Exim Bank Uganda has launched a new international payment service targeting individuals and businesses that need to transfer money across borders for trade, education, healthcare and other financial obligations.
The service, branded Exim Global Pay, is powered by TerraPay, a global payments infrastructure provider, and is intended to connect the bank's customers to international payment networks without requiring them to leave their existing banking relationship.
The launch comes as Ugandan businesses increasingly deal with overseas suppliers and service providers, while individuals make payments for education, medical treatment, travel and family support outside the country.
According to the bank, the partnership combines its local banking services with TerraPay's international network to simplify cross-border transactions and expand the destinations to which customers can send payments.
Speaking at the launch on Wednesday, Edward Kanyike, the managing director of Exim Bank Uganda, said the service was designed to respond to changing customer expectations around international 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,” Mr Kanyike said.
For businesses, the service is expected to facilitate payments to overseas suppliers, commercial partners and service providers, potentially easing transactions for companies that depend on imported goods and services.
Individuals will also be able to use the service for eligible international payments, including education expenses, healthcare, travel and family-related financial commitments.
Willie Kanyeki, TerraPay's vice president for Sub-Saharan Africa, said connecting local financial institutions to international payment networks could make it easier for customers to transact beyond their home markets.
“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,” Mr Kanyeki said.
TerraPay operates a payments network connecting financial institutions to bank accounts, mobile wallets and cards in multiple countries. The company says its infrastructure enables banks and other financial service providers to access international payment channels through a single connection rather than establishing separate arrangements with multiple partners.
Exim Bank Uganda said the new service forms part of its efforts to expand its financial offerings as commerce becomes increasingly digital and international.
The bank operates seven branches in Uganda, alongside 12 cash deposit machines and a network of more than 9,500 agents through a shared platform.
The launch adds another option for Ugandan customers seeking to make international payments through a local commercial bank, although the bank's announcement did not specify transaction fees, applicable exchange rates, transfer limits or the full list of supported destinations.
These details are expected to be important for customers assessing the cost and suitability of the service for their individual or business needs.