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PostBank customers can now transfer money from their bank accounts to Airtel Money at no cost.

Kampala, Uganda – PostBank Uganda, in collaboration with Airtel Money, is proud to announce a strategic partnership aimed at fostering financial inclusion by eliminating charges on all transfers made from the PostApp and PostMobile – *263# to Airtel Money wallets. This initiative seeks to reduce the financial burden on PostBank customers while enhancing their access to a wide range of financial services through the extensive network of Airtel Money agents across Uganda.

This partnership is a proactive approach aimed at addressing the challenge of the ever-rising cost of living, as we strive to make financial services more affordable and accessible for our customers.

As a bank committed to promoting financial inclusion, PostBank Uganda recognizes the importance of leveraging partnerships to expand access to financial services for all Ugandans. With this partnership, PostBank customers will enjoy the convenience of transferring funds from their bank accounts directly to their Airtel Money wallets at zero cost. This seamless integration between PostBank and Airtel Money will empower customers to manage their finances more efficiently and securely, regardless of their location.

“Our partnership with Airtel Money is focused on improving financial inclusion and addressing the needs of millions of customers in Uganda who lack access to banking and financial services. This not only demonstrates our mutual dedication to fostering meaningful transformation but also highlights our collective pledge to positively impact the lives of Ugandans”, said Julius Kakeeto, the Managing Director of PostBank Uganda. He added that PostBank customers can transfer money from their bank accounts to their Wendi wallet for free by dialing *229# or through the Wendi app.

Commenting on the partnership, Japheth Aritho, the Managing Director of Airtel Money, stated, “This partnership is very instrumental. Issues encountered by customers, such as the high cost of cashing out, have been addressed by eliminating transfer charges from the bank to the wallet. Any funds saved today can be directed towards a meaningful purpose.”

He also added “At Airtel Money, we believe in financial inclusion for all. We believe in empowering Ugandans with the tools to manage their money effortlessly, securely, and affordably. This partnership brings us closer to that vision, making digital payments a seamless reality for our customers.”

This partnership between PostBank Uganda and Airtel Uganda reflects their shared vision of driving financial inclusion and prosperity for all Ugandans. Eliminating obstacles to digital financial transactions and promoting collaboration between the banking and telecom sectors will pave the way for a more financially inclusive future in Uganda.

**End**

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.

L-R: Andrew Kabeera, Executive Director, PostBank Uganda, Japheth Aritho, MD Airtel Money, Edward Nkagi, ED, Pride Microfinance Bank, Hon. Kabuye Kyofatogobye, State Minister for Kampala and Metropolitan Affairs, Michael Mugabi MD, Housing Finance Bank and Julius Kakeeto, CEO/MD PostBank Uganda.

Kakumiro, Uganda – PostBank and Airtel Uganda in collaboration with Housing Finance and Pride Microfinance, on the 9th of August 2023 announced their partnership to support the seamless disbursement of PDM (Parish Development Model) funds by the government through a wallet called Wendi.

Wendi is a digital 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.

53% of the Ugandan population is using mobile money services while only 10% of our population is banked. As a bank that has financial inclusion at the core of its operational goals, investing in a mobile wallet solution helps PostBank bridge the gap between banked and unbanked Ugandans. And because close to 74% of Ugandans live in rural areas, Wendi gives them access to the financial resources they need to be part of the Ugandan government’s development goals.

Accessible for download from Google Play Store and onboarding via a *229# USSD code, Wendi offers a wide range of mobile transactions, including paying for utility bills such as Umeme, URA, NWSC, TV subscriptions, school fees, goods, and services among others. Customers will also enjoy easy access courtesy of over 3,000 Wendi agents that will be stationed countrywide.

Speaking at the event in Kakumiro, the Managing Director of PostBank, Julius Kakeeto expressed his gratitude to the management of Airtel Uganda as well as Housing Finance Bank and Pride Microfinance for partnering with the bank on the journey of digital transformation. He also highlighted the convenience that Wendi brings to the PDM disbursement process.

“Wendi is empowering the SACCOs to manage their funds, and very importantly, for money to reach the intended beneficiaries without the need to come to the banking halls and also fill in tedious paperwork,” Kakeeto said.

