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In the first half of 2024, the amount transacted through FlexiPay, the mobile payment platform of Standard Bank Uganda Holdings Limited (SUHL), reached Sh14 trillion.
As the bank steps up its efforts to drive financial inclusion, its integrated digital solutions platform now has over 900,000 customers, a clear indication that it is now the fastest growing payment method as Ugandans continue to embrace it.
This was revealed by SUHL CEO Francis Karuhanga when announcing the 2024 first half results.
Speaking about the bank’s efforts to promote financial inclusion through the FlexiPay mobile payment app, Karuhanga said: “FlexiPay currently has over 900,000 customers and is growing in terms of number and volume of transactions. Over time, FlexiPay will help us achieve our goal of driving financial inclusion in Uganda.”
Kaluhanga said during the review period, there were more than 7 million FlexiPay transactions involving FlexiPay and Stanbic Bank agents, totaling UGX1.4 trillion.
“If the central bank continues to cut interest rates, we are optimistic that the economy will continue to grow as individuals and commercial borrowers take advantage of lower interest rates,” Kaluhanga said.
According to Standard Bank, Flexipay is one of the most convenient, secure and affordable mobile money solutions, enabling individuals and businesses to receive, send, pay and do more for less with just a tap.
It’s an all-in-one digital solution designed to meet your lifestyle needs, bank account or not.
Individuals can access it via smartphone app and USSD.
“Through the service, people can send and receive money, purchase airtime/data, pay for utility bills, school fees, taxes, insurance, goods/services and event tickets, among other things,” Standard Bank said.
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