Stanbic Bank Uganda and PostBank Uganda Limited (soon to be Pearl Bank Uganda) have announced a strategic partnership to link their respective mobile wallet platforms, FlexiPay and Wendi Wallet, a significant move that signals a new direction for Uganda’s financial services sector.
The collaboration, unveiled at a high-profile event held today in Kampala attended by Stanbic CEO Mr. Kenneth Mumba Kalifungwa and PostBank CEO Mr. Julius Kakeeto, among others, is set to be a major catalyst in the national drive towards comprehensive financial inclusion, making digital transactions faster, safer, seamless, and more affordable for every Ugandan.
Progress Through Connection
The partnership represents a powerful convergence of two leading financial institutions: a major commercial bank and a development-focused bank, both committed to extending the digital frontier.
Speaking at the function, Mr. Kalifungwa captured the essence of the collaboration, stating, “This collaboration is a win for ordinary Ugandans… progress comes through connection.”
He noted that by integrating their digital ecosystems, the banks are effectively breaking down the transaction silos that often hinder the free flow of money and elevate the cost of financial services.
Mr. Kakeeto, on the other hand, underscored the shared mission, noting that “…the partnership demonstrates a shared commitment to financial inclusion.” He highlighted the role of PostBank’s Wendi Wallet in empowering citizens, saying, “The partnership empowers Ugandans to save, earn, and thrive through digital finance. Wendi makes financial services more accessible and reliable.”
Seamless Access as Key to Financial Inclusion
With 68% of Ugandans now having access to formal financial services (up from 52% in 2013, according to FSD Uganda), partnerships like this will accelerate the country’s march toward a fully digitised and financially inclusive economy.
The primary goal of digital financial services (DFS) in Uganda is to migrate millions of unbanked and underserved populations from cash-based, informal economies into the formal financial system.
Mr. Kakeeto noted that the FlexiPay and Wendi integration tackles this challenge by prioritising interoperability and affordability through:
Expanded Ecosystem
FlexiPay, Stanbic’s versatile digital solution, and Wendi, PostBank’s wallet, are designed to bridge the inclusion gap, particularly for rural populations and community savings groups (SACCOs/VSLAs), which will now communicate directly. This highly increases the utility for users on both platforms. Hence, the collaboration will be vital in driving Stanbic Bank’s Women, Youth and Farmers (WYF) agenda, which aims at uplifting the livelihoods of these underserved and underbanked demographics.
Faster and Cheaper Transactions
By facilitating direct wallet-to-wallet transactions between the two banking platforms, the partnership aims to lower transaction costs and reduce reliance on third-party channels, ensuring that more of the customer’s money stays in their hands.
Simplified Banking
As reiterated by both Chief Executives during the launch of the partnership, the collaboration marks a “new era of simplified banking” that will make digital payments “easier, smarter, and more accessible for everyone.” This simplification is critical for fostering trust and adoption among first-time users of formal financial services.
Fueling the Digital Economy
This strategic integration is more than just a convenience upgrade; it is a foundational step in scaling digital inclusion across Uganda. By enhancing the ease and affordability of transactions, the partnership is set to:
Deepen the Savings Culture
By making the digital wallets more useful for everyday transactions, the platforms empower Ugandans to save, earn interest, and manage their finances more securely on their mobile phones, a crucial step in formalising savings.
Support Rural Development
PostBank’s Wendi has been instrumental in the digital disbursement of government funds, such as the Parish Development Model (PDM). Linking Wendi to Stanbic’s extensive financial network means these rural beneficiaries gain broader access to the formal financial sector.
Drive Economic Growth
When transactions become seamless and cost-effective, trade flows more easily. This allows small businesses, merchants, and ordinary citizens to transact efficiently, injecting pace and transparency into the local economy.
In a country where the digital finance ecosystem is rapidly evolving, the collaboration between Stanbic’s FlexiPay and PostBank’s Wendi is a powerful example of how institutional players can work together to build a truly inclusive, interconnected, and digitised future. Hence, the message is clear: “Transact Easy with FlexiPay and Wendi.”