He further expressed PostBank’s commitment to bringing Ugandans into the money economy, stating that, “Out of 2,540 PDM SACCOs with accounts in PostBank, PBU has already digitized 1,298 SACCOs and is planning to complete digitizing all of them by the end of this month. So far, the experience has been positive, with beneficiaries of around 205 PDM SACCOs receiving funds from the comfort of their homes, gardens, etc.”

Also speaking at the partnership’s launch was Airtel Uganda’s MD who reaffirmed Airtel’s commitment to Uganda’s financial inclusion agenda. “We shall continue to develop partnerships that will support our agenda for growing financial inclusion, a digital economy that works for the many,” he said.

Andrew Kabeera, the Executive Director and Chief Digital Financial Services Officer of PostBank, emphasized the need to bridge the gap between communities and financial services. “With Wendi, we are merging Airtel’s vast network and PostBank’s solid financial expertise while leveraging Housing Finance and Pride Microfinance’s technological know-how to bridge the gap between our communities and financial services so they can thrive economically.”

Kabeera further submitted that Wendi is tailored to the needs of the unbanked communities, allowing users conveniently transfer funds, save in groups, access micro-finance loans, deposit and withdraw money, and pay bills for URA, Umeme, NWSC, and school fees, among others. “What makes Wendi a must-have is its robust security structure; you can rest assured that both your funds and information will remain secure and private. Its user-friendly interface and personalized financial management capabilities make Wendi an essential financial tool for our unbanked communities.” Kabeera said.

Representing the Prime Minister, Rt. Hon. Robinah Nabbanja, Hon. Kabuye Kyofatogobye, State Minister for Kampala and Metropolitan Affairs commended PostBank and all its partners for the wonderful idea and stepping in to support the government’s drive for financial inclusion. “We have eliminated all the paperwork involved in opening bank accounts and brought the bank to your farm with Wendi. All it takes is to dial *229# if you don’t have a smartphone to receive your money,” he spoke.

He also encouraged beneficiaries of PDM to take advantage of the opportunity to make life simpler by installing and utilizing Wendi.

L-R: State Minister for Microfinance Hon. Haruna Kasolo, MTN Uganda CEO Sylvia Mulinge, PostBank CEO/MD Julius Kakeeto, and MTN MoMo CEO Richard Yego.

Bukedea, Uganda – PostBank, in partnership with MTN Uganda, has today announced the launch of “Wendi,” an innovative mobile wallet platform designed to support the government 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.

53% of the Ugandan population is using mobile money services while only 10% of our population are banked. As a bank that has financial inclusion at the core of its operational goals, investing in a mobile wallet solution helps PostBank to bridge the gap between banked and unbanked Ugandans. And because close to 74% of Ugandans live in rural areas, Wendi gives them access to financial resources they need to be part of the Ugandan government’s development goals.

Accessible for download from Google Play Store and onboarding via a *229# USSD code, Wendi offers a wide range of mobile transactions, including paying for utility bills such as Umeme, URA, NWSC, TV subscriptions, school fees, and lots more, paying for goods & services, B2W and W2B. Customers will also enjoy extra ordinary accessibility courtesy of over 3000 Wendi agents that will be stationed countrywide within the next year.

To support the initiative, PostBank, and MTN Uganda have distributed 170 smartphone devices to 170 SACCO representatives in Bukedea. The 5G network-enabled smartphones will allow SACCO representatives to facilitate convenient and timely transfers of PDM funds to beneficiaries’ mobile money accounts. We also intend to provide all SACCOs with accounts in PostBank with gadgets.

“The launch of Wendi is indeed a timely intervention for our people. We expect people to save on transport money and time when receiving their PDM funds and ultimately, the ease of access to these funds should trigger faster economic development within our parishes,” said the Bukedea District Representative.

Julius Kakeeto, Managing Director of PostBank shared his enthusiasm for the collaboration between PostBank and MTN Uganda as it’s a testament to the Bank’s steady digital transformation journey. “This collaboration represents our unwavering commitment to transforming the lives of individuals through innovative financial solutions. Wendi is not just a platform; it’s a beacon of hope and a bank for SACCOs set to empower communities, reduce financial burdens, and foster inclusive growth,” he spoke.

“With Wendi, convenience meets affordability, security, and financial inclusion to make a meaningful difference in people’s lives,” Julius added. 

