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 deputy chief administrative officer Bukedea District Representative, Norah Anyakoit.
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.
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"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.
