Exim Bank Uganda launches TerraPay cross-border payments

Exim Bank Uganda has launched Exim Global Pay with TerraPay, a cross-border payments service for individuals and businesses in Uganda.

The new offering is designed to meet rising demand for international payments as Ugandan customers become more involved in trade, education, services and other activity abroad.

Using TerraPay's payments network, Exim Global Pay allows customers to send money internationally through the bank. The arrangement connects Exim Bank Uganda's local customer base and banking operations with TerraPay's cross-border infrastructure.

According to the companies, the service is intended for a range of payment needs, including business payments to overseas suppliers and partners, and personal payments for education, healthcare, travel, family support and other commitments outside Uganda.

For banks, one of the main attractions of working with a specialist cross-border network is avoiding the need to build separate links with multiple institutions and payment systems in different countries. Exim Bank Uganda said the partnership expands its international payment offering while keeping customers within its own banking channels.

Customer demand

Edward Kanyike, Managing Director, Exim Bank Uganda, outlined the bank's rationale for the launch.

"The introduction of Exim Global Pay reflects a broader shift in customer expectations around international financial transactions. The world has become remarkably connected. A business in Kampala can transact with a supplier thousands of kilometres away, a parent can pay for a child's education overseas, and an individual can have financial commitments in more than one country. What should not remain complicated is the payment that makes these transactions possible. With Exim Global Pay, we are responding to that reality. We want to make international payments a more straightforward experience for our customers, while giving them the confidence that their money can move across borders through a solution built around convenience, reliability and efficiency," said Edward Kanyike, Managing Director, Exim Bank Uganda.

The launch reflects a wider push by African banks to retain more payment activity within their own channels as customers seek faster, simpler ways to move money abroad. International transfers remain an important service for both retail and business clients, particularly in markets where trade links, overseas study and diaspora support continue to grow.

TerraPay works with banks, digital wallets, money transfer operators, companies and financial technology groups. Its network reaches bank accounts, mobile wallets and cards across multiple markets, giving financial institutions a single route into a broader international payment system.

Regional focus

The partnership also reflects continued interest in improving payment links between domestic financial systems in Africa and global networks. For banks in the region, cross-border services can be difficult to scale because of fragmented systems, compliance demands and the cost of bilateral arrangements.

Willie Kanyeki, Vice President - Sub Saharan Africa, TerraPay, said: "Cross-border payments should enable economic participation, not create friction around it. Our partnership with Exim Bank Uganda brings together strong local banking capabilities with TerraPay's global payments infrastructure, helping customers in Uganda connect more efficiently with the rest of the world. It is another step towards building greater interoperability between local financial institutions and global payment networks, while expanding access to reliable cross-border payment services across Africa."

Exim Bank Uganda described Exim Global Pay as part of its broader effort to adapt its services to changing customer needs and the growing digitisation of commerce. The bank operates seven branches, 12 cash deposit machines and more than 9,500 agents across Uganda through a shared agent banking platform.

Exim Bank of Tanzania holds 65.1% of the bank, while Amazal Holdings of Uganda owns 29.8%, Export Finance of Uganda 2.4% and Exim Bank Comoros 2.7%.

TerraPay, which is headquartered in London and has an office in Kampala, said its network connects to more than 7.5 billion bank accounts in more than 156 countries, alongside access to 3.7 billion wallets through its wallet interoperability network.