What will Stanbic Bank offer in the new FlexiPay campaign to promote financial inclusion?

Stanbic Bank Uganda has launched a nationwide campaign, “FlexiPay Cashback Explosion,” aimed at boosting its FlexiPay digital payments platform and fostering financial inclusion across the country.

This three-month initiative promises to reward users with cashbacks and prizes while promoting a cashless lifestyle, making financial services more accessible and convenient for all Ugandans.

The campaign, unveiled at BodaBoda Banja, a key FlexiPay merchant partner, underscores Stanbic Bank’s commitment to driving Uganda’s digital transition.

According to Melisa Nyakwera, Stanbic Bank’s Head of Commercial Banking, this initiative is a key component of their broader strategy to promote digital adoption, enhance financial inclusion, and empower Ugandans to embrace a cashless lifestyle.

She emphasized that FlexiPay is not just a digital wallet, but rather a comprehensive business enabler offering relevant, accessible, and empowering digital financial solutions.

What’s on Offer?

The FlexiPay Cashback Explosion campaign promises a range of benefits designed to incentivize new users and reward existing ones. Here’s a breakdown of what Stanbic Bank is offering:

• Cashback and Prizes: A whopping UGX 100 million in prizes and cashbacks will be awarded to FlexiPay users throughout the campaign.
• Extensive Merchant Network: Stanbic Bank has partnered with hundreds of merchants, including restaurants, bars, boutiques, supermarkets, and fuel stations, making it easier than ever to use FlexiPay for everyday transactions. Using FlexiPay is simple: Dial *291# or use the mobile app.
• Instant Cashback: Customers can enjoy a 10% instant cashback on every transaction above UGX 50,000. This applies to a wide range of purchases, from fueling vehicles to shopping and dining out.
• Secure and Reliable Platform: Stanbic Bank emphasizes the security of FlexiPay, assuring users of advanced security features and technology-driven protections. They are committed to delivering secure digital financial solutions that are relevant, accessible, and empowering for every Ugandan.

Saurabh Jain, Chief Operations Officer of BodaBoda Banja, highlights the positive impact FlexiPay has had on their business. By adopting FlexiPay, they’ve significantly reduced the risks associated with cash payments, such as theft and high default rates. Their clients can now make payments seamlessly and safely from anywhere, thanks to FlexiPay and Stanbic’s agency banking.

FlexiPay’s Role in Financial Inclusion

FlexiPay, launched in 2022, has rapidly become a cornerstone of Uganda’s digital transition, boasting over 1.5 million active wallets. It has transformed everyday financial activities, enabling affordable cross-network transactions, bill payments, and even event ticketing. The platform also supports money remittances from over 25 countries, allowing Ugandans to send and receive funds from various regions without charges.

The platform has facilitated over UGX 30 billion in international remittances to Uganda in 2024 alone.

Looking Ahead

The FlexiPay Cashback Explosion is more than just a promotional campaign; it’s a strategic move by Stanbic Bank to solidify its position as a leader in digital finance and a champion of financial inclusion in Uganda.

By offering attractive incentives and expanding its merchant network, Stanbic Bank aims to drive adoption of FlexiPay, empowering more Ugandans to participate in the digital economy and experience the convenience and security of cashless transactions.

Ultimately, this initiative is aligned with Stanbic Bank’s purpose: “Uganda is our home; we drive her growth.” By promoting digital financial solutions, they are contributing to a smarter, more inclusive financial system that fuels business growth and improves the lives of Ugandans across the country.