Pearl Bank Uganda — formerly PostBank Uganda — and Stanbic Bank Uganda have forged an unprecedented partnership. The two financial giants announced the integration of their flagship digital wallets, Wendi and FlexiPay, creating a unified ecosystem that promises frictionless transactions, slashed fees, and broader access to savings, credit, and e-commerce services for more than a million users nationwide.
This is a deliberate pivot from rivalry to synergy in a market where mobile money has long been the lifeblood of financial innovation. With Wendi’s government-backed reach into rural heartlands and FlexiPay’s robust commercial network, the integration aims to dismantle the silos that have fragmented Uganda’s digital payment landscape. Users on either platform will soon send, receive, and pay across networks without the usual inter-bank hurdles—think instant transfers at subsidized rates, expanded merchant acceptance, and shared agent networks spanning over 25,000 touchpoints.
The announcement, unveiled at a joint press briefing in Kampala, comes at a pivotal moment for Uganda’s economy. As the country grapples with post-pandemic recovery and ambitious targets under the National Financial Inclusion Strategy (NFIS) 2023–2028, this collaboration underscores how legacy institutions are leveraging digital rails to propel cashless adoption.
Rollout will happen in phases, kicking off with awareness drives in agricultural hubs like Mbale and Gulu, followed by joint merchant onboarding and agent training. By blending Pearl Bank’s national footprint with Stanbic’s scale, the duo is positioning itself to touch underserved segments—women, youth, and farmers—who make up the backbone of Uganda’s informal economy.
But beyond the mechanics, this partnership signals a maturing fintech ecosystem in East Africa. Where once banks hoarded their digital moats, today’s leaders are recognizing that true inclusion demands interoperability. As Uganda’s mobile penetration hovers around 70% and smartphone adoption climbs toward 50%, tools like Wendi and FlexiPay aren’t luxuries—they’re gateways to economic agency.
What they say
At the heart of this announcement are the leaders steering the charge, whose words paint a vivid picture of intent and impact.
Mumba Kenneth Kalifungwa, Chief Executive of Stanbic Bank Uganda, framed the integration as a direct antidote to exclusion:
“This partnership is a win for ordinary Ugandans. By connecting FlexiPay and Wendi, we are breaking down digital walls and ensuring that no matter where you live or who you bank with, you can transact safely and affordably. It directly supports Stanbic’s growth agenda for Women, Youth, and Farmers (WYF) under our Positive Impact pillar on Financial Inclusion. FlexiPay enables users to buy and pay merchants and utility bills at no or low charges while also enabling them to save or access credit on the platform.”
Kalifungwa’s emphasis on the WYF agenda isn’t rhetoric—Stanbic has long championed it through initiatives like subsidized loans for agribusinesses and youth entrepreneurship programs. FlexiPay, with its 17,800-agent network and over 500,000 wallets, has already become a staple for SACCOs (Savings and Credit Cooperative Organizations), digitizing collections and payouts that once relied on cash-laden matatus.
Echoing this, Julius Kakeeto, Managing Director & CEO of Pearl Bank Uganda, highlighted Wendi’s role as a public-good engine:
“Wendi has been at the heart of implementing government programmes that promote financial inclusion across the country, empowering them to take full advantage of digital financial services. With a customer base of over one million and an agent base of over 8000, the partnership with FlexiPay is timely because our users will gain greater convenience and access to a wider merchant and agent network. Wendi was designed to ensure that Ugandans are included in the money economy and can transact and save securely while earning a 10% interest per annum on all their savings. Therefore, this collaboration is a big step toward achieving Uganda’s National-Financial-Inclusion-Strategy-2023-2028.”
Kakeeto’s nod to the NFIS is spot-on; Wendi has been instrumental in channeling funds under the Parish Development Model (PDM), disbursing billions to rural parishes for everything from seed purchases to livestock. Its Western Union tie-up, enabling direct remittances into wallets, has funneled over UGX 100 billion annually into households, per recent bank reports. Together, these executives aren’t just announcing a product update—they’re articulating a manifesto for equitable growth.
Why it matters
Uganda’s financial inclusion journey is a tale of tantalizing progress laced with stubborn inequities. The press release cites a leap from 52% formal access in 2013 to 68% in 2023, per Financial Sector Deepening (FSD) Uganda data—a surge fueled by mobile money pioneers like MTN MoMo and Airtel Money.
Yet, as the Global Findex 2025 reveals, Sub-Saharan Africa’s account ownership has rocketed from 34% to 58% in the last decade, with Uganda outpacing the regional average at around 75% for adults holding bank or mobile money accounts. Despite these gains, the NFIS 2023–2028 sets a bolder target: 75% formal access by 2028, emphasizing digital channels to close gaps in literacy, geography, and gender.
Enter the Wendi-FlexiPay integration—a surgical strike against the barriers that keep 32% of Ugandans (over 10 million adults) unbanked. Rural areas, home to 75% of the population, bear the brunt: poor network coverage, erratic electricity, and a dearth of agents mean digital services often fizzle out beyond Kampala’s suburbs. For farmers—who contribute 24% to GDP but earn less than UGX 2 million annually on average—these hurdles translate to lost opportunities. Cash-based transactions dominate, exposing them to theft, counterfeit woes, and exclusion from value chains like coffee exports or maize trading.
Women and youth face amplified challenges. Young women in agriculture, per a 2021 ODI report, navigate harmful gender norms that limit land ownership and credit access, with only 37% of rural women holding formal accounts versus 48% of men.
Youth, comprising 78% of Uganda’s population under 35, grapple with unemployment rates topping 13% and a digital skills deficit; many own feature phones but lack the confidence or infrastructure for app-based finance. Farmers, meanwhile, cite high transaction fees (up to 2% for cross-network transfers) and interoperability snags as deal-breakers—issues that balloon costs for smallholders buying inputs or selling produce.
This partnership flips the script. By subsidizing fees—potentially halving inter-wallet costs to under 0.5%—it slashes the “tax on the poor” that economists decry in fragmented systems. Seamless interoperability echoes successes like Kenya’s M-Pesa, where cross-provider transfers boosted adoption by 20% in rural zones. In Uganda, Wendi’s PDM role has already digitized UGX 1.2 trillion in parish funds, reaching 13,000+ sub-counties; pairing it with FlexiPay’s merchant ecosystem could onboard 100,000+ new users in agribusiness alone, per Stanbic projections.
For women-led enterprises, the WYF focus means tailored credit products—like FlexiPay’s low-interest loans tied to savings history—could empower 200,000+ female farmers with tools for inventory financing. Youth entrepreneurs gain from e-commerce integrations, paying suppliers or utilities without cash runs. And remittances? Wendi’s Western Union link already injects UGX 5 trillion yearly; now, FlexiPay users can tap it too, stabilizing rural incomes amid global volatility.
Broader ripples include curbing illicit finance: As UNCDF notes, digital trails reduce money laundering risks in informal sectors, while literacy campaigns baked into the rollout—think SMS tutorials in Luganda—tackle the 28% adult illiteracy rate.
Environmentally, less cash handling means fewer plastic notes and transport emissions from bank queues. Economically, McKinsey estimates interoperable systems could add 1.5% to GDP growth in low-access markets like Uganda by 2030. In essence, this isn’t incremental—it’s a fulcrum for shifting from survival to thriving, ensuring digital finance doesn’t just connect devices but transforms destinies.
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