The partnership intends to connect over 7,500 SACCOs and Village Savings and Loan Associations to Wendi’s mobile financial platform in the West Nile regional districts Nebbi, Arua, Yumbe, Koboko, Moyo, and Adjumani.

“I am delighted about our collaboration with PostBank to use Wendi mobile wallet to digitize our savings groups,” said Jenaro Onegi, CEO of WENIPS. “Harnessing digital technology will enhance financial literacy, security, and convenience for our members, empowering them economically and building resilience.”

This collaboration between WENIPS and Wendi is paving the way for a more inclusive financial landscape, propelling West Nile and Uganda towards economic growth and prosperity. WENIPS plays a vital role in fostering financial inclusion across West Nile.

See also: PostBank, MTN MoMo launch a digital microlending solution

Uganda’s third National Development Plan (NDP III) highlights that financial inclusion and digital financial literacy are key to achieving sustained economic growth. Digitizing VSLAs and SACCOs with Wendi aligns with these national objectives, enhancing financial literacy and creating a more resilient economy in the West Nile region.

Patrick Okwi Osakan, PostBank’s Regional Distribution Head for the Northern and West Nile regions, reaffirmed the bank’s commitment to fostering prosperity for Ugandans by delivering innovative financial solutions that foster a culture of saving among Ugandans. “With Wendi, we are empowering individuals and groups, particularly those underserved by traditional banks, to access secure savings accounts, earn 10% annual interest on daily savings, and complete various financial transactions with ease,” he said.

The Assistant Resident District Commissioner (RDC) of Nebbi District, Owachgiu Donald, said, “I commend PostBank Uganda for its foresight leadership by introducing the Wendi mobile wallet in West Nile. This will enable our people to have access to financial services, which will aid their participation in initiatives that boost socio-economic growth.”

Owachgiu called upon Ugandans to take advantage of Wendi and participate in the nation’s progress, which will see the country transition from a peasant economy to a modern economy, which aligns with the government’s 2040 vision.

Wendi mobile wallet allows users to access its services without necessarily owning a bank account. The platform can be accessed on smartphones and feature phones, and users don’t have to be PostBank Uganda customers to use it. Thus, the collaboration is timely as it will boost access to financial services for West Nile residents who may lack traditional bank accounts.

West Nile was recently added to the national electricity grid through the Grid Extension and Reinforcement Project (GERP), a joint effort by the Ugandan Government and the World Bank to meet the national goal of Universal Access to Electricity by 2030. Access to reliable electricity, combined with Wendi’s digital financial services, this development is expected to boost the local economy by enabling the digitization of informal savings mechanisms and boosting the region to achieve its full potential.

See also: UMRA, PostBank to digitize tier IV microfinance institutions with Wendi platform

The post West Nile Community Urged to Embrace Wendi to Boost the Region’s Economic Growth appeared first on PC Tech Magazine.

Being at the helm of regulating the operation of microfinance institutions, UMRA’s collaboration with Wendi is a key milestone in enhancing financial inclusion through streamlining the operation of Savings and Credit Cooperatives (SACCOs), Village Savings and Loan Associations (VSLAs), Self-Help Groups, and Non-Deposit Taking Microfinance Institutions (NDT-MFIs)—into the digital age, thus championing sustainable financial inclusion especially in the hard to reach places where there are no physical banking facilities.

Andrew Kabeera PostBank’s Executive Director, stated that their partnership with UMRA is timely as it will help the bank boost financial literacy skills and ensure savings groups have access to essential financial services, regardless of their banking affiliation.

“The bank is dedicated to fostering prosperity for Ugandans through innovative and tailored financial products,” he told the press during the launch at UMRA Offices. “With Wendi, we are delighted to empower individuals and groups, especially those underserved by traditional financial institutions, to access secure savings accounts, earn 10% annual interest on daily savings, and conduct various financial transactions.”

Kabeera added that “Wendi was designed to offer seamless financial services to underserved and last-mile customers, hence PostBank or non – PostBank customers can access, manage, and transact funds efficiently both on a smartphone and a feature phone.”

