Nebbi, Uganda | Community leaders in the West Nile region are urging residents to embrace digital transformation through the Wendi mobile wallet, a strategic move aimed at enhancing financial inclusion and economic empowerment. This call was made during the launch of a partnership between the West Nile Private Sector Development Promotion Centre Limited (WENIPS) and Wendi by PostBank on October 28, 2024.
The collaboration seeks to connect over 7,500 Savings and Credit Cooperative Organizations (SACCOs) and Village Savings and Loan Associations (VSLAs) to the Wendi mobile financial platform, targeting districts including Nebbi, Arua, Yumbe, Koboko, Moyo, and Adjumani.
Uganda's third National Development Plan (NDP III) emphasizes financial inclusion and digital financial literacy as crucial components for achieving sustainable economic growth. By digitizing VSLAs and SACCOs with Wendi, the initiative aligns with these national goals, aiming to improve financial literacy and resilience in the West Nile economy.
Patrick Okwi Osakan, Regional Distribution Head for PostBank, highlighted the bank's commitment to fostering economic prosperity through innovative financial solutions. He stated, “With Wendi, we empower individuals and groups, especially those underserved by traditional banks, to access secure savings accounts and earn 10% annual interest on daily savings, while facilitating various financial transactions easily.”
The Wendi mobile wallet offers a full range of services without requiring users to have a bank account, making it accessible via both smartphones and feature phones. This inclusivity is particularly important for West Nile residents who may lack access to traditional banking services.
The region recently gained access to the national electricity grid through the Grid Extension and Reinforcement Project (GERP), a collaborative effort by the Ugandan Government and the World Bank aimed at achieving Universal Access to Electricity by 2030. This development, combined with Wendi’s digital financial services, is expected to enhance the local economy by facilitating the digitization of informal savings mechanisms.
During the event, the Assistant Resident District Commissioner (RDC) Owachgiu Donald emphasized the government's vision to integrate ICT across various sectors to harness economic opportunities. He commended PostBank for introducing the Wendi mobile wallet, which facilitates access to financial services and supports socio-economic growth initiatives.
WENIPS CEO Jenaro Onegi also underscored the partnership's significance, stating, “Our collaboration with PostBank will digitize our savings groups, enhancing financial literacy, security, and convenience for our members. This empowerment is vital for building resilience and economic participation.”
This partnership between WENIPS and Wendi is set to create a more inclusive financial landscape, propelling the West Nile region and Uganda towards greater economic growth and prosperity. Furthermore, organizations like Care International in Uganda and the Norwegian Refugee Council are working with WENIPS to implement various development projects, positioning the region for enhanced economic participation.