Speaking at the launch, MTN CEO, Sylvia Mulinge reiterated MTN’s commitment to its customers’ growth and contributing towards the economic development of Uganda.

“At MTN, we have been champions of financial inclusion through our mobile money services, and we understand that in Uganda’s development story, no one should be left behind. Our partnership with PostBank on the Wendi mobile wallet is yet another financial inclusion milestone for Ugandans to celebrate,” she said.

PostBank’s Executive Director and Chief Digital Financial Services Officer, Andrew Kabeera, also assured customers that Wendi is the future of banking more so in the internet space. “PostBank is committed to maintaining the highest standards of security and data privacy for its customers. Wendi is built on robust security systems, including encryption and multi-factor authentication to ensure secure transactions, and safeguarding of customers’ information,” Kabeera remarked. 

Frank Kalinzi, Bancassurance Principal Officer- PostBank Uganda.

Kampala, Uganda: PostBank, a financial institution that is committed to transforming lives and livelihoods, has achieved yet another in milestone in Bancassurance, after securing a spot among the top five banks in Gross written premiums for both life and general insurance. This followed a 2022 report by the Insurance Regulatory Authority of Uganda(IRA).

The bank recorded a progressive increase of UGX. 919 million to UGX. 8.3bn compared to 2021, when the bank’s gross premium stood at UGX. 7.4bn. This represents an 11% growth in the bank’s premiums. Of the UGX. 8.3bn earned, UGX. 6.7bn was from life premiums, while UGX 1.6bn was generated from non-life premiums.

According to Frank Kalinzi, Principal Officer – Bancassurance, swift turnaround time on claims and numerous insurance options available to customers, were primary drivers of the bank’s cumulative growth. These were accompanied by reasonable pricing of the policies, top-notch customer service and increased confidence in bancassurance by customers.

PostBank sold nearly 5,500 policies in 2022, accounting for 5.8% of the market share. The bank was also able to pay 894 claims for both life and non-life premiums.

Kalinzi added that, “PostBank offers a variety of insurance covers tailored for saving, investment and protection(life insurance), as well as general insurance products tailored for indemnity e.g., motor comprehensive, fire, homeowners’ insurance and marine among others.”

For easy access to the above mentioned bancassurance services, customers can visit any of PostBank’s 56  branches across the country.

Bancassurance, supervised by the Insurance Regulatory Authority of Uganda, is a partnership between banks and insurance companies that allows banks to offer insurance products to their customers. For the year 2022, the overall gross written premium (GWP) through bancassurance grew to UGX. 142bn which is indicative of the significant role banks play in boosting the growth of insurance.

PostBank is in collaboration with several insurance companies including Prudential, UAP Old Mutual life and general, CIC Africa, Sanlam General and life among others, to sale useful insurance products for customers.

The bank also holds training sessions for staff and awareness drives for customers. This is done to equip them with a general knowledge, skill set and understanding of insurance, hence deepening financial inclusion.

Frank Kalinzi, PostBank Uganda’s Bancassurance Principal Officer.

Kampala, Uganda: PostBank, a financial institution that is committed to transforming lives and livelihoods, has achieved yet another in milestone in Bancassurance, after securing a spot among the top five banks in Gross written premiums for both life and general insurance. This followed a 2022 report by the Insurance Regulatory Authority of Uganda(IRA).

The bank recorded a progressive increase of UGX. 919 million to UGX. 8.3bn compared to 2021, when the bank’s gross premium stood at UGX. 7.4bn. This represents an 11% growth in the bank’s premiums. Of the UGX. 8.3bn earned, UGX. 6.7bn was from life premiums, while UGX 1.6bn was generated from non-life premiums.

According to Frank Kalinzi, Principal Officer – Bancassurance, swift turnaround time on claims and numerous insurance options available to customers, were primary drivers of the bank’s cumulative growth. These were accompanied by reasonable pricing of the policies, top-notch customer service and increased confidence in bancassurance by customers.

PostBank sold nearly 5,500 policies in 2022, accounting for 5.8% of the market share. The bank was also able to pay 894 claims for both life and non-life premiums.

Kalinzi added that, “PostBank offers a variety of insurance covers tailored for saving, investment and protection(life insurance), as well as general insurance products tailored for indemnity e.g., motor comprehensive, fire, homeowners’ insurance and marine among others.”

