Digital financial services platform Wendi Mobile Wallet has introduced a new savings plan offering customers up to 12.5% tax-free interest per annum, a move aimed at encouraging a stronger savings culture and expanding access to financial services across Uganda.
The enhanced savings product, developed by Pearl Bank, increases the maximum annual return from the platform's existing savings plans, which offer up to 10% interest.
Customers will continue to access the current savings options while also benefiting from the new higher-yield plans designed to suit different savings goals and investment periods.
The launch comes as banks and fintech companies increasingly leverage digital platforms to reach underserved communities and individuals who remain outside the traditional banking system.
According to Pearl Bank, Wendi has grown to serve more than one million users, offering a broad range of financial services including money transfers, bill payments, merchant transactions, fuel payments, government collections, Western Union services, digital loans and savings products.
Brenda Mpoora, Head of Fintech Business at Pearl Bank, said the improved savings proposition is intended to help customers build long-term financial resilience while enjoying the convenience of mobile-based financial services.
"A key differentiator of the Wendi savings product is that interest is calculated and paid daily, allowing customers to track their earnings in real time," Mpoora said.
"The feature provides greater transparency compared to conventional savings products, where returns are often reflected only after longer periods."
Unlike many traditional savings accounts that require customers to visit a banking hall or maintain minimum balances, Wendi enables users to save directly from their mobile wallets, monitor their balances and access their funds anytime through the platform.
Industry analysts say digital savings platforms are playing an increasingly significant role in mobilising household savings, particularly among young people, informal sector workers and low-income earners who often face barriers to accessing conventional banking services.
The introduction of the 12.5% tax-free savings plan also highlights intensifying competition among financial service providers as they seek to attract retail savers with products that offer stronger returns and greater convenience amid rising demand for digital financial solutions.
Launched in November 2023, Wendi Mobile Wallet has rapidly expanded its footprint across Uganda, onboarding more than one million subscribers and operating through a network of over 12,000 agents and 58 Pearl Bank branches.
Beyond commercial services, the platform has also supported several government initiatives, including the disbursement of Parish Development Model (PDM) funds and relief assistance to victims of the Bududa landslides.
With the latest enhancement, Wendi is positioning itself as more than a digital payments platform, seeking to play a broader role in helping Ugandans save, invest and build wealth through accessible, technology-driven financial services.
