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Stanbic Targeting a Million FlexiPay Wallets by Q2 2023 in a New Campaign

In a new campaign, Stanbic Bank aims to more than double the current user base to a million wallets by the close of the second half (Q2) of 2023.

Stanbic Bank Uganda is hoping to more than double its FlexiPay wallet holders to at least a million subscribers in a new campaign dubbed “Kikole for less —do it for less,” with a promise to perform more transactions for less.

Flagged off to thousands of excited revelers at Kalerwe Market, the six-month-long campaign is aimed at creating awareness, educating, and enrolling mostly new-to-bank Ugandans onto the FlexiPay digital wallet.

The choice of the campaign launch speaks to the design and nature of FlexiPay —a digital payments and transactions solution accessible on USSD technology, just like mobile money, enabling users to load, receive or send money and make merchant payments without necessarily having to open a bank account.

What makes FlexiPay unique?

Stanbic Bank’s Executive Head for Consumer Banking Mr. Israel Arinaitwe said that FlexiPay is cheaper for transactions compared to other options on the market. That is why the campaign is aptly named, ‘do it for less’ through a simple joining process of *291# on any phone.

FlexiPay which can also be downloaded as an app doesn’t require users to have a Stanbic Bank account before they can be registered —anyone can sign-up for FlexiPay including customers of other banks.

The FlexiPay Sales and Distribution Manager Mr. Joseph Ndoboli said, “For the longest time, the people were going to the banks to seek financial services. With technology, banking services are now going to the people. All one needs is a phone to enjoy almost all services accessed by account-holding customers such as loans, money transfers, and merchant payments.”

With a long list of financial services, FlexiPay is seen as an affordable game changer allowing customers and merchants to make payments directly from their FlexiWallet to other wallets and conduct a wide range of transactions at no cost or for less.

For instance, FlexiPay Wallet holders can link their debit and virtual cards to enable them to pay bills while Stanbic Bank customers can directly fund their wallets from their bank accounts and pay bills or merchants.

Customers’ current options include bancassurance, bill payments (utilities, pay-tv, airtime data, fuel); receiving international remittances; paying school and university fees/tuition; payment for goods and services; and savings. Merchants can also receive payments, pay for stocks, pay operational costs, pay staff wages and salaries, and manage and access funds.

Targeting a million wallet

After several months of successful user experience testing and below-the-line promotion, FlexiPay has gained an impressive customer base currently estimated to be more than 400,000 wallets, driving transactions worth billions of shillings in monthly value.

With the new campaign, Stanbic Bank says the aim is to more than double the current user base to a million wallets by the close of the second half (Q2) of 2023.

Stanbic is banking on FlexiPay to drive its mass financial inclusion national agenda of getting more unbanked Ugandans especially women and youth, into the realm of formal financial services, a key priority under Chief Executive Anne Juuko’s leadership.

Currently, only less than 7% of the bank’s transactions are processed through the lender’s extensive traditional branch network with the bulk of customer business handled through agent bankers and self-service channels such as mobile and internet banking.

“With FlexiPay, we seek to widen the self-service options available for our customers, to enable them to access safe, affordable, and convenient banking services wherever and whenever they need to,” said Arinaitwe.

How to self-serve on FlexiPay
  1. Download the FlexiPay app from your app store.
  2. Open the App and click on Get Started.
  3. Enter your preferred phone number for easy contact and communication. This will be the phone number the app sends all verification codes and other messages.
  4. Check the box that you affirm to the Terms and Conditions, then Click continue. This will validate your phone number.
  5. If registered, the app will direct you to the self-serve page, and if not registered, the app will prompt you to register. With or without a Stanbic Bank account, you can open up an account with FlexiPay.
  6. You are good to go! Enjoy FlexiPay.

ALSO READ: STANBIC BANK UGANDA LAUNCH A DIGITALIZED PLATFORM TO SIMPLIFY TRADE

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Joan Banura

A journalist at heart 💜 with a passion for Tech.
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