For easy access to the above mentioned bancassurance services, customers can visit any of PostBank’s 56  branches across the country.

Bancassurance, supervised by the Insurance Regulatory Authority of Uganda, is a partnership between banks and insurance companies that allows banks to offer insurance products to their customers. For the year 2022, the overall gross written premium (GWP) through bancassurance grew to UGX. 108bn which is indicative of the significant role banks play in boosting the growth of insurance.

PostBank is in collaboration with several insurance companies including Prudential, UAP Old Mutual life and general, CIC Africa, Sanlam General and life among others, to sale useful insurance products for customers.

The bank also holds training sessions for staff and awareness drives for customers. This is done to equip them with a general knowledge, skill set and understanding of insurance, hence deepening financial inclusion.

As the holy month of Ramadan nears an end, PostBank has honored the Muslim community with Ramadan Sadaqa to some of Uganda’s public universities.

The Bank made pitstops to mosques in Makerere University, Kyambogo, and Makerere University Business School – where they delivered a plethora of essential food items. These items included rice, salt, sugar, wheat flour, posho, cooking oil, and dates.

They were given to the mosque leaders at the universities. A few students and members of the wider Muslim fraternity from the aforementioned universities accompanied the leaders.

The initiative was backed by PostBank’s shared view that education and religion are vital in driving socio-economic change among young people, especially those who are still in school.

While receiving the food items, Sheikh Muhammad Ahmad Musungule, deputy Imam of the Makerere University Mosque, thanked PostBank for its generosity and pledged a continued working relationship between the bank and the University’s Muslim family.

His counterparts Sheikh Abdul-Nasser Mutyaba, Imam of the Kyambogo University Mosque and Sheikh Uthman Jamil Nsubuga, Imam of the Makerere University Business School (MUBS) Mosque, shared similar sentiments.

After handing over the food items, Abaasi Mawanda, the Head of Business and Institutional Banking, PostBank remarked that PostBank recognizes the importance of Ramadan and its significance to Muslims.

“As such, we have decided to share in the joyous spirit of Ramadan by giving back to the communities in which we operate. We also want to deepen our connections with universities in order to advance the expansion of the bank,” Abaasi added.

He was flanked by Priscilla Akora, the Head of Marketing & Communications, and some Muslim staff of the Bank.

Akora asserted that PostBank is a financial institution that values diversity. “We are proud to be associated with such a deeply rooted sect in society like Islam. This initiative is part of our humanitarian agenda which is engrossed in fostering social impact and generating value for all.”

Last year, the bank made a pragmatic gesture by giving goats to its top Muslim customers. This was done to enable them easily finish their fasting season.

PostBank Uganda remains committed to supporting the communities it serves and conducts business in. The Bank also pledges to continue pursuing initiatives that empower lives and transform livelihoods.

L-R: Andrew Otengo Owiny, Board Chairman, PostBank, Hon. Anite Evelyn, State Minister for Investment and Privatization and Julius Kakeeto, MD/CEO, PostBank during a press briefing to announce PostBank’s Financial Results 2022 and resolutions from Annual General Meeting (AGM) 2022.

Kampala, Uganda – 4^th April 2023

PostBank Uganda has today announced its financial results with a 19% increase in net profit for the year ended December 31st, 2022. The state-owned bank reported a net profit of UGX. 15.1 billion, a solid year-over-year growth of 19.3% up from the UGX. 12.2 billion net profit posted in 2021.

PostBank’s total assets grew significantly by 21.3% from UGX. 745 billion in 2021 to UGX. 946. 6 billion in 2022, which is almost 1 trillion. The bank’s total income also increased from UGX. 144.5 billion in 2021 to UGX. 159.2 billion in 2022, which can be attributed to the bank’s digital transformation journey that began in 2020.

Julius Kakeeto, Managing Director, PostBank Uganda, commented on the bank’s financial performance and thanked the shareholder for supporting PostBank. “Our shareholder has resolved to capitalize retained earnings of the UGX. 19Bn as at 31^st December 2022.”

Digital channels including PostMobile – *263#, PostApp, PostOnline, PostAgents and smart ATMs, experienced tremendous growth, with digital transactions representing 60% of all bank transactions for the  year, compared to about 10% 3 years ago.

Despite the challenging economic conditions, the bank’s shareholders’ equity increased to UGX. 135.6 billion in 2022 from UGX. 117 billion in 2021.

