The platform, unveiled in Kampala on Tuesday, allows users to make payments, transfer money and access financial services without necessarily holding a bank account, a move the bank says is intended to bridge the gap between cash-based transactions and digital finance.
Speaking at the launch, Joseph Balikuddembe, the Executive Director for Business at Centenary Bank, said the product is part of the bank’s broader strategy to transform from a traditional branch-based institution into a digitally driven financial services provider.
“As a bank, we are actively pursuing a SMART Bank transformation. Our trajectory involves transitioning from traditional, branch-heavy banking to a digitally led model that leverages technology to enhance customer experience, financial inclusion and operational efficiency, particularly for rural and underserved customers,” Balikuddembe said.
The launch comes amid growing adoption of digital financial services in Uganda.
According to Bank of Uganda data cited at the event, the value of electronic money transactions increased by 28 percent in 2025, rising from $75 billion (Shs 285.9 trillion) to $100.3 billion ( Shs 366 trillion).
The volume of transactions also grew by 17.3 percent to 9.1 billion transactions, reflecting increasing demand for digital payment solutions.
Centenary Bank said GonzaPay is open to both account holders and non-account holders, making it accessible to a wider segment of the population, including informal traders, farmers, entrepreneurs, savings groups and community organisations.
The bank noted that despite improvements in financial inclusion, many Ugandans, particularly those in rural areas, continue to face barriers in accessing financial services. Many still incur transport costs to conduct transactions, while cash-based businesses often lack financial records that could support future borrowing and business growth.
Cash transactions also expose individuals and businesses to security risks and operational inefficiencies.
Speaking on behalf of Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba, Dr. Tumubweine Twinemanzi, the Executive Director for National Payment Systems, said digital financial innovations are critical to Uganda’s economic transformation agenda.
“By providing a digital wallet that supports convenient payments and financial transactions, Centenary Bank is contributing to the broader national agenda of increasing access to digital financial services and accelerating participation in the formal economy,” Twinemanzi said.
He added that technology creates value when it improves convenience, enhances efficiency, strengthens trust and expands economic opportunities.
The digital wallet enables users to store money electronically, make payments and conduct transactions through a mobile application or by using a USSD code, making it accessible even to users without smartphones.
Industry analysts say digital wallets are increasingly becoming an important tool for driving financial inclusion by providing affordable and convenient financial services to populations that remain outside the traditional banking system.
The launch of GonzaPay builds on Centenary Bank’s efforts to deepen its digital footprint and strengthen access to financial services across Uganda.