Pearl Bank, Stanbic integrate digital wallets to drive financial inclusion

Two Ugandan leading commercial banks, Stanbic and Pearl Bank Uganda (formerly PostBank Uganda) on Thursday unveiled a partnership that’s touted to advance financial inclusion and digital accessibility in the country.

The collaborative move connects Pearl Bank’s Wendi wallet with Stanbic Bank’s FlexiPay platform, which collectively serve nearly two million users across the country.

The integration will allow customers of both government-owned Pearl Bank and the nation’s largest commercial bank, Stanbic, to conduct seamless transactions between the two platforms. 

The banks, at the launch, committed to offering these services at subsidised fees, to make digital financial services more affordable and accessible to millions of ordinary Ugandans.

A Unified Digital Ecosystem

The announcement, made at a joint press briefing at Kampala Sheraton, was framed as a landmark step that prioritises collaboration over competition to support Uganda’s National Financial Inclusion Strategy (2023–2028).

Mumba Kenneth Kalifungwa, Chief Executive of Stanbic Bank Uganda, told press members that by connecting FlexiPay and Wendi, the institutions were “breaking down digital walls and ensuring that no matter where you live or who you bank with, you can transact safely and affordably," 

Mr Kalifungwa noted how FlexiPay, which currently has a distribution network of over 17,800 agents, enables low-cost payments for merchants and utilities, while also providing access to saving and credit facilities.

Julius Kakeeto, Managing Director and CEO of Pearl Bank Uganda, also noted that Wendi has played a central role in implementing governmental programmes, including disbursements under the Parish Development Model (PDM), and facilitating remittances through a partnership with Western Union. 

With a customer base exceeding one million and an agent network of over 8,000, he noted the collaboration would grant Wendi users greater convenience and access to a wider merchant and agent base. Wendi currently offers users a 10% interest per annum on their savings.

The partnership is anticipated to serve as a powerful catalyst for expanding digital access, particularly in rural and peri-urban areas where financial exclusion remains prevalent. 

Although access to formal financial services has improved significantly in Uganda—rising from 52% in 2013 to 68% in 2023, largely due to mobile innovation—many rural populations, especially women, youth, and farmers, still face barriers.

FlexiPay is already integrated into Stanbic Bank’s successful SACCO programme, while Wendi’s involvement in PDM disbursements gives it a deep national footprint.

The integration process will be rolled out in phases, beginning with joint awareness campaigns, shared agent support, and merchant onboarding programmes in key trading and agricultural regions.