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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…
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State minister for Finance, Planning and Economic Development (Microfinance), Haruna Kasolo Kyeyune, has presented to Parliament the Microfinance Deposit-Taking Institutions (Amendment) Bill, 2022 for First Reading. This was during the plenary sitting of Tuesday, 22 November 2022 chaired by Speaker Anita Among. According to the bill, the Microfinance Deposit-Taking Institutions (MDIs) referred to as microfinance banks will be allowed to offer among others, Islamic banking, agent banking as well as bank assurance services. Currently, the existing MDIs have been offering limited services compared to commercial banks like underwriting and placement of securities, offering cheques, dealing in foreign currency, and transacting…
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Finance State Minister in charge of Microfinance Haruna Kasolo has praised Letshego Uganda for employing locals and offering both treatment and donations during the Covid-19 pandemic. The Minister made the remarks at Letshego head office located along Wampewo Avenue in Kololo while paying a courtesy visit to the company. Minister Kasolo said despite the pandemic, Letshego had shown the true colours of a loyal friend to Uganda. “Government is supposed to employ Ugandans and you’re our people. You’re our partners, we must protect you, work with you and support you,” noted Hon Kasolo. He also applauded Letshego for their participation…
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Savings and Credit Cooperative Organizations- SACCOs have raised concern about the delay to release funds under the Emyooga program. More than 356 SACCOs were registered in Kampala Capital City Authority-KCCA to benefit from the UGX26 Billion. By February 12th, the government had disbursed over UGX4.240 billion to 190 SACCOs in Kampala but they are yet to access the funds. This has not gone well with SACCOs members who are now wondering if the program was a campaign gimmick. In Nakawa Market, over 450 vendors formed in 15 groups registered the Nakawa Market non-food Vendors SACCOs and opened a joint account in Centenary…
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At least one thousand six hundred Savings and Credit Cooperative Organizations- SACCOs will each get UGX30 million as seed capital for a start, the Minister of State for Microfinance Haruna Kasolo Kyeyune has revealed.Speaking to journalists at the Uganda Media Center, Minister Kasolo said SACCOs that are to be generated and qualified by the microfinance support center in Kampala and Wakiso districts will each be given UGX30 million as a start to boost their businesses.He noted that the mobilization in these two districts was meant to begin yesterday starting with the business category of markets and government has put aside…
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