In 2023, PostBank Uganda (PBU) launched an innovative digital wallet called Wendi. The mobile wallet was designed to foster prosperity for Ugandans by bridging the financial inclusion divide and extending affordable financial services underserved and unbanked communities, and to date the wallet has registered over 1 million users.
One of Wendi’s growth drivers is its savings product, which allows users to save as little as UGX 20,000 and earn an interest rate of 10% per annum. It addresses the poor saving culture in Uganda as highlighted by the FinScope Uganda 2018 survey which revealed that only 54% of Ugandans save. In today’s economic climate, many individuals struggle to build sufficient savings due to stagnant wages and increasing living costs.
Head Fintech Business at PostBank Uganda, Brenda Mpoora, says, “Wendi not only encourages a savings culture but also ensures that savers witness their money significantly grow over time. Beyond individual savings, Wendi stands out for its simplification and automation of the management and operations of Savings and Credit Cooperatives (SACCOs), Village Savings and Loan Associations (VSLAs), and Investment Clubs by digitizing them.”
She adds, “This mobile wallet makes it seamless to manage savings, loans, shares, staff payroll and investments, which enables these groups to have financial records which can help them qualify for loans from financial institutions, enabling them to expand. It also mitigates mismanagement of SACCO funds as has been the case in the recent past as three members i.e., the Chairperson, Secretary and Treasurer, need to approve before funds are disbursed and the members also can track the funds on their mobile phones. Wendi has been a vehicle through which the government has disbursed the Parish Development Model (PDM) funds to the last mile beneficiary.”
To boost uptake of the service, the bank partnered with the Uganda Micro Finance Regulatory Authority (UMRA) during the pilot phase of onboarding VSLAs onto the Wendi platform. Other partnerships include joining of the Financial Technologies Service Providers Association (FITSPA), West Nile Private Sector Development Promotion Center Limited (WENIPS) and CARE International to train and onboard SACCOs and increase financial literacy across the country.
According to the National Labor Force Survey (2021), only 6% of Uganda’s population had bank accounts, while 17% preferred to save on their mobile phones due to convenience. Wendi addresses this gap by providing an accessible, secure, and user-friendly platform for savings and transactions.
The Minister of Finance, Planning and Economic Development endorsed Wendi, highlighting its significance to the beneficiaries of the Parish Development Model (PDM) from the inconvenience of traveling long distances to open bank accounts or withdraw money. He noted that “Wendi has enhanced transparency by providing full visibility and traceability for all funds up to the last-mile beneficiary, and it has lowered transaction costs for PDM beneficiaries.”
Leveraging strategic partnerships with leading Mobile Network Operators (MNOs), MTN and Airtel, the wallet has enabled individuals to receive funds and make e-payments, aligning with Uganda’s transition to a cashless economy. Wendi also leverages the vast network of over 250,000 MTN and Airtel agents across the country as well as PostBank’s 60 branches and over 3,000 bank agents, to bring financial services even closer to the people, especially in rural and unbanked communities.
Through Wendi, one can conduct a bank to wallet transfer, Western Union transfers, pay for utilities like Umeme, Water, NSSF, URA, Pay TV, purchase airtime, pay School fees, among others and the wonderful thing is one doesn’t need a PostBank account to get started on Wendi.
With such innovations numerous opportunities are created where individuals get access to affordable financial services that enable them to save and invest in the critical economic sectors like agriculture which employs over 60% of Ugandans.
The users of Wendi Mobile wallet can conveniently transact both on their smartphones on the Wendi Mobile App and on feature phones accessible via *229# USSD. It is licensed by the Bank of Uganda under the National Payments Systems Act 2020.
