Minister Kasolo hails Stanbic’s Flexipay for enhancing financial inclusion
However many rural Ugandans particularly women, youth, and farmers remain excluded.
Kampala: State Minister for Microfinance, Haruna Kasolo Kyeyune, has commended Stanbic Bank Uganda for its innovative FlexiPay platform, noting that it has significantly advanced the country’s financial inclusion agenda.
He was speaking during the 3rd National Microfinance and Savings Group Conference at Hotel Africana in Kampala recently
Kasolo said FlexiPay has become a key driver in bridging the gap between the banked and unbanked population, particularly among small business owners, youth, and rural communities.
“Platforms like Stanbic bank’s FlexiPay, have simplified access to financial services for ordinary Ugandans,” Kasolo said.
He said through these 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,” he said.
Kasolo urged other financial institutions to adopt similar innovations that support inclusion, transparency, and economic 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 said.
Introduced by Stanbic Bank Uganda in 2019, FlexiPay is a digital wallet that enables users to make cashless payments, pay bills, buy airtime, and transfer money across networks and banks at affordable rates.
Last month, FlexiPay and Pearl Bank’ Wendi joined forces to create Uganda’s largest interoperable digital finance network, linking close to two million users and thousands of agents across the country.
This collaboration aims to increase financial inclusion by combining the two financial institution’s national footprint. This will enable financial services to reach deep into rural and peri-urban areas, especially among women, youth, and farmers who have traditionally been underserved.
While delivering a Keynote address, Mumba Kenneth Kalifungwa, the Stanbic Bank Chief Executive, said the collaboration with Pearl Bank is in line with their purpose; ‘Uganda is our home we drive her growth’
“We developed FlexiPay to respond to the real financial needs of Ugandans. By leveraging technology, we are making it easier for people to transact securely, grow their businesses, and participate in the digital economy,” Mumba said.
FlexiPay currently enjoys a distribution network of over 17,800 agents serving over half a million retail and merchant wallets across the country.
It is also an integral part of Stanbic Bank’s successful SACCO programme with hundreds of them having their operations supported by the FlexiPay platform.
Mumba said the bank has committed to mobilizing 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 said.
According to the National Financial Inclusion Strategy (2023 – 2028), access to formal financial services in Uganda has improved from 52% in 2013 to 68% in 2023 (FSD Uganda), largely driven by mobile and digital innovation.
However many rural Ugandans particularly women, youth, and farmers remain excluded.
Uganda’s financial inclusion rate has continued to improve, with digital banking and mobile money platforms contributing significantly to this progress.
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