Stanbic’s FlexiPay gets nod for advancing financial inclusion

November 12, 2025 in Business, Companies, Technology & Telecoms by Editor

Junior finance minister in charge of Microfinance, Haruna Kasolo Kyeyune, has applauded Stanbic Bank Uganda for its digital innovation FlexiPay, describing it as a transformative tool in expanding financial inclusion across the country.

Speaking at the 3rd National Microfinance and Savings Group Conference  November 11 at Hotel Africana in Kampala, Kasolo said FlexiPay has become a key bridge between the banked and unbanked population, especially among small business owners, youth, and rural communities.

“Platforms like Stanbic Bank’s FlexiPay have simplified access to financial services for ordinary Ugandans,” he said. “Through such digital platforms, people can send, receive, and save money with ease, even without holding a traditional bank account. This is exactly what financial inclusion should look like—practical, accessible, and empowering.”

Kasolo urged other financial institutions to embrace similar innovations that promote inclusion, transparency, and shared growth. “Financial inclusion is not just about access; it’s about empowerment. When citizens can save, invest, and transact easily, the entire economy benefits,” he added.

Launched in 2019, FlexiPay is a digital wallet that allows users to make cashless payments, pay bills, buy airtime, and transfer money across networks and banks at affordable rates. The platform has become one of Uganda’s most active digital payment ecosystems, serving over 500,000 retail and merchant wallets through a nationwide network of 17,800 agents.

Last month, FlexiPay partnered with Pearl Bank’s Wendi platform to form Uganda’s largest interoperable digital finance network, linking nearly two million users and thousands of agents countrywide. The collaboration seeks to extend financial services deeper into rural and peri-urban areas, targeting women, youth, and farmers who remain underserved by formal banking systems.

Delivering the keynote address, Mumba Kenneth Kalifungwa, Stanbic Bank Chief Executive, said the partnership reflects the bank’s purpose: “Uganda is our home; we drive her growth.”

“We developed FlexiPay to respond to the real financial needs of Ugandans,” Mumba said. “By leveraging technology, we are making it easier for people to transact securely, grow their businesses, and participate fully in the digital economy.”

He added that Stanbic has committed to mobilising up to UGX 1 trillion over the next three years to support women entrepreneurs, youth, and smallholder farmers. “When we empower these groups, we strengthen families, drive innovation, boost food security, and build resilient communities,” he noted.

According to the National Financial Inclusion Strategy (2023–2028), access to formal financial services in Uganda has risen from 52pc in 2013 to 68% in 2023, driven largely by mobile and digital innovation. Yet, a significant portion of rural Ugandans—especially women and young people—remain financially excluded.

As government and private sector players continue to invest in inclusive financial technologies, initiatives like FlexiPay are increasingly seen as essential to achieving Uganda’s goal of a fully inclusive, digital-driven economy.