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PDM SACCOs receive Shs520b
The government has allocated Shs500 billion for disbursement through Wendi this quarter. PHOTO/COURTESY
What you need to know:
- PDM’s objective was to transform these households from subsistence to transactional economies, enabling them to sell products, transact, and save.
- According to Wendi’s statistics, a total of 9,286 PDM SACCOs received funding in 2024, with Shs922.2 billion disbursed.
PostBank Uganda’s mobile wallet Wendi has enabled the government to disburse Shs520 billion directly to 10,589 Savings and Credit Cooperatives (SACCOs) across more than 150 districts.
This initiative which was set out two years ago is part of the government's Parish Development Model (PDM), aimed at promoting local entrepreneurship and economic growth. By aligning with the PDM, Wendi has played a role in fueling household-level investments and revitalising small businesses nationwide.
The platform caters to the diverse needs of Ugandans, providing traders in bustling city markets with the ability to stock up on goods without delay, while rural farmers in distant corners of Uganda can purchase high-quality seeds when needed.
Boosting savings
With a competitive 10 percent interest rate on savings, Wendi is not only driving financial inclusion but also promoting the saving culture among Ugandans.
Edward Katende, the coordinator of the Parish Development Model (PDM) at Operation Wealth Creation, praised Wendi for bringing banking services directly to households.
"Wendi is bringing banking to the hands of households without them having to move far away," he said.
When the government introduced the Parish Development Model, more than 3.5 million households were in the subsistence economy, with about 6 million Ugandans lacking access to banking services.
At the time, several microfinance initiatives existed, but 16 million Ugandans remained financially excluded.
The PDM’s objective was to transform these households from subsistence to transactional economies, enabling them to sell products, transact, and save. Wendi’s arrival marked a significant milestone in this journey.
Initially, the government introduced traditional banking services, but this was met with challenges.
“We invited all banks, and 13 of them were involved in the exercise. However, we had very long queues in almost every branch,” Katende explained.
According to Wendi’s statistics, a total of 9,286 PDM SACCOs received funding in 2024, with Shs922.2 billion disbursed. More than 886,000 members benefited, receiving Shs882.4 billion.
Kisiramu Twalib, chairman of Bugonza LC in Kaliro District, praised Wendi's efficiency, saying that families no longer have to endure long, tiring journeys to distant banks or spend hours in queues.
"No longer do families have to endure long, tiring journeys to distant banks or spend hours in queues. Instead, funds are sent directly to our mobile phones, accompanied by instant SMS confirmations," he said.
As digital banking continues to grow in popularity, Wendi has emphasized the need for security awareness. Gwigo Fred, a resident of Nakalanga, Kaliro District, urged Wendi users to safeguard their mobile phone PINs.
"Some of our people have had their funds stolen. My message to you all: use Wendi responsibly and protect your financial details," he said.