Andrew Otengo Owiny, the Board Chairman of PostBank, expressed his satisfaction with the bank’s performance, noting that the bank focused on improving efficiency of its operations and improving customer service.

“We opened 5 new branches, rolled out smart ATMs, enhanced the PostApp and started on a journey to serve the PDM with a solution that ensures funds reach the final beneficiary. It is still awaiting regulatory approval.”

He added that considering where the bank was 3 years ago, PBU has made tremendous strides in the right direction. “We are looking forward to a future where we take leadership in supporting Agribusiness and Micro, Small & Medium Enterprises which are core to the economy of this country.”

PostBank’s capital position remains strong, with paid up capital of UGX. 129Bn following shareholder’s resolutions from the Annual General Meeting held today. This is above the interim limit of UGX. 120Bn set by Bank of Uganda (BoU). PostBank is confident it will achieve the minimum UGX. 150Bn required by June 2024.

Addressing the media after the AGM, the shareholder, represented by Minister Evelyn Anite, the state minister for Investment and Privatization, commended the Board and Management of PostBank for the stellar performance over the last 3 years. She challenged them to sustain this level of performance so as to serve more Ugandans.

The bank’s end-of-year accounts and accompanying financial statements were audited by the Auditor General and found consistent with International Financial Reporting Standards (IFRS) and the Uganda Companies’ Act plus the amended Financial Institutions Act 2004.

In terms of its capital and financial performance, the bank is in a strong position to expand and serve its customers with better competitive products and innovations in the future.

Sending money from Sweden and Netherlands cheaper, faster and safer.

Money transfers from Europe to Uganda can now be made quickly, securely and up to four times cheaper, thanks to an app launched by cross-border payments company Inpay and its subsidiary Eurogiro, the global postal network. The app is being launched in partnership with PostBank Uganda and Posta Uganda through a project co-financed by the UN’s International Fund for Agricultural Development (IFAD).

The PostalPay app was developed by Inpay and Eurogiro in collaboration with PostBank Uganda and Posta Uganda, and allows people located in the EU to send money home in a cheaper, faster, and safer way from their mobile phones.

Money sent using PostalPay can either be instantly transferred to a Postbank Uganda account or received for cash pick-up in many PostBank Uganda and Posta Uganda locations.

Remittances and cross border payments can typically take days or longer and incur high fees, meaning the families and loved ones of Ugandans working abroad get less of their often hard-earned money being sent home.

“We believe that being a part of positive social change is a strong measure of overall business success,” the CEO of Inpay, Thomas Jul, said. “Providing an easier and more affordable way for the market to adopt this service is a big part of ensuring a more inclusive financial system. A system that caters to all members of society regardless of their background or circumstances.”

Jul says Inpay’s technology for cross-border payments significantly cuts the costs of remittances to 2.5 per cent, helping migrant workers get a fairer service and drives the company’s mission to democratize payments in every part of the world.  Cross-border payments have driven Inpay’s rapid growth since 2018.

“We are incredibly grateful for the cooperation with IFAD, the EU, and our partners in Uganda on this joint project. We look forward to working with local members of the Ugandan community in the Netherlands and Sweden to further support the apps uptake,” he said.

In 2021, remittance flows to Uganda (up to US$1,1 billion) represented almost 2.7 percent of its national GDP. Uganda ranks in the top 10 remittance-recipient countries in Sub-Saharan Africa.

“These remittances are a lifeline for rural people yet the cost of sending money to Uganda is still far above the Sustainable Development Goal (SDG) Target 10.C of reducing the cost of migrants’ remittances to 2.5 per cent by 2030. Mobile channels offer a great opportunity to achieve this goal,” said Pedro de Vasconcelos, Manager of the Financing Facility for Remittances at IFAD.

“We are delighted to work with Inpay and Eurogiro on this project, to promote financial inclusion in marginal rural areas; as accessing key financial products such as savings or credit is a key enabler to achieve any of the SDGs. Inpay has market-proven technology providing low-cost and secure cross-border payments – and,  through Eurogiro, access to the global postal network, making it a valuable partner,” added De Vasconcelos.

