- Over 7500 SACCOs targeted for the financial inclusion drive
Nebbi, 28th October 2024: The West Nile community has been called upon to embrace digital transformation as a gateway to economic empowerment, citing Wendi mobile wallet as a key driver towards scaling up financial inclusion in the region. This appeal was made during the launch of a strategic partnership between the West Nile Private Sector Development Promotion Centre Limited (WENIPS) and Wendi by PostBank, in Nebbi district today, 28th October 2024.
The partnership intends to connect over 7,500 SACCOs and Village Savings and Loan Associations (VSLAs) to Wendi’s mobile financial platform in West Nile, and districts like Nebbi, Arua, Yumbe, Koboko, Moyo, and Adjumani are targeted.
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.
Speaking at the event, Patrick Okwi Osakan, PostBank’s Regional Distribution Head for the Northern and West Nile regions, reaffirmed PostBank’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,” Mr. Osakan stated.
Wendi mobile wallet allows users to access its full package of services without necessarily owning a bank account, since one can access the Wendi mobile wallet platform both on a smartphone and a feature phone and they don’t have to be a PostBank Uganda customer to use it. Thus, the collaboration is timely as it will boost access to financial services to West Nile residents who may lack traditional bank accounts.
West Nile was recently added to 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.
Representing the Chief Guest, the Resident District Commissioner (RDC) Nebbi District, the Assistant RDC, Owachgiu Donald observed, “Governments 2040 vision puts emphasis on integrating ICT in different sectors to harness the numerous opportunities around us. Therefore, I commend PostBank Uganda for its foresight leadership by introducing the Wendi mobile wallet, which platform is designed to enable our people have access to financial services which will aid their participation in initiatives that boost socio-economic growth.”
Owachgiu called upon the people of Nebbi and the neighboring areas and all Ugandans to take advantage of platforms like Wendi by PostBank, so that everyone takes part in the progress of the nation that will see the country transition from a peasant economy to a modern economy, which aligns with Governments 2040 vision.
WENIPS CEO Jenaro Onegi also emphasized the significance of this partnership:
“I am delighted to announce our collaboration with PostBank, using their Wendi mobile wallet to digitize our savings groups. This strategic partnership aligns with Uganda’s National Economic Transformation Agenda. 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. Additionally, the Office of the Minister of Finance under the Project For Financial Inclusion In Rural Areas (PROFIRA) and also the under the Vegetable Oil Development Project Phase Two (VODP 2) and several development partners like Care international in Uganda, Norwegian Refugee Council, among others have tapped into WENIPS, to help implement the Oil Seed program, positioning the region for greater economic participation.
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