Major banking partnership integrates Wendi and FlexiPay wallets to serve over 1.5 million users with reduced transaction fees
KAMPALA – Uganda’s financial services landscape took a significant turn this week as two major banks announced an unusual collaboration that prioritizes financial inclusion over market competition.
Pearl Bank Uganda, the government-owned institution formerly known as PostBank, and Stanbic Bank Uganda, the country’s largest commercial bank, revealed Wednesday that they are integrating their digital wallet platforms—Wendi and FlexiPay—in a move that will allow seamless transactions between more than 1.5 million combined users.
The partnership, unveiled at a joint press briefing in Kampala, will enable customers on either platform to send money, receive payments, and conduct commerce transactions at subsidized fees—addressing a key barrier to digital financial adoption in a country where transaction costs have historically limited uptake among low-income users.
Breaking Down Digital Barriers
“This partnership is a win for ordinary Ugandans,” said Mumba Kenneth Kalifungwa, Chief Executive of Stanbic Bank Uganda. “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 emphasized that the integration supports Stanbic’s strategic focus on women, youth, and farmers under its Financial Inclusion initiative, with FlexiPay already enabling users to purchase goods and pay utility bills at minimal or no charge while accessing savings and credit services.
Julius Kakeeto, Managing Director and CEO of Pearl Bank Uganda, highlighted Wendi’s role in government financial inclusion programs. “Wendi has been at the heart of implementing government programmes that promote financial inclusion across the country,” he said, noting that the platform’s one million customers and 8,000 agents will now benefit from expanded merchant and agent networks.
Wendi offers users 10% annual interest on savings and has become a critical infrastructure for government disbursements under the Parish Development Model, which targets rural communities.
Expanding Rural Reach
The combined infrastructure is substantial. FlexiPay operates through more than 17,800 agents serving over half a million retail and merchant wallets, including hundreds of savings and credit cooperatives (SACCOs). Wendi has gained traction in rural areas through government programs and recently partnered with Western Union to facilitate international remittances directly into user wallets.
The integration promises to be particularly impactful in Uganda’s rural and peri-urban areas, where access to formal financial services remains limited despite overall improvements. According to the National Financial Inclusion Strategy (2023-2028), formal financial service access in Uganda rose from 52% in 2013 to 68% in 2023, driven largely by mobile and digital innovation. However, significant gaps persist, especially among women, youth, and farmers in remote regions.
Phased Rollout Planned
The banks plan to implement the integration in phases, beginning with joint awareness campaigns, shared agent support systems, and merchant onboarding programs targeting key agricultural and trading regions.
By leveraging Stanbic’s commercial scale and Pearl Bank’s government-backed national footprint, the partnership aims to reach deeper into underserved communities, supporting youth entrepreneurs, women-led enterprises, and farmers who form the backbone of Uganda’s economy.
The collaboration represents a departure from the competitive dynamics that typically characterize the banking sector, instead demonstrating how strategic partnerships can accelerate progress toward national development goals while expanding market opportunities for both institutions.
