PostBank’s Wendi facilitates disbursement of shs220bn to PDM  beneficiaries

Business -->
PostBank’s Wendi facilitates disbursement of shs220bn to PDM  beneficiaries
Deputy BOU governor Michael Atingi-Ego launches Wendi .

A total of shs220 billion meant for over 200,000 Parish Development Model beneficiaries has gone through Wendi to clients across the value chain in just under 2 months, PostBank has said.

Started two years ago by the government of Uganda, PDM  sought to improve the livelihoods of many through numerous wealth creation and employment generation programs at the grassroots.

However, with only 10% of Ugandans using formal banking services, there was need for a channel through which the PDM funds would be delivered to the beneficiaries countrywide.

In November last year, PostBank’s Wendi, amobile wallet, licensed by Bank of Uganda under the National Payments Act 2020 was launched to  cater for both individual and group savings, money transfers, payments, deposits and withdrawals to drive financial inclusion within the unbanked and underbanked Ugandan communities.

Anyone can self-onboard onto the Wendi platform using an app or via USSD by dialing *229#  says Ibrahim Kato, the bank’s Chief Retail Officer.

“Wendi is a revolutionary initiative and a game changer in the digital financial services space. To join, one just needs to download the app on Google play store or App Store,or dial *229#,” he adds.

Through Wendi, PostBank has served over 4,700 SACCOs with 2,400 of these PDM SACCOs.

“On top of this, our partnership with MTN and Airtel who have over 250,000 agents across the country, enables us to go further. This brings our services even closer to the people,” says Kato.

As a result of these strategic partnerships, about shs220 billion meant for over 200,000 PDM beneficiaries has gone through Wendi to clients across the value chain in just under 2 months.

“This speaks to the government’s aspirations of distributing funds securely and conveniently. With the Wendi wallet, one has full visibility, transparency, and traceability for all funds up to the last mile beneficiary,” says Kato.

In the PDM funding process, money is sent to a SACCO account and subsequently an SMS alert is received by the SACCO leaders. Similarly, the beneficiaries get an alert when the PDM loan is disbursed to the beneficiaries’ wallets.

“Authorization of transactions as well as access to funds by beneficiaries is enabled from a mobile phone. With this convenience, Wendi eliminates the need to travel long distances to open bank accounts or withdraw funds,” says Kato.

To ensure safety of the money on the platform, the robust cyber security controls implemented have made the Wendi system watertight.

“Our Wendi clients should rest easy knowing their money is safe because the bank has invested in a secure platform. It went through rigorous security tests before deployment. The system has robust encryption and authentication technologies that ensure customer data privacy and protection throughout the customer journey right from onboarding to cash out,” says Kato.

Beneficiaries

According to Twalib Kisiram, the LC1 chairman for Nakalanga in Kaliro district, his members were onboarded Wendi app.

“Everyone in my area who received PDM money did so through Wendi. Beneficiaries no longer walk long distances from Kaliro to the bank and stand in queues all day. The money now finds them in the comfort of their homes,” says Kisiramu Twalib, Chairman, Bugonza LC, Nakalanga, Kaliro District.

Fred Gwigo, a Nakalanga resident says already some beneficiaries have embarked on various commercial undertakings including agribusiness projects like poultry and coffee planting.

In Bukedea district meanwhile, shs16.2 billion has already reached 16,725 beneficiaries via Wendi, according to Moses Godfrey Otim, the district commercial officer.

 

 

 

 

Reader's Comments

RELATED ARTICLES

LATEST STORIES