Executive Director of UMRA, Ms. Edith Tusuubira emphasized the transformative impact this partnership will have on Uganda’s financial landscape.

“Leveraging Wendi to digitize savings groups across the country is a great initiative and we thank PostBank for taking this innovative approach because it aligns with Uganda’s National Financial Inclusion Strategy of bridging the gap of access to financial services for millions of Ugandans,” said Tusuubira. “By embracing digital technology, we will enhance financial literacy, security, and convenience for our people while fostering economic empowerment,”

Tusuubira pointed out that UMRA commits to continuously support sector players like PostBank who have introduced services like the Wendi which addresses key challenges faced by informal savings mechanisms since the Authority is trying to streamline operations as the regulator.”

A recent study by FinScope revealed a sharp increase in the adoption of SACCOs and mobile money services in Uganda since 2018. SACCO usage rose from 5% in 2018 to 15% in 2023, while Mobile Money usage jumped from 23% to 42% over the same period. Despite this growth, many Ugandans still store money at home, signaling a lack of confidence in both formal and informal financial service providers.

Furthermore, only 2 in 10 Ugandans save electronically, emphasizing the urgent need for digital solutions like Wendi to bridge the gap in financial inclusion. Wendi promises to offer secure and convenient financial services to help address these challenges.

See also: PostBank, MTN Mobile Money (U) Limited launch a digital microlending solution

The post UMRA, PostBank to Digitize Tier IV Microfinance Institutions with Wendi Platform appeared first on PC Tech Magazine.

The project supports women entrepreneurs in transitioning from micro and small enterprises to medium-sized and large enterprises.

PostBank, the only government bank among the banks implementing the GROW project has efficiently disbursed all the funds allocated to women entrepreneurs across various sectors, including agriculture, trade and commerce, business services, and construction.

“We thank the government for championing such a great initiative that not only drives financial inclusion but encourages women entrepreneurs to participate in social economic activities that align with the government’s National Development Plan III agenda (NDP III), with the aim of increasing the average household incomes and improve the quality of life of Ugandans,” Ibrahim Kato, PostBank Uganda’s Chief Retail Officer, said in a press statement.

Kato added, “Through the PostBank’s Smart Woman Account, we have been able to disburse the first tranche of UGX6 billion and we believe this will go a long way in growing women’s businesses and contribute to sustained economic development.

The GROW Loan product is exclusive to women-led businesses and is being disbursed through a PostBank Account to provide affordable banking solutions.

“As a bank with the purpose of driving financial inclusion to enable our people to Grow and Prosper, we welcome projects like the GROW Loan which is designed to enable women entrepreneurs to take charge of their financial future,” said Kato. “We have applied for and we are awaiting the disbursement of the second tranche to PostBank so that we can continue to support the government to grow women led businesses in Uganda.”

In addition to the GROW Loan, PostBank has been pivotal in supporting the government to implement projects that are designed to foster prosperity for Ugandans. Some of the projects include the disbursement of the Parish Development Model money through the Wendi Mobile Wallet by PostBank, payment of COVID-19 funds to households, and support of the Landslide victims in Bududa among others.

The post PostBank Uganda Disburses UGX6 Billion in ‘GROW Loan’ to Empower 353 Women Entrepreneurs appeared first on PC Tech Magazine.

“We are excited to collaborate with MTN MoMo on the XtraCash solution, a product that delivers convenience and speaks to our purpose of fostering prosperity for Ugandans. This product is here to extend support to the millions of Ugandans who rely on mobile money for their everyday transactions,” PostBank Uganda, Managing Director, Mr. Julius Kakeeto, said at the launch of the new service.

Kakeeto emphasized the bank’s commitment to going as far as forming partnerships with stakeholders like MTN MoMo with whom they share the same vision of growth and fostering prosperity for Ugandans by ushering them into the money economy.

“When we say ushering Ugandans to the money economy, we mean revolutionizing the way people have access to money, that is, anytime and anywhere or as and when they need it,” said Kakeeto. “We are cognizant that people always run out of cash and need some XTRA Cash to keep them running, this is why we are here today, to introduce a solution that will ensure that our customers’ needs are catered for.”

