Kampala, Uganda | NOW THEN DIGITAL — PostBank Uganda has launched its mobile wallet called Wendi, as part of the “Wona Wooli” campaign to enhance financial inclusion. Dr. Micheal Atingi-Ego, the Deputy Governor of the Bank of Uganda, commended PostBank for this innovation, which aligns with the central bank’s goal of promoting financial inclusion in underserved communities.
The financial landscape in Uganda has historically posed challenges for access to financial services, especially in rural areas. Only 6% of the population in Uganda had bank accounts, according to the National Labor Force Survey in 2021. In contrast, 17% preferred to save money on their mobile phones due to convenience.
Wendi, with over 360,000 subscribers and seven billion shillings in transactions in its first three months, allows every Ugandan to use their phone number as an account number, offering remote access to essential banking services. Users can conduct various financial transactions, including savings with daily interest, peer-to-peer transfers, and bank deposits and withdrawals.
Youmight also like
PostBank has partnered with MTN Mobile Money, Airtel Money, Pride Microfinance, and Housing Finance to ensure a seamless service. The Wendi mobile wallet is accessible through Google Play, the App Store, or the USSD code *229#. This initiative is expected to drive digital transformation and enhance financial inclusion in Uganda.
DETAILS TO FOLLOW…
