Uganda banking sector expands mobile services to boost savings culture

Pearl Bank launched a mobile wallet called Wendi in Uganda to encourage people to save money and use digital payment systems.

The bank created the tool to reach people who do not have bank accounts or smartphones, allowing them to send and manage money securely. Pearl Bank also uses weekly reward draws for transactions over Shs 10,000 to attract members of informal groups like the Uganda Taxi Operators Federation (UTOF).

The Bank of Uganda reported that mobile banking adoption is growing quickly in the country. Active mobile banking users rose by 16 percent between March 2024 and March 2025. During that same period, the total value of transactions jumped by more than 42 percent, reaching UGX 14.2 trillion. These figures show that more people are moving away from cash toward digital financial platforms.

The push for digital services aligns with the National Financial Literacy Strategy for 2023 to 2028, which aims to lower poverty by providing affordable financial services. While some surveys show that 60 percent of Ugandans now engage in some form of saving, census data indicates that 60 percent of people aged 16 and above still do not save at all.

To address this, commercial banks are offering competitive interest rates and digital systems for SACCOs, which are community-based savings and credit groups.