XtraCash is accessible through MTN mobile money with PostBank as the financial partner providing customers with support by extending micro-loans for everyday financial needs. The innovative solution aims to address the growing demand for accessible credit, particularly for underserved and unbanked communities.

In his remarks, Mr. Richard Yego, the Chief Executive of MTN MoMo, said, “XtraCash is another step forward in our mission to provide reliable, easy-to-use, and secure financial solutions to millions of Ugandans who depend on mobile money every day. We are proud to collaborate with PostBank Uganda, a partner that shares our vision of creating financial products that serve all Ugandans.”

Yego shared that MTN MoMo is committed to driving financial inclusion and ensuring that every Ugandan has access to financial services, regardless of their location or economic standing. He also emphasized the critical role that financial services like XtraCash play in empowering underserved and unbanked populations.

“By making micro-loans easily accessible to users, we are providing financial relief and opening doors to opportunities that can improve livelihoods and support businesses,” said Yego. “We believe this solution will have a significant impact on the day-to-day lives of many Ugandans by ensuring that they can access funds whenever they need them, especially in times of urgent need.”

XtraCash highlights MTN Mobile Money Uganda Limited’s commitment to financial inclusion and innovation, reinforcing the collaborative effort between both institutions in delivering impactful solutions to the Ugandan market.

To qualify for the XtraCash loan, one must be 18 years or older, an active MTN mobile money user for at least six (6) months, and maintain regular usage of MTN MoMo. Eligible users can use the MTN MoMo App or use the USSD code by dialing *165*5#, selecting XtraCash, and instantly checking the maximum loan limit they can access.

In addition to XtraCash, PostBank and MTN MoMo have previously partnered to disburse funds to the last mile beneficiary through Wendi mobile wallet as well as MOMO advance which are all aimed at driving financial inclusion by bringing and keeping more Ugandans in the money economy.

The post PostBank, MTN MoMo Launch a Digital Micro Lending Solution appeared first on PC Tech Magazine.

His path began at MTN Uganda, where he was motivated by a desire to address the frustrations of long queues and inefficient services. This experience led him to pivotal roles that combined customer service with technology, ultimately positioning him at the forefront of Uganda’s fintech landscape.

In a chat with him, Musoke shares his journey and insights into product development and user-centric design, which have played a crucial role in shaping digital financial solutions that resonate with consumers.

Can you share your journey into the fintech industry and what inspired you to pursue a career in this field?

Well, my journey dates back 7 years ago when I joined MTN Uganda. My major inspiration was to make a difference after being frustrated with long queues in service centers. I occupied several roles in Customer Service and Technology, where I developed applications related to customer service and Mobile Money. Now, when you blend Customer Service, Mobile Money, and Technology, the result is innovative digital financial solutions. At this point, I was already immersed in the intersection of people, technology, and finance, and curiosity and the promises of a new career were creeping in.

Fast forward to 2021, MTN Uganda spun off its Mobile Money business to form MTN Mobile Money Uganda Limited and that’s how I ended up in fintech. I was among the pioneer employees of the new company, specifically, its product development and innovation team.

What key roles have you held in product development, and how have they shaped your perspective on fintech?

My perspective has been shaped by my personal experiences and other people’s experiences — and by my experience, I mean across the telecommunication and banking sectors.

While with MTN Mobile Money Limited, I was in charge of mapping out detailed user stories, creating product use cases, and ensuring that technology solutions met the product requirements. Oh, I also led the implementation of the UI to revamp of the current Mobile Money app to incorporate the company blue colors that you see today.

In my current role at Postbank Uganda Limited, one of my core responsibilities is ensuring that our systems and product solutions are resilient enough to support the delivery of an exciting digital experience to all our WENDI Mobile Wallet users, and be able to race up the bank to the forefront of mobile financial services, innovation and inclusion to grow and prosper all Ugandans, especially the rural populations not yet absorbed into the financial ecosystem.

