Two years, after being granted a tier one commercial banking license in December 2021, assets of the government-owned PostBank Uganda (PBU) in 2023 crossed the UGX1 trillion mark, reaching a record UGX1.071 trillion. Results released this week, show that total assets grew by 14% from UGX943 billion to reach UGX1.071 trillion, a growth of UGX128 billion. This, according to Julius Kakeeto, the bank’s Managing Director / CEO, was on the back of double-digit growth and “above-industry-average growth rates” in deposits, lending and subsequently income and net profits. Lending grew by 26% from UGX480 billion in 2022 to UGX603 billion, a…
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In one of his very first media interviews, Julius Kakeeto, the transformational PostBank Uganda (PBU) Chief Executive Officer, told CEO East Africa Magazine that his mid-term agenda was to transform the government-owned financial institution into a “tier 1 fully fledged digital commercial bank at the heart of the country’s economic growth”. Digitalisation, according to Kakeeto was the fastest and the most affordable and efficient way the bank could achieve its mission to offer affordable financial services that drive financial inclusion to many of Uganda’s unserved population, with a major focus on agriculture and Micro, Small and Medium-sized enterprises. “It is…
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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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Housing Finance Bank has joined PostBank and Pride Microfinance Limited to unveil a partnership with Airtel Money Uganda that will facilitate seamless disbursement of Parish Development Model (PDM) funds by the Government of Uganda through the Wendi mobile wallet platform.This partnership guarantees convenient access to funds for intended beneficiaries across Uganda through Airtel Money’s extensive agency network at minimal to no cost. With 53% of the population embracing mobile money services while only 10% have access to traditional banking, this collaboration resolves the need for heightened financial inclusion. It holds the potential to bridge critical gaps and amplify the Government…
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PostBank Uganda, in partnership with MTN Uganda, has launched “Wendi,” an innovative mobile wallet platform designed to support the government of Uganda in the seamless disbursement of PDM (Parish Development Model) funds. Wendi is an electronic payments platform powered by PostBank that strategically pivots on group savings and funds management, digital money savings, transfers, deposits, and withdrawals, to drive financial inclusion within unbanked Ugandan communities. The news comes, a few days after the bank was granted a licence by the Bank of Uganda under the National Payment Systems Act, 2020 to provide Payment Service – Class A, specifically as a…
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