Edward Kanyike the CEO of Exim Bank Uganda and Samuel Muyingo the Country Manager of TerraPay exhange a handshake after signing the MOU at the Exim Global Pay launch
Exim Bank Uganda has launched a new cross-border payment solution aimed at making it easier for individuals and businesses to send money internationally as demand for global financial services continues to grow.
The service, known as Exim Global Pay, is powered by TerraPay’s global payments infrastructure and is designed to enable customers to make international payments through their existing banking relationship.
The launch comes as Ugandan businesses and individuals increasingly engage in international trade, education, healthcare, travel and other activities that require payments across borders.
Under the partnership, Exim Bank Uganda will connect its customers to TerraPay’s global payments network, combining the bank’s local banking expertise with TerraPay’s international payment infrastructure.
The service is expected to benefit businesses making payments to overseas suppliers, service providers and commercial partners, while individuals will be able to use it for legitimate expenses such as school fees, medical costs, family support, travel and other personal financial commitments.
Speaking at the launch, Exim Bank Uganda Managing Director Edward Kanyike said the new service was introduced in response to changing customer expectations around international transactions.
He said the growing connection between Uganda and the rest of the world has made reliable cross-border payment services increasingly important.
“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,” Kanyike said.
He added that Exim Global Pay is intended to make international payments simpler while providing customers with a convenient and reliable service.
For businesses, the solution could help streamline payments to international partners and support their participation in global value chains, while individuals can use the service to meet a range of international financial obligations.
Exim Bank Uganda Executive teams and TerraPay officials pose for a group photo during the Exim Global Pay launch at the Head offices in Kampala
Willie Kanyeki, Vice President for Sub-Saharan Africa at TerraPay, said the partnership would help reduce some of the challenges associated with cross-border payments.
“Cross-border payments should enable economic participation, not create friction around it,” Kanyeki said.
He said the partnership brings together Exim Bank Uganda’s local presence and TerraPay’s global payment infrastructure, helping Ugandan customers connect more efficiently with international markets.
TerraPay’s infrastructure allows banks and financial institutions to connect to global payment networks without having to establish multiple separate arrangements with individual financial institutions in different markets.
The partnership therefore gives Exim Bank Uganda an opportunity to expand its international payment capabilities while maintaining its relationship with customers as a local bank.
The launch is part of Exim Bank Uganda’s broader efforts to develop financial services in response to changing customer needs and the growing digitisation and internationalisation of commerce.
The bank and TerraPay expect the service to strengthen the connection between Uganda’s domestic financial system and the wider global economy by improving access to international payment services.
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