Exim Bank Uganda has launched Exim Global Pay, a cross-border payments service developed in partnership with TerraPay. The new offering targets individuals and businesses seeking international payment solutions as Ugandan customers increasingly engage in trade, education, and other overseas activities.
Service Features and Target Users
Exim Global Pay leverages TerraPay’s payments network to enable customers to send money internationally through the bank. The service connects Exim Bank Uganda’s local operations with TerraPay’s cross-border infrastructure, allowing for seamless transactions. According to the companies, the platform supports business payments to overseas suppliers and personal transfers for education, healthcare, travel, and family support.
For banks, partnering with specialist cross-border networks like TerraPay eliminates the need to establish separate links with multiple institutions across different countries. Exim Bank Uganda stated that the partnership expands its international payment capabilities while keeping customers within its existing banking channels.
Strategic Rationale and Market Context
Edward Kanyike, Managing Director of Exim Bank Uganda, explained the launch reflects evolving customer expectations. He noted that international transactions have become routine as individuals and businesses operate across borders. “What should not remain complicated is the payment that makes these transactions possible,” Kanyike said.
The launch aligns with a broader trend among African banks to retain payment activity within their own channels. International transfers remain critical for both retail and business clients in markets where trade links, overseas education, and diaspora support are growing. TerraPay’s network connects to over 7.5 billion bank accounts in more than 156 countries and access to 3.7 billion wallets through its interoperability system.
Willie Kanyeki, TerraPay’s Vice President for Sub-Saharan Africa, emphasized that cross-border payments should facilitate economic participation. The partnership combines Exim Bank Uganda’s local expertise with TerraPay’s global infrastructure, aiming to improve connectivity between African financial systems and international networks.
Operational Framework and Future Implications
Exim Global Pay forms part of Exim Bank Uganda’s broader strategy to adapt to changing customer needs and growing digital commerce. The bank operates seven branches, 12 cash deposit machines, and over 9,500 agents nationwide through a shared agent banking platform.
Ownership of Exim Bank Uganda is split between Exim Bank of Tanzania (65.1%), Amazal Holdings of Uganda (29.8%), Export Finance of Uganda (2.4%), and Exim Bank Comoros (2.7%). TerraPay, headquartered in London with an office in Kampala, continues expanding its African footprint through such partnerships.