See also: PostBank, MTN Uganda partner to digitize Parish Development Model (PDM) payments

Before I forget, I am a founding member of one fintech integrator whose details I prefer to keep in wraps for now and a consultant with another major event ticketing firm whose client portfolio includes government agencies and the Uganda Manufacturers Association.

Like all other business landscapes, fintech too has consumers and service providers. Beyond money transfers, payments, and loans, fintechs need to innovate further to be more inclusive for all. Transfers and payments are just a digital replacement of traditional money exchange means, and yes, they bring convenience, but the unbanked populations still need to feel the impact of fintech in their pockets. To achieve this, we must listen deeply to the needs of the masses and regulators will need to loosen up to let major players extend, for example, more credit to eligible borrowers.

Still, fintech can monetize many activities and innovations with calibrated integrations and digital financial exchanges among major players.

In short, fintech is booming, but it is a matter of time before it is disrupted by emerging technologies. We need to continue innovating and being inclusive, remembering that you can’t buy your way to the market with bad products.

How do you think your educational background has contributed to your success in technology and fintech?

My profession is Information Technology, and in between, I have studied the business process and IT re-engineering, marketing as well as product development and management from the University of Virginia. I am a skilled and passionate software developer, and I am very passionate about people. With IT, product development, and marketing skills, I can align the people’s needs and ensure the delivery of innovative financial products that meet the needs of these people.

Also read:

• • Seek careers in technology, Roke Telkom urges students
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  • Disregard stereotypes: IT is for all, says Dona Musoke to girls and women

What are the most significant trends currently shaping the fintech landscape in Uganda?

One, Micro-lending is enabling massive consumption of microcredit with huge profit margins for major players.

InsurTech is another emerging but very promising division of fintech. It is often treated as an independent branch, but the underlying technology is fintech. Once consumer education is increased, a lot of middle-class users must be up for grabs by the players.

Group savings too is another trend that is enabling players to pool resources for growth and expansion while at the same time serving consumers.

Fintechs should also pay closer attention to international remittances. Major players are already doing this, but there is still a big gap requiring innovation. The revenue from inbound remittances is too much to ignore.

Payments have matured, but a lot of needs that are candidates for payment innovation are not yet met. For example, I should be able to cash out my work voucher for cash and give up a small percentage. The voucher can then go to the user who needs it.

Personalization is not yet being given enough attention by key players. It is being confused with credit scoring. Providers that will be able to tailor payments, loans, and money transfer products to demographics will have a greater edge. We should be looking to see what MTN’s Kirabo bundles were.

Lastly, Regulatory Technology (RegTech), is growing and will have a significant impact on fintech operations. The regulations are tight, and the providers want to cash in on fintech, so cost-effective technology that enables real fast consumer verification is going to take centre stage.

How do you see the role of technology evolving in financial services over the next five years?

Technology will continue to transform the way we interact and manage our finances. Service delivery channels will become more digitized and widespread. Many brick-and-mortar locations will continue to be phased out in favor of ATMS and banking agents accepting and dispensing cash.

What challenges do you believe fintech companies face today, particularly in developing markets?

One is a very tight regulatory landscape that can only be navigated by well-determined and serious players. The same too limits what even capable players can offer. For example, transfers and lendings are limited to very low amounts, leaving huge amounts to be expended only by traditional banking institutions.

Secondly, high poverty levels especially in rural areas. This leaves smartphones mostly in the hands of a few consumers. Without smartphones, many consumers cannot self-onboard on some fintech platforms, and reaching them with agents also increases the costs of service production.

How important is collaboration between tech companies and traditional financial institutions for fostering innovation in fintech?

This relationship cannot be overemphasized. Traditional financial institutions are the custodians of cash that reflects on all our E-wallets. Collaboration in key areas such as AML best practices saves each a regulatory burden. But more importantly, tech companies are enablers of financial institutions. I think that is why we are now talking about fintech. Tech companies provide technology solutions that enable banks to move this money securely and bring access channels closer to banks’ customers through enabling digital banking.

This relationship was birthed with the advent of ATMs and networked, branch banking and sealed with the introduction of mobile and online banking. It is not to be severed anytime soon.

