Diamond Trust Bank (DTB) Uganda has announced an exciting new partnership with Xpress Money, a global leader in money transfer services, aimed at simplifying and expanding access to remittance services for Uganda’s vibrant diaspora community. The collaboration was unveiled in a press conference held in Kampala, marking a significant milestone in the ongoing efforts to enhance financial inclusion in the country.
“We are thrilled to join hands with Xpress Money to boost our remittance offerings,” said Godfrey Sebaana, Chief Executive Officer of DTB Uganda. “At DTB Uganda, we continually seek ways to add value for our diaspora customers, and this collaboration provides an ideal platform for efficient and seamless remittances. With Xpress Money’s extensive network, our customers can easily support their loved ones, regardless of distance.”
The partnership, which combines DTB’s extensive local presence with Xpress Money’s global money transfer infrastructure, is designed to make it easier for Ugandans living abroad to send money back home. Through this collaboration, customers will be able to send money to over 170 countries worldwide, utilizing DTB Uganda’s secure and reliable banking services across the country’s branch network.
Xpress Money’s CEO, Samir Vidhate, also voiced his excitement about the partnership. “Our collaboration with DTB Uganda reflects our commitment to providing convenient, secure remittance options for customers globally,” Vidhate stated. “Together, we aim to simplify remittances and strengthen the connection between families across borders. We are pleased to offer the service at competitive rates, making it easier for people to support their families and communities back home.”
Expanding Remittance Access for Uganda’s Diaspora
Remittances play a crucial role in Uganda’s economy, with the country being one of the largest recipients of remittances in Sub-Saharan Africa. In 2023, Uganda received an estimated $1.4 billion in remittances, which accounts for nearly 3% of its Gross Domestic Product (GDP), according to data from the Bank of Uganda. These funds are vital for millions of Ugandans who rely on financial support from family members abroad to meet daily living expenses, pay for education, healthcare, housing, and other essential needs.
The new partnership between DTB Uganda and Xpress Money aims to address the growing demand for affordable and efficient remittance services. The initiative comes at a time when Uganda is looking to further promote financial inclusion and strengthen its position as a key remittance hub in East Africa.
“Our goal is to close critical gaps and ensure that those who rely on remittances can access their funds quickly, securely, and at affordable rates,” said Sebaana. “This partnership enables us to meet the evolving needs of the diaspora community and helps us build a more inclusive and sustainable economy for Uganda.”
Strengthening Financial Inclusion
The remittance services offered through this collaboration are not only focused on providing convenience and speed but also on supporting financial inclusion efforts. According to Sebaana, the partnership aligns with DTB Uganda’s broader mission to bring more Ugandans into the formal financial system and increase access to essential banking services.
In recent years, Uganda has made significant strides in increasing financial literacy and expanding access to banking services, especially in rural areas. By integrating Xpress Money’s vast international network with DTB’s robust local presence, this partnership is poised to further strengthen Uganda’s financial ecosystem, providing more people with the tools and resources they need to thrive.
“This collaboration brings together the strengths of two trusted institutions, with a shared vision of improving the financial wellbeing of families and communities,” said Vidhate. “By working together, we are helping people in Uganda access the financial support they need to live better lives and invest in their futures.”
A Future-Focused Partnership
Looking ahead, both DTB Uganda and Xpress Money plan to explore additional ways to enhance the service offering and ensure that remittance recipients in Uganda can easily access their funds through a variety of channels, including mobile money, agent networks, and in-branch services.
The partnership’s launch comes at a critical time when Uganda is looking to build a more resilient and inclusive economy in the face of global challenges. With remittances serving as a lifeline for many families, the collaboration between DTB Uganda and Xpress Money is expected to have a lasting positive impact on Uganda’s financial landscape.
“As one of the largest recipients of remittances in Sub-Saharan Africa, Uganda plays a crucial role in the global remittance ecosystem. We are proud to partner with DTB Uganda to ensure that Ugandans continue to have access to the financial resources they need to support their families and communities,” Vidhate concluded.
This partnership underscores the growing importance of collaboration in the financial services sector, as banks and money transfer companies work together to support the needs of an increasingly interconnected global community. With this new initiative, both DTB Uganda and Xpress Money are helping to bridge the gap between Uganda’s diaspora and their loved ones back home, empowering families and fostering economic growth across borders.
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