PostBank Uganda’s Transformation Journey Towards Digital Excellence

Posted by: lukwago J in Life Style October 26, 2024

In a media interview in September 2020, Julius Kakeeto, Managing Director and CEO of PostBank Uganda, shared his ambitious vision for transforming the institution into a leading digital commercial bank.

His goal was to drive Uganda’s economic growth and enhance the lives of millions through strategic partnerships, including collaborations with the government.

Kakeeto’s focus on restructuring the bank included key hires, advanced technology for customer experience, and improved risk management and governance.

These initiatives were part of the bank’s 2019-2023 strategic plan, aligning with its mission to provide affordable financial services for enhanced financial inclusion and socio-economic development.

As part of the transformation journey, PostBank expanded its branch network from 44 to 57 branches, with a significant investment in a new core banking system.

The introduction of self-service channels like the mobile app, USSD code, and internet banking enabled round-the-clock banking services for customers, complemented by over 60 Smart ATMs that facilitated convenient transactions.

Driving financial inclusion with Wendi Mobile Wallet

To deepen financial inclusion, PostBank launched the Wendi Mobile Wallet in November 2023. This innovative solution, accessible to both PostBank and non-PostBank customers, offers a range of services such as fund transfers, savings, and group management.

With over 1.4 million customers enrolled within the first 18 months, Wendi has made significant strides in enhancing financial access for underserved communities.

Under Kakeeto’s leadership, PostBank experienced remarkable financial growth, doubling customer deposits and loans while also doubling revenue and reducing the cost-income ratio.

The bank’s solid performance led to a substantial increase in assets and profitability, positioning it as a sustainable and self-financing institution. PostBank’s achievements were further recognized through various awards, highlighting its commitment to excellence and innovation in the banking sector.

Looking ahead, PostBank unveiled its 2024-2028 strategic plan centered on fostering prosperity for Ugandans through sustainable financial inclusion and entrepreneurship stimulation.

The bank’s dedication to driving economic, environmental, and social benefits for stakeholders underscores its commitment to long-term value creation. By introducing initiatives like the ZeroFlex digital account and supporting government projects, PostBank continues to play a pivotal role in enhancing livelihoods and promoting financial empowerment across Uganda.

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