Can you walk us through your typical process for developing a new digital product? What methodologies do you prefer?

First, any product must satisfy a user’s needs. In fintech, the need is financial in nature or enables a financial product to be offered. So, the typical journey starts with ideation, basically brainstorming about the best ideas, then goes through persona targeting and customization. All this is on paper and helps develop unique selling features for the product. Use cases and customer journeys are then mapped and technology solutions are developed and documented.

Software development is activated, followed by internal testing, user acceptability, and usability testing, and then the product is moved to production. Of course, that is high level, but there are some nitty-gritty I didn’t mention. After production, different business functions activate product monitoring and maintenance tasks, but the product must be monitored for maturity progress.

How do you prioritize features during the product development cycle, especially when resources are limited?

Quite honestly, in many cases, budgets are constrained —but a combination of lean and MVP methods is helpful. Products are developed for certain users and only they can be authoritative regarding what is most important for them. In cases where users can’t be reached individually, such as in mass consumer products like WENDI, data is utilized to identify probable high-volume journeys depending on user behavioral insights extracted. Additionally, strategic objectives, competitor direction, and market demands can help you prioritize.

What role does user feedback play in your product development process, and how do you gather it effectively?

User feedback is very important in product development. Products are built for users, and they must be involved from inception. This is the most effective means to get user feedback. An MVP product is an effective tool as users have a near real-world experience of the product.

To further incorporate this feedback, agile methodologies are key in the development process.

Are there any innovative technologies or approaches that you believe will revolutionize the fintech sector in the near future?

Agility will enable fintechs to bring working products to the market faster. Also, people-centered innovation will be key in innovating and building cutting-edge products “by people and for the people.” Additionally, strategic relationships with key stakeholders and more importantly, the traditional banking institutions, will provide much-needed synergies in the sector. Lastly, cloud computing and AI will enable even small innovators to cut out a segment in the industry.

See also: Fintech and bank partnerships will deepen financial inclusion — Stephen Mutana

What advice would you give to startups looking to enter the fintech space today?

Follow people-centered innovation and don’t go all in. Use lean and MVP principles, as well as proven frameworks like AIDA during product development. Remember, you can’t buy your way to the market with a bad product.

Written in collaboration with Douglas Kikonyogo (X, @doug_kikonyogo)

The post In an Interview with Gerald Musoke, he Has Been a Driving Force Behind Fintech Innovation appeared first on PC Tech Magazine.

The bank’s Chief Finance Officer, CPA Peter Ssenyange said the win reflects the team’s commitment to championing the department and overall bank strategy that aligns with the bank’s pillars like teamwork, integrity, innovation, and passion.

“About 4 years ago, I trusted that if we built the PostBank finance team around a competent leadership team and specific skillsets relevant to the bank’s goals infused with a non-compromising performance culture, we will still be ordinary people but with extraordinary results,” explained Ssenyange.

Ssenyange added, “With the right talent onboard, we have been able to achieve some of the strategies we put in place over the years, which have enabled us to serve both our internal and external stakeholders while upholding our commitment to foster the prosperity of Ugandans through our service, and I commend the team and the bank’s leadership for their confidence and unwavering support from time to time.”

The Registrar General and Executive Director of the Uganda Registration Services Bureau (URSB), Mercy Kainobwisho, who served as the Chief Guest at the awards ceremony stressed the significance of paying attention to the community and the environment. “Building stronger communities requires a sense of purpose, a sense of self-discipline, a sense of respect for humanity, a sense of respect for animals, a sense of respect for water resources, and a sense of respect for land resources,” said Kainobwisho at the award ceremony at Imperial Resort Beach Hotel in Entebbe.

Kainobwisho encouraged respect for people’s time, a sense of purpose, development of self and the people around us to contribute to a greater good for the nation and the world, as well as social connectedness and involvement in the lives of others.

The ICPAU Awards celebrate individuals and entities that are greatly contributing to the accountancy profession in Uganda.

The awards were held at the 29th ICPAU Annual Seminar under the theme “Driving Sustainability and Trust”, with focus on Environmental Social Governance (ESG).

The post PostBank Wins Finance Team of the Year at the 2024 ICPAU Awards appeared first on PC Tech Magazine.

The training session involved 3 days of technical training that took place at Kabia and Sons Millers where the farmers had a hands-on learning session at the plant gaining knowledge on the entire process of producing cassava flour, proper post-harvest handling to maintain quality, and good manufacturing practices and an overall approach to value addition on their cassava produce with the required quality so that they can explore regional trade opportunities.

The final day of the training involved a financial literacy session led by the team from the PostBank Arua branch to ensure that farmers are equipped with the knowledge to properly handle their finances and educate them on the different agricultural products offered by the bank that can support them on their journey as they grow and prosper.

“At PostBank, we are committed to fostering prosperity for Ugandans which aligns with our new tagline, Grow Prosper. By upskilling farmers, we can enable them to transition from subsistence to commercial farming,” said Kizito Enzama, a Personal Banker at the PostBank Arua branch, on behalf of the Branch Manager. “This transformation allows their products to meet both local and international market standards, improving their market base.”

Upon completing the four-day training, the participants received certificates, which were handed over by the Resident City Commissioner, Arua Town, Charles Ichogor.

“We are truly grateful that Arua District was selected for this very insightful training, and I encourage all the participants to adopt and put into practice the knowledge they have acquired to ensure better quality cassava products,” said Ichogor. “I commend the efforts of PostBank Uganda and their implementation partner FSME towards extending such opportunities to our people which have a positive impact and overall, such engagements complement government efforts of social economic transformation of our people.”

PostBank Uganda through its Corporate Social Investment arm launched its Agri SME Skills Development Program in 2022. In collaboration with FSME, PostBank conducted SME Value Addition and financial literacy training to over 700 beneficiaries countrywide, over the years.

The 2024 program cohort targeting 300 beneficiaries was launched in March and beneficiaries have received training in millet processing in Soroti district, agro-tourism in Fort Portal, and cassava processing in Arua district. The final training, focusing on coffee value addition, will be held in Kampala.

See also: TekJuice, a new revolutionary tech talent management company launches in Uganda

The post Farmers, SMEs in Arua Gain Agri Skills via PostBank’s Development Programme appeared first on PC Tech Magazine.

The ZeroFlex account is a digital account that allows existing or new account holders to self-register by filling in the required information that the bank bases on to assign them an account to aid their financial transactions. The self-registration process is conducted online where customers independently fill in the required information, which includes their biodata, and upload photos of a valid national identity card for nationals/passports for non-citizens. Once the process is complete, a customer is assigned an account within 5 minutes.

Ibrahim Kato, the Chief Retail Officer at PostBank Uganda, said “As a bank that is committed to enabling Ugandans to grow and prosper which aligns with our purposes of fostering prosperity for Ugandans, introducing the ZeroFlex Account to the market symbolizes our commitment to design products that drive financial inclusions in line with Bank of Uganda’s financial inclusion strategy for Ugandans to have access to and use a broad range of quality and affordable financial services.”

He added, “In terms of affordability, the ZeroFlex account has no maintenance fees, one can get free monthly statements and there are no balance inquiry fees with seamless integration with their mobile wallet and the convenience of 24/7 access to a customer’s account.”

According to the 2023 Bank of Uganda annual report, mobile money transactions grew from 156 trillion to 191 trillion which indicates the opportunity to explore alternative banking channels where customers can conduct bank-to-wallet transitions.

“BoU’s 2023 annual report statistics indicate the great opportunity that the banking sector can leverage if services and products are digitized so that we can drive the financial inclusion agenda to enable individuals and businesses to access affordable financial services through platforms like ZeroFlex so that we have a good number of our people participate in activities that boost our country’s social economic development,” Kato concluded.

PostBank is continuously evolving to meet the ever-changing needs of Ugandans when it comes to extending financial services to the unbanked community thus the ZeroFlex account does not require one to be an account holder in PostBank Uganda, therefore, one can start the self-registration process by either downloading the PostApp on Google Play store or Appstore or by navigating the PostBank Uganda website under the account opening section which will prompt them to open an account.

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