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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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Nigeria’s MAX partners Ghana’s Kofa in e-bike financing deal

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Nigeria’s electric vehicle solutions provider, MAX, has announced striking a partnership deal with Ghana’s innovator in energy networks, Kofa, that will see MAX offering financing options for over 2,000 revolutionary TailG Jidi bikes.

The bikes which are developed by Kofa in conjunction with TailG, a Chinese manufacturer, were launched in October last year and has been a big hit in the West African country.

A statement by MAX on Thursday, stated that the partnership marks a significant milestone in making green transportation more accessible in Africa.

“Max’s financing options for the motorbikes will enable more individuals and businesses to adopt eco-friendly transportation, aligning with both companies’ vision of a sustainable future,” it said.

“This collaboration between MAX and Kofa is a step towards a greener, more sustainable Africa.

“This partnership is poised to accelerate the transition to green energy and sustainable transportation in Africa,” the company said.

“The coming together of the two democratises access to vehicle ownership and electric mobility across Africa through a tech-driven platform that offers a spectrum of services, including subscription-based vehicle financing,cutting-edge electric vehicle options, and comprehensive support services.

“Kofa, meanwhile, is focused on creating affordable, sustainable, and customer-driven electricity networks, starting with electric motorcycles.

“The startup partnered TailG Group, a leading electric vehicle brand from China, to launch the Jidi electric motorcycle last October, and subsequently announced the planned launch of its second-generation Kore 2 Swap & Go network,” it added.

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African Guarantee Fund partners Nordic Development Fund to launch green finance in Nigeria

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The African Guarantee Fund (AGF) has teamed up with the Nordic Development Fund (NDF) to launch a green finance fund to tackle climate challenges in Nigeria.

The fund which was launched on Tuesday at the 9th Edition of the Green Finance Conference with the theme “The Role of Africa’s Private Sector in The Paris Agreement on Climate Change,” brought together representatives of the Nigerian government, senior executives of financial institutions, key regulatory-policy stakeholders, and Green SMEs to discuss green synergies.

According to the organisers of the event, the Green Finance Conference provided a platform for all stakeholders to “dialogue and showcase the many advantages that Green SMEs can contribute to the economy of Nigeria, while strengthening their understanding of AGF’s Green Guarantee Facility and how it enables banks on-lend to green and climate-smart projects.”

AGF Group Chief Executive Officer, Jules Ngankam, who delivered a keynote address, emphasized that the Green Finance Conference is a crucial response to the challenges posed by climate change within a framework of National Determined Contributions (NDC) with a focus on providing enhanced expertise to Africa while proposing practical solutions to addressing financing for smaller and medium-sized enterprises committed to green growth and climate-resilient development.

“Our aim is to support the banks to improve, increase or develop their green portfolios. Through the combination of our Green Guarantee and Capacity Development support, we are able to bridge the knowledge gap between both financial institutions and their customers,” he said.

“This is not only for the SMEs to understand how the lending process works, but also for the financial experts to learn how they can provide solutions tailored to suit the needs of the SMEs,” Jules said.

Managing Director of NDF, Satu Santala, who also spoke at the conference, said:

“We are committed to financing green and inclusive low-carbon and climate resilient growth of African economies to improve the livelihood of communities.

“Partnerships are at the core of NDF’s approach to climate finance and the African private sector plays a pivotal role in climate action and creating employment.”

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