Kampala, Uganda | NOW THEN DIGITAL — PostBank Uganda has introduced its mobile wallet called “Wendi” as part of its “Wona Wooli” campaign, aimed at promoting financial inclusion for the unbanked and underserved populations across Uganda. Bank of Uganda Deputy Governor, Dr. Micheal Atingi-Ego, praised the innovation, emphasizing its role in transforming banking practices and advancing financial inclusion.
Dr. Atingi-Ego noted that Bank of Uganda has been actively supporting innovations that expand access to financial services for underserved communities, and the Wendi mobile wallet aligns with their strategic objective. The introduction of Wendi comes after PostBank was granted a National Payment Systems license in July, allowing it to operate as an issuer of electronic money.
The financial landscape in Uganda has faced challenges in providing access to essential financial services, especially in rural areas. Only 6% of Uganda’s population had bank accounts, according to the National Labor Force Survey (2021), while 17% preferred to save money on their mobile phones for its convenience.
Andrew Kabeera, PostBank Executive Director, highlighted the significance of Wendi in empowering Ugandans and increasing household income. Within the first three months of its launch, the Wendi mobile platform attracted over 360,000 subscribers and facilitated over seven billion shillings in transactions.
Wendi enables users to convert their phone numbers into account numbers, granting them remote access to essential banking services. The platform offers various financial transactions, daily interest accrual on savings, peer-to-peer transfers, bank deposits, withdrawals, and more. PostBank has also partnered with MTN Mobile Money, Airtel Money, Pride Microfinance, and Housing Finance to ensure a seamless experience for users.
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Julius Kakeeto, CEO of PostBank Uganda, emphasized that Wendi would significantly impact financial inclusion and drive digital transformation. The mobile wallet simplifies bill payments, including utilities and school fees, and facilitates financial transactions for both groups and individuals. Wendi is accessible through Google Play, the App Store, or the USSD code *229#.
Today we officially launched "Wendi" mobile wallet, to promote financial inclusion with its "Wona Wooli" campaign. Dr. Micheal Atingi-Ego, Deputy Governor at Bank of Uganda, lauded the innovation, emphasizing financial inclusion goals. pic.twitter.com/LtO2jbi9tp
— PostBank Uganda (@postbankug) November 1, 2023
