KAMPALA, UGANDA – Uganda’s microfinance regulatory authority, UMRA, has endorsed PostBank’s digital savings platform, Wendi, in a move aimed at enhancing financial inclusion and streamlining operations for savings and credit cooperatives (SACCOs).
UMRA’s Executive Director, Edith Tusuubira, praised Wendi as a “transformative” initiative aligned with Uganda’s National Financial Inclusion Strategy.
“Leveraging Wendi to digitize savings groups across the country is a great initiative, and we thank PostBank for taking this innovative approach,” Ms. Tusuubira said.
PostBank’s Executive Director, Andrew Kabeera, emphasized the bank’s commitment to fostering prosperity through innovative financial products.
“With Wendi, we empower individuals and groups, especially those underserved by traditional financial institutions, to access secure savings accounts, earn 10% annual interest on daily savings, and conduct various financial transactions,” Mr. Kabeera explained.
Wendi, designed by PostBank, offers seamless financial services to underserved and last-mile customers, accessible via smartphone or feature phone.
UMRA regulates and supervises 1,802 microfinance institutions serving 17.5 million customers. This partnership is expected to positively impact Uganda’s financial landscape, promoting economic growth and stability.
A recent FinScope survey revealed significant growth in SACCO usage and mobile money services in Uganda. However, many Ugandans still store money at home, indicating a lack of confidence in financial service providers.
PostBank Uganda has 58 branches and 3,000 agents nationwide.
PostBank Uganda says Wendi, is designed to promote secure and convenient financial transactions for all Ugandans.
Wendi empowers users, particularly those with limited access to traditional financial services, to access, manage, save, invest, and pay for various services without requiring a bank account or smartphone. Users can register for Wendi by downloading the app from Google Play or the App Store, dialing *229#, or visiting a Wendi agent or PostBank branch with a valid National ID.
Depositing money into a Wendi account can be done through various channels, including Wendi agents, PostBank branches, mobile vans, and ATM machines. Withdrawals can be made through Wendi agents, PostBank branches, mobile vans, and ATM machines, or by transferring funds to mobile money.
Wendi’s group savings feature enables groups of individuals to save and manage funds collectively, benefiting informal savings groups, community organizations, and small businesses. To create a group savings account, members register individually and then form a group with 5-20 members. The group leader assigns roles to members via SMS notifications. Group leaders can transfer funds directly to members’ wallets, and members can withdraw funds using various channels.
This feature provides secure and transparent management of group funds, easy tracking of contributions and transactions, convenient access to funds for group members, and reduced risk of theft or mismanagement.
The platform offers additional services, including cash deposits and withdrawals, bill payments for utilities, school fees payments, and PDM Sacco Operations. Wendi offers low-cost financial transactions, secure and faster transaction processing, simplified group setup and cash disbursements modalities, and additional business opportunities for agents.
PostBank has partnered with MTN Mobile Money, Airtel Money, Pride Microfinance, and Housing Finance to ensure seamless service. The services are available to all Ugandans with valid National IDs, SACCOs, corporate organizations, agents, VSLs, and Kibiinas.
According to the National Labor Force Survey (2021), only 6% of Uganda’s population had bank accounts, while 17% preferred mobile phone savings. Wendi aims to bridge this financial inclusion gap, providing convenient and secure financial services to millions of Ugandans.
