Post Bank named the new payment service provider for the elderly

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The more 260,000 elderly men and women in Uganda will be receiving their grants through PostBank Uganda. The grant is paid to older persons under the Social Assistance Grants for Empowerment (SAGE). Post Bank boosts of over 37 branches countrywide.

The ministry of gender together with development partners UKaid/DFID and Irish Aid selected PostBank through an elaborate and rigorous competitive bidding procurement process.

“We are confident that all expectations will be met given our expertise in managing field payments.” Said PBU CEO Stephen Mukweli

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More than 260,000 elderly persons in Uganda are set to benefit from the grant as the government rolls out the program to 20 more districts. This was announced by state minister for the elderly and disability Sulaiman Madada recently while addressing district technical leaders in Kampala.

PostBank Uganda (PBU) is a public company limited by shares. It is owned by the Government of Uganda with 100% shareholding.

Mobile Banking vehicles

With support from DFID, the bank pioneered this rural outreach solution starting with two mobile banking vans in 2007. The bank and DFID shared a vision of reaching rural, unbanked, hard to reach areas where most banks could not set-up traditional brick and Mortar branches because of longer periods on return on Investments and coupled with high operational costs because of low savings and income generating activities yet there was need for financial inclusion and deepening for all people in the country.

Over time, a number of partners including CLUSA (USAID) Uganda Rural Challenge Fund, ABi Trust among others, have joined the bank to increase on the fleet and the operations and reach to various areas.

The more the fleet, the lower the operational costs to the bank and the more people get enrolled in the rural unbanked areas. This model therefore has generated much longer term benefits beyond the mere financial payments or transfers to beneficiaries.

According to bank’s website, the bank now boasts of a total of nine vehicles. It’s a model which has been shared with other partners like BAT, WFP, Action for Hunger etc because of its enormous benefits alongside serving the other partners who financed the fleet thereby having an edge and role model leaders for this solution.

The bank offers a wide range of products and services, these include: savings accounts, Transactional accounts, Business Accounts, Group Accounts, Village Savings and Loan associations (VSLA) Accounts, VSLA individual accounts, Cashless Transactions, Mobile phone banking, Internet Banking, pre-paid card transactions, mobile money (Push and Pull), Mobile Money, cash management and credit services.

The bank also offers funds transfer services through its own speedie service as well as being an agent for western Union and Money gram.

Other services include bill collection, Free Umeme Collection, Salary Payments, School Fees Collection, National water, URA, E-tax payments, Traffic Penalty payments, funds transfