Digital financial services platform Wendi Mobile Wallet, developed by Pearl Bank, has enhanced its savings proposition, introducing a new plan that offers customers up to 12.5% tax-free interest per annum, as it seeks to deepen financial inclusion and encourage a stronger savings culture among Ugandans.
The new offering marks an increase from Wendi’s existing savings plans, which provide returns of up to 10% per annum. Customers will continue to access the existing plans while also benefiting from new higher-yield options designed to cater to different savings goals and time horizons.
The enhancement comes as Uganda’s financial sector increasingly leverages digital platforms to extend services to underserved populations, particularly those outside the traditional banking system.
Wendi, which serves more than one million users, has built its business around providing accessible financial services through mobile technology. Customers use the platform for money transfers, bill payments, merchant transactions, fuel payments, government collections, Western Union services, loans (KuSpot Digital loan) and savings.
Brenda Mpoora, Head of Fintech Business at Pearl Bank mentioned that the company’s improved savings proposition is aimed at helping customers not only transact digitally but also build long-term financial resilience through regular saving and investment.
“A key differentiator of the Wendi savings product is that interest is calculated and paid daily, allowing customers to track their earnings in real time. The feature provides greater transparency compared to conventional savings products where returns are often visible only after longer periods,” Mpoora said.
Industry analysts say digital savings platforms are playing an increasingly important role in mobilising household savings, especially among younger and lower-income consumers who may not have easy access to traditional banking services.
The ability to save directly from a mobile wallet also removes many of the barriers associated with formal savings, including distance to bank branches and minimum account balance requirements.
Wendi says customers can save, monitor their balances and access their funds from anywhere through the platform, offering a level of convenience that aligns with the growing adoption of digital financial services across Uganda.
The introduction of the 12.5% tax-free savings plans underscores the growing competition among financial service providers to attract retail savers at a time when inflation has eased and consumers are increasingly seeking products that preserve and grow their purchasing power.
