Overview:
According to the National Labor Force Survey (2021), only 6% of Uganda's population had bank accounts, while 17% preferred mobile phone savings.
KAMPALA, UGANDA – Uganda’s microfinance regulatory authority, UMRA, has endorsed PostBank’s innovative digital savings platform, Wendi, in a move aimed at enhancing financial inclusion and streamlining operations for savings and credit cooperatives (SACCOs).
The endorsement follows a partnership between UMRA and PostBank to promote secure and convenient financial transactions for Ugandans, particularly those with limited access to traditional financial services.
“Wendi is a transformative initiative that aligns with Uganda’s National Financial Inclusion Strategy,” said Edith Tusuubira, UMRA’s Executive Director. “We commend PostBank for taking this innovative approach to digitize savings groups across the country.”
PostBank’s Executive Director, Andrew Kabeera, emphasized the bank’s commitment to fostering prosperity through innovative financial products. “Wendi empowers individuals and groups to access secure savings accounts, earn interest, and conduct various financial transactions,” he explained.
Wendi’s key features include mobile money services for individuals and groups, 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.
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.
The endorsement comes as Uganda’s financial inclusion landscape continues to evolve. According to the National Labor Force Survey (2021), only 6% of Uganda’s population had bank accounts, while 17% preferred mobile phone savings.