- The mobile wallet will scale up financial inclusion
- it will smootly help in implemting parish development model
- six banks have already joined post bank to incorpate the system
PostBank Uganda has launched its mobile wallet dubbed Wendi in a move that aims to usher in a new era of financial empowerment for the unbanked and underserved population through the “Wona Wooli” campaign across Uganda.
Bank of Uganda Deputy Governor, Dr. Micheal Atingi-Ego who was the chief guest hailed PostBank for the innovation that he said will completely change how people conduct banking today.
“I am excited by this innovation by PostBank because it precisely reflects Bank of Uganda’s strategic objective of promoting financial inclusion in unbanked and underserved communities of Uganda. In order to advance financial inclusion, BOU has been deliberate in supporting innovations that expand access to financial services and financial inclusion in general,” Dr. Anti said.
Dr. Micheal Atingi-Ego said in the past five years, BOU has licensed 26 institutions as payment service providers and four entities, including two banks, as payment service operators.
“Wendi is the newest kid on the block. In July, we granted PostBank a National Payment Systems license to operate as an issuer of electronic money and am glad that the fruits are beginning to appear.”
The financial landscape in Uganda has long grappled with the challenge limiting access to essential financial services- for rural communities.
According to the National Labor Force Survey (2021), only 6% of Uganda’s population had bank accounts whereas 17% of Ugandans preferred to save on their mobile phones which they see to be more convenient.
Andrew Kabeera, PostBank Executive Director said the milestone is a monumental stride towards empowering Ugandans and increasing household income.
For the fist three months, Wendi mobile platform has seen over 360,000 subscribers, and over seven billion shillings transactions. He added.
“With Wendi, every Ugandan can effortlessly convert their phone number into an account number, granting them remote access to essential banking services. The strength of Wendi lies in its robust and secure technology, enabling users to self-onboard and undergo instant verification using their Ugandan national ID, ensuring a seamless and secure experience,” Kabeera said.
He said once registered, Wendi users can seamlessly execute a broad spectrum of financial transactions whereas savings Wendi accrue daily interest and facilitate peer-to-peer transfers, bank deposits, and withdrawals.
He further added that PostBank has partnered with MTN Mobile Money, Airtel Money, Pride Microfinance and Housing finance to ensure seamless service.
Julius Kakeeto, CEO of PostBank Uganda said the innovation will change the landscape in terms of driving financial inclusion.
“Let me reiterate our commitment to using this ground-breaking tool to drive digital transformation and financial inclusion. Wendi is more than just a mobile wallet; it’s a financial lifeline for the masses, investment clubs, and Saccos. It simplifies bill payments, including those for UMEME, NWSC, and school fees, as well as withdrawals, deposits, fund transfers, and digital savings for groups and individuals.” He said.
According to PostBank, Wendi mobile wallet is accessible through Google Play, the App Store, or the USSD code *229#.