In just four months after its launch, PostBank Uganda’s digital wallet, Wendi has hit a record UGX200 billion in payments to over 200,000 Parish Development Model (PDM) beneficiaries countrywide.
According to statistics released by the company, this record has been facilitated by Wendi’s robust network of PostBank payment platforms as well as those of its bank partners and mobile money companies.
“Since its launch in November 2023, Wendi has onboarded more than 430,000 subscribers and over 2,000 agents countrywide. These agents are complemented by the numerous touchpoints of our partners; MTN Uganda and Airtel Uganda, who have over 250,000 agents countrywide. Wendi is also supported by the extensive network of the three government banks PostBank, Housing Finance and Pride Microfinance. We have seamlessly paid out over UGX. 200 Billion to over 200,000 PDM beneficiaries through Wendi,” Andrew Kabeera the bank’s Chief Executive Director and Chief Digital Financial Services Officer said in a statement released by the bank.
Launched in November 2023, Wendi is an e-money platform that strategically pivots on group savings and funds management, digital money savings, transfers, deposits, and withdrawals, to drive financial inclusion within unbanked and under-banked Ugandan communities. The platform is a partnership between the three government banks; PostBank, Housing Finance and Pride Microfinance. It is a highly robust financial application accessible for download from the Google Play Store and Appstore, with feature phone onboarding using a USSD code – *229#.
With the support of Government and Local Government Leaders, Wendi was launched to PDM beneficiaries in Bukedea and Kakumiro District and subsequently across the country – and the response was overwhelming.
“With this Application, PostBank is on track to deliver on its mandate of fostering full-blown financial inclusion especially among the unbanked rural populace across the country by delivering funds directly to beneficiaries’ phones without the need for a traditional bank account. This eliminates the cost of manual disbursements that involve spending both time and money on travel,” Mr. Kabeera explains.
He told CEO East Africa Magazine that Wendi significantly addresses challenges experienced before by PDM beneficiaries such as spending a significant amount of time and money travelling to the banks to pick up their funds, tracking funds’ disbursements and many payouts being mired in lack of accountability, no access to financial institutions in rural areas, managing money for both individuals and SACCOs and theft/robbery incidents.
“All transactions can also be traced for accountability purposes. In our efforts to enhance transparency, we ensured that funds sent through Wendi could be traced to the last-mile beneficiary. Wendi has helped to ensure that the funds needed to entrench Government programs reach their intended beneficiaries seamlessly, securely, and efficiently,” Kabeera reiterates.
He also said that PostBank has held various financial literacy sessions across the country to educate the last mile beneficiary about the use and benefits of both PDM and the Wendi wallet. The bank is also helping to bridge the country’s job deficit through its expanding agency network.
To address client problems there is a multi-channel feedback platform ⏤ through Twitter, Facebook, LinkedIn, Instagram, WhatsApp, and a toll-free number 0800 217 200.
Looking ahead, Kabeera says that Wendi which is (wholly owned) by PostBank Uganda Limited and Regulated by Bank of Uganda license number A1.035 “remains devoted to providing customers with the highest levels of security, efficiency, and convenience”.
“The Bank will continue to invest in and implement consumer education initiatives to bridge the knowledge and user experience gap amongst our intended beneficiaries,” he said.
Kabeera applauded the Government’s efforts to bring subsistence households into the money economy through the Parish Development Model (PDM) premised on the third National Development Plan (NDPIII) which, in part, aims to create jobs for Ugandans, provide beneficiaries with low-interest funds, and improve access to financial services are highly appreciated.
“As a Bank owned 100% by the Government and committed to transforming lives and livelihoods, by being a market leader in financial inclusion, we fully support its agenda of increasing household incomes and the PDM initiative is perfectly aligned with our strategic intent to be a market leader in financial inclusion – by improving access to financial services,” Kabeera committed.