The CEO of PostBank Uganda, Julius Kakeeto, noted that: “PostBank has a network of 55 branches across the country. These are complemented by over 400 PostAgents, 60 smart ATMs and 4 contact centres. This partnership fits right into our financial inclusion agenda, and I am glad that we are driving it with reputable organizations that are geared towards the same goal.”

Posta Uganda’s Managing Director, James Arinaitwe, added: “Posta Uganda is grateful for this partnership opportunity with IFAD, Eurogiro and PostBank Uganda. We pledge to harness our longstanding assets and resources to push this agenda forward and ease access to finances for Ugandans back at home.”

As part of its PRIME Africa initiative, co-financed by the European Union, and with additional support from the Government of Luxembourg, IFAD is providing a EUR 369,000 grant for a period of 18 months to support the launch of the new app in the Netherlands and Sweden, two important European markets with established Ugandan expatriate communities. Inpay and Eurogiro are jointly contributing EUR 172,000.

The project builds upon a previous IFAD grant to PostBank Uganda (PBU) and Posta Uganda in 2017. This grant extended financial services, including remittances, to the rural and refugee communities, supported the refurbishment of 30 post offices, opened new branches and procured mobile cash management vans in rural areas.

About Inpay

Inpay offers low-cost, fast, and secure multi-currency cross-border payments. With Inpay’s cutting-edge technology and a network covering 100+ countries, financial institutions, NGOs, and businesses can make international payments as quickly and simply as a domestic bank transfer. Inpay was recognized in 2021 by the Financial Times as the fastest growing company in Denmark and one of the fastest growing Fin-Techs in Europe.

Inpay is a Danish-owned company headquartered in Denmark with offices in both Copenhagen and London and global network in 100+ countries.

About Eurogiro

Established in 1993, Eurogiro has a long and respected history in connecting the world’s postal networks. Today it has a vast global reach and connects more than postal operators in more than 50 countries, helping them increase revenue streams, connect with other financial services providers, and support their positions at the heart of the community.

About IFAD

IFAD is an international financial institution and a specialized agency of the United Nations. IFAD invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition, strengthen resilience and enhance rural transformation. www.ifad.org

Through its Financing Facility for Remittances (FFR), IFAD’s multi-donor facility, IFAD aims to maximise the impact of remittances on development and to promote migrants’ engagement in their countries of origin.

Since 2006, FFR has mobilised over US$ 65 million, funding over 70 projects in over 45 countries. https://www.ifad.org/en/ffr

IFAD’s PRIME programme

Co-financed by the European Union, the Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa), addresses development opportunities through innovations, partnerships, and scalable products that promote cheaper, faster, and safer remittance transfers.

By maximizing the impact of remittances for millions of families, PRIME Africa is fostering local economic opportunities in seven Africa countries (Ghana, Kenya, Morocco, Senegal, South Africa, The Gambia, and Uganda)

About PostBank

PostBank Uganda (PBU) is a limited liability company whose shares are owned by the Government of Uganda through the Ministry of Finance, Planning and Economic Development.

The Bank was founded in 1998 as a Credit Institution but has since grown to become a fully-fledged commercial bank and boast of 55 branches countrywide, stretching from Yumbe to Kabale, from Kotido to Masaka, and over 400 PostAgents.

It has branches, and contact centers in Amolatar, Anaka, Arua, Bombo, Bugolobi, Bukedea, Bweyale, City Branch, Entebbe, Fort Portal, Forest Mall, Gulu Hoima, Iganga, Jinja, Kabale, Bishop Stuart, Kakiri. Kampala Rd, Kamwenge, Kanungu, Kapchorwa, Kasese, Kayunga, Kitgum, Kotido, Kyazanga, Lacor, Lira, Makerere, Masaka, Masindi, Mbale, Mbarara, Moroto, Mubende, Mukono, Nakasongola, Ndeeba, Ntungamo, Pakwach, Soroti, Usafi, Wandegeya, William Street, Yumbe, Kagadi, Butogota, Kamdini, Rushere, Ishaka, and Manafwa.

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About Posta Uganda

Uganda Post Ltd. was corporatized in 1998 after the unbundling of Uganda Posts and Telecommunications Corporation (UPTC).  Posta Uganda is a designated postal operator with a network of more than 50 offices country-wide and provides a wide range of services including e-government, e-commerce, bank agency, payment agency, international remittances, philately, mobile telecom, bus transport, courier, and express services for mail and parcels.