PostBank Uganda has today launched its mobile wallet, Wendi. The groundbreaking
mobile wallet service is set to usher in a new era of financial empowerment for the
unbanked and underserved population through the dynamic “Wona Wooli” campaign
across Uganda.
The campaign line, ”Wona Wooli”, is a Luganda term coined to mean wherever you are. It
speaks to Wendi’s convenience and availability to anyone who needs it wherever they are
without having to go to the bank to sign up.
Dr. Micheal Atingi-Ego, the Deputy Governor, Bank of Uganda, while launching the mobile
wallet noted that, “Today we celebrate and congratulate PostBank and all your partners for
rolling out a revolutionary mobile wallet. The mobile wallet that has been branded WENDI,
is poised to completely change how people conduct banking today. (I am advised that in
Bantu languages WENDI means ‘I am here’).” He added that, “I am excited by this innovation by PostBank because it precisely reflects Bank of Uganda’s strategic objective of promoting financial inclusion in unbanked and underserved communities of Uganda.”
“In order to advance financial inclusion, BOU has been deliberate in supporting
innovations that expand access to financial services and financial inclusion in general. In the
past 5 years, we’ve licensed 26 institutions as payment service providers and 4 entities,
including 2 banks, as payment service operators. Wendi is the newest kid on the block. In
July, we granted PostBank a National Payment Systems license to operate as an issuer of
electronic money and am glad that the fruits are beginning to appear.” Dr. Michael
Atingi-Ego asserted.
The financial landscape in Uganda has long grappled with the challenge limiting access to
essential financial services- for rural communities. According to the National Labor Force
Survey (2021), only 6% of Uganda’s population had bank accounts whereas 17% of
Ugandans preferred to save on their mobile phones which they see to be more convenient.
It is in light of this that the visionary PostBank initiative has resulted in Wendi, a mobile
wallet that promises to redefine the game’s rules. Accessible through Google Play, the App
Store, or the USSD code *229#, Wendi ensures that financial inclusion is within everyone’s
reach.
Julius Kakeeto, CEO of PostBank Uganda, radiates enthusiasm for this historic innovation,
emphasizing, “Let me reiterate our commitment to using this ground-breaking tool to drive
digital transformation and financial inclusion. Wendi is more than just a mobile wallet; it’s a
financial lifeline for the masses, investment clubs, and SACCOs. It simplifies bill payments,
including those for UMEME, National Water, and school fees, as well as withdrawals,
deposits, fund transfers, and digital savings for groups & individuals. Wendi is set to
revolutionize financial services in Uganda.” He added that, “PostBank is indebted to the
government of Uganda, our shareholder, and our regulator, for providing resources and a
supportive regulatory framework to help us launch Wendi.”
Andrew Kabeera, PostBank Executive Director, shares in the excitement, remarking, “We
celebrate this milestone as a monumental stride towards empowering Ugandans and
increasing household income. With Wendi, every Ugandan can effortlessly convert their
phone number into an account number, granting them remote access to essential banking
services. The strength of Wendi lies in its robust and secure technology, enabling users to
self-onboard and undergo instant verification using their Ugandan national ID, ensuring a
seamless and secure experience. Once registered, Wendi users can seamlessly execute a broad spectrum of financial transactions. Savings with Wendi accrue daily interest and facilitate peer-to-peer transfers,
bank deposits, and withdrawals. Through strategic partnerships with MTN Mobile Money,
Airtel Money, Pride Microfinance and Housing finance, this all-encompassing mobile wallet
is poised to become an indispensable part of everyday life for countless Ugandans.
Other partners in attendance of the Wendi mobile wallet launch event included the
Managing Director, Huawei Technologies, Mr. Xie Quixiang, the Executive Director, Sybyl
Uganda Limited, Mr. Vijay Kanumuru and Col. Fred Onatta, the CEO Wazalendo.
The event was also graced by the Director National Payments Systems, BoU, Mr. Mackay
Oumo, the Director, Financial Services, BoU, Mr. Richard Byrarugaba and the Commissioner
Financial Services, Mr. Moses Ogwapus.
With the impending launch of the Wendi Mobile Wallet, PostBank Uganda is resolutely
reaffirming its commitment to spearhead financial inclusion and digital innovation. This
collaborative endeavor is set to revolutionize how Ugandans manage their finances, paving
the way for a brighter and more inclusive economic future.