Kampala, November 12, 2024 – Diamond Trust Bank Uganda (DTB Uganda) has announced a strategic partnership with Xpress Money, an internationally recognized money transfer service provider, to broaden and simplify remittance access for Ugandans abroad. This partnership aims to reduce remittance costs, promote financial inclusion, and align with the United Nations Sustainable Development Goal (SDG) of making remittance services more accessible and affordable worldwide.
Samir Vidhate, Xpress Money CEO
Through this collaboration, DTB Uganda customers can now securely send funds to over 170 countries, supported by Xpress Money’s extensive global network. This partnership offers a streamlined, efficient remittance service available at DTB branches across Uganda, providing a vital connection for Ugandans in the diaspora seeking to support their families back home.
Speaking at the partnership announcement event in Kampala, DTB Uganda’s Chief Executive Officer, Godfrey Sebaana, emphasized the collaboration’s potential impact on customers. “We are thrilled to join hands with Xpress Money to enhance our remittance services. At DTB Uganda, our commitment is to continuously innovate and add value for our diaspora clients. This partnership creates an ideal platform for efficient, seamless remittances, allowing our customers to support their loved ones, no matter the distance,” he stated.
Uganda ranks among Sub-Saharan Africa’s top remittance-receiving countries, with inflows reaching approximately $1.4 billion in 2023, constituting nearly 3% of the national GDP. These financial inflows play a significant role in supporting essential needs, such as education, healthcare, and housing for families and communities. Given Uganda’s status as a key remittance recipient in the region, the DTB-Xpress Money alliance will improve access to these critical financial resources, furthering financial inclusion and contributing to a resilient, inclusive economy.
Samir Vidhate
This partnership aligns with DTB Uganda’s broader strategy focused on digital transformation and strengthening its diaspora banking services. By forming alliances with leading financial technology partners, DTB aims to deliver innovative remittance solutions to its diaspora market. Xpress Money enhances these offerings with flexible sending and receiving options, including Cash-to-Cash transfers, Account Credits, and Mobile Wallets.
Samir Vidhate, CEO of Xpress Money, shared his perspective on the partnership’s global reach and purpose. “Our partnership with DTB Uganda underscores our commitment to providing safe, convenient remittance solutions for customers worldwide. By extending our services to DTB Uganda’s clients, we enable them to send money home easily and affordably. Together, we aim to simplify remittances and strengthen the bonds between families across borders.”
Xpress Money CEO
This alliance aligns with the UN SDG Goal 10, which advocates for reducing inequalities by lowering the cost of remittance transfers. By reducing remittance-related expenses, this partnership has the potential to increase disposable income for recipients, mitigate financial disparities, and contribute to greater financial inclusion.
