bank accounts or Flexipay Wallet.
The integration of TerraPay’s technology and Stanbic Bank’s infrastructure is expected to create a user-friendly and efficient cross-border payments service. Remittances make up at least 4% of Uganda’s GDP, with the UK contributing the highest share of cross-border payments into the country at 25%, followed by the US and the UAE.
The new partnership is expected to expand the network of countries that Stanbic Bank customers can transact from, leading to new opportunities for cross-border trade.
Sam Mwogeza, Head of Personal & Private Banking at Stanbic Bank, expressed excitement about the partnership, citing its ability to meet the evolving needs of customers, while Willie Kanyeki, TerraPay’s Regional Director for East and South Africa, said that the partnership aimed to provide a more seamless, convenient, and cost-effective payment experience. TerraPay, which operates across 29 global markets, has built a payments system that allows businesses to offer transparent, uninterrupted, and secure global payment options regardless of transaction sizes.
Stanbic Bank, which is owned by Standard Bank Group Limited, Africa’s leading financial services and banking provider, is Uganda’s largest bank by assets, market capitalization, and customer deposits.
