HABARI DAILY I Kampala, Uganda I With an overall objective of boosting financial inclusion and encouraging a stronger savings culture among Ugandans, Wendi Mobile Wallet has enhanced its savings proposition by introducing a new plan that offers customers up to 12.5% tax-free interest per annum.
Uganda‘s current overall financial inclusion figure stands at 81% of the adult population, according to the latest national data from the FinScope Survey.
The new offering represents a significant improvement from Wendi’s existing savings products, which currently provide returns of up to 10% per annum. The enhanced savings plans are designed to give customers more attractive options for growing their money while promoting long-term financial security through accessible digital financial services.
According to Brenda Mpoora, Head of Fintech Business at Pearl Bank, the initiative is aimed at deepening financial inclusion by making saving more rewarding and accessible to a wider segment of the population.
“The new offering marks an increase from Wendi’s existing savings plans, which provide returns of up to 10% per annum,” Mpoora said, adding that customers will continue to access the existing plans while also benefiting from new higher-yield options designed to cater to different savings goals and time horizons.”
Wendi’s broader mission
She explained that the improved savings proposition reflects Wendi’s broader mission of helping customers not only transact digitally but also build long-term financial resilience through regular saving and investment.
One of the major reasons behind the introduction of the new 12.5% interest plan is to provide customers with a more competitive savings product at a time when consumers are increasingly seeking opportunities to preserve and grow their purchasing power. With inflation easing and financial awareness growing, more Ugandans are looking for investment and savings solutions that offer meaningful returns without exposing them to unnecessary risk.
Mpoora noted that a key differentiator of the Wendi savings product is its daily interest calculation and payment structure. Unlike many conventional savings products where returns are reflected after longer periods, Wendi allows customers to monitor their earnings in real time.
“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,” she said.
The feature enhances transparency and gives savers greater visibility into how their money is growing, reinforcing customer confidence in digital savings products.
Leveraging digital technology
The enhanced savings proposition comes at a time when Uganda’s financial sector is increasingly leveraging digital technology to extend services to underserved populations, particularly those outside the traditional banking system.
Priscilla Akora, Pearl Bank’s Head of Marketing and Communications, said Wendi has evolved into a comprehensive digital financial platform that enables customers to carry out a wide range of transactions, including money transfers, bill payments, merchant payments, fuel payments, government collections, Western Union services, digital loans through KuSpot, and savings.
“This digital mobile wallet is designed to accelerate financial inclusion among Ugandans, who are enabled to receive money without a traditional bank account,” Akora said.
She added that digital savings platforms are becoming increasingly important in mobilising household savings, especially among younger and lower-income consumers who often face challenges accessing conventional banking services.
“The ability to save directly from a mobile wallet removes many of the barriers associated with formal savings, including distance to bank branches and minimum account balance requirements,” she said.
Last-mile customers
Launched in November 2023, Wendi is Pearl Bank’s innovative mobile wallet created to serve underserved and last-mile customers across Uganda. Since its launch, the platform has attracted more than one million subscribers and operates through a network of over 12,000 agents and 58 Pearl Bank branches nationwide.
Beyond providing financial services, Wendi has supported key national initiatives in partnership with the Government of Uganda, including the disbursement of Parish Development Model funds and relief assistance to victims of the Bududa landslides.
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