Pearl Bank and Stanbic integrate digital wallets for unprecedented financial inclusion push
This strategic move will allow users of both platforms to transact seamlessly and at significantly subsidised fees, a major step toward making financial services more affordable and accessible to millions of Ugandans.
In a landmark partnership signaling a collaborative future for Uganda’s financial sector, Pearl Bank Uganda (formerly PostBank Uganda) and Stanbic Bank Uganda have announced the integration of their respective digital wallets, Wendi and FlexiPay.
This strategic move, which connects platforms serving over a million users combined, promises to revolutionize access to financial services by enabling seamless transactions at significantly subsidized fees.
The integration, unveiled at a joint press briefing in Kampala, is heralded as a major leap towards making financial services more affordable and accessible to millions of Ugandans, directly supporting the nation’s ongoing financial inclusion and digital transformation agendas.
Mumba Kenneth Kalifungwa, Chief Executive of Stanbic Bank Uganda, emphasized the broad benefits of the alliance. “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,” Kalifungwa stated.
He added that the initiative directly supports Stanbic’s growth agenda for Women, Youth, and Farmers (WYF) under its Positive Impact pillar on Financial Inclusion, with FlexiPay enabling users to buy, pay merchants and utility bills at low or no charges, alongside saving and accessing credit.
Julius Kakeeto, Managing Director & CEO of Pearl Bank Uganda, highlighted Wendi’s pivotal role in national development. “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 8,000, the partnership with FlexiPay is timely because our users will gain greater convenience and access to a wider merchant and agent network,” Kakeeto explained.
He further noted that Wendi was designed to ensure Ugandans are included in the money economy, providing secure transactions and a competitive 10% annual interest on savings, aligning perfectly with Uganda’s National Financial Inclusion Strategy 2023-2028.
Expanding Access and Impact
The integration is set to multiply the reach and utility of both platforms. FlexiPay currently boasts an extensive distribution network of over 17,800 agents and supports hundreds of SACCOs (Savings and Credit Cooperative Organizations) across the country.
Wendi, on the other hand, has played a central role in easing government disbursements, particularly under the Parish Development Model (PDM), reaching thousands of beneficiaries in rural communities.
Beyond national initiatives, Wendi has partnered with Western Union, enabling users to send and receive international remittances directly into their wallets, a significant stride in cross-border financial inclusion.
The combined force of Wendi and FlexiPay will allow users on either platform to send, receive, and pay seamlessly, effectively removing traditional barriers that have made digital transactions between different networks slow and costly.
According to the National Financial Inclusion Strategy (2023–2028), access to formal financial services in Uganda improved significantly from 52% in 2013 to 68% in 2023, largely propelled by mobile and digital innovations (FSD Uganda). However, many rural Ugandans, particularly women, youth, and farmers, still remain underserved.
This groundbreaking partnership is therefore poised as a powerful catalyst for expanding digital access, promoting cashless trade, and strengthening livelihoods in rural and peri-urban communities.
The two institutions plan to roll out the integration in phases, beginning with joint awareness campaigns, shared agent support, and merchant onboarding programs across key agricultural and trading regions.
By synergizing Stanbic’s commercial scale with Pearl Bank’s deep national footprint, the collaboration is expected to reach the furthest corners of rural Uganda, empowering farmers, youth entrepreneurs, and women-led enterprises, and fostering stronger, more inclusive local economies.
