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Uganda’s Diamond Trust Bank partners TerraPay for ease of global money transfers

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Leading Ugandan bank, Diamond Trust Bank Uganda (DTBU), has entered into a partnership with global cross-border payments network company, TerraPay, aimed at expanding international money transfers and strengthening financial inclusion in the country.

While announcing the strategic partnership on Friday, DTBU, a member of the Diamond Trust Bank Group, said both firms will deliver unparalleled benefits to customers worldwide with the key attributes of the partnership being the “ability to facilitate direct account deposits from any part of the world and leverage DTB’s renowned brand name to optimize advantages for customers across the globe.”

A statement by the Managing Director, Diamond Trust Bank Uganda, Varghese Thambi, noted that the partnership is poised to “significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals.”

“We are committed to providing our customers with the best possible banking experience.

“This partnership with TerraPay will allow us to offer our customers faster, more convenient, and more secure money transfers, with lower fees.

“By forging this collaboration with TerraPay, Diamond Trust Bank Uganda will witness an expansion in its customer base for international money transfers, consequently bolstering direct international investments within the nation.

“Notably, this initiative will greatly benefit customers and expatriates residing in the United Arab Emirates, the United Kingdom, the United States, Kenya, Germany, Qatar, Canada, and Europe, granting them the capability to execute real-time money transfers to their loved ones in Uganda, a pivotal hub within this partnership.”

Also commenting on the partnership, Willie Kanyeki, TerraPay’s Vice President, East and South Africa, said:

“We are excited to partner with Diamond Trust Bank Uganda to expand our reach in East Africa and make it easier for people to send and receive money across borders.

“This partnership will help us achieve our goal of providing everyone with access to affordable, reliable financial services. Diamond Trust Bank Uganda is a well-respected bank with a strong track record of providing excellent customer service.

“We are confident that this partnership will be a success and will help promote financial inclusion in the region, by simplifying global money movement for both individuals and businesses, making it easier than ever to connect with loved ones and also, empower global commerce.”

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Again, Starlink raises prices of its services in Nigeria

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Elon Musk’s satellite internet service provider, Starlink, has again jacked up the prices of its services in Nigeria after an earlier increase caused uproar among customers.

The service provider, in a statement released on Friday, informed its Nigerian customers that it would raise its monthly subscription prices, with the new rates set to take effect on January 27, 2025.

Under the new pricing regime, the lowest subscription tier will increase significantly from ₦38,000 to ₦75,000 per month, while mobile global roaming service will now cost ₦717,000 monthly.

The company stated that new subscribers will immediately pay the adjusted prices while existing customers will see the changes reflected in their upcoming bills.

In an email sent to users, Starlink said:

“To continue enhancing the Starlink network and provide reliable, high-quality service across Nigeria, we are adjusting our monthly subscription prices.

“These changes are part of our ongoing commitment to investing in the infrastructure needed to improve your experience with Starlink.”

This is the second time Starlink has attempted a price hike in Nigeria. The Nigerian Communications Commission (NCC) has rejected its previous increase in October on the grounds that the company had not sought the necessary regulatory approval.

However, insiders believe the NCC is set to approve an increase in the first quarter of 2025, which gives credence to insinuations that Starlink may have gotten an approval for the price increments.

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Safaricom Ethiopia launches 4G network in Gambella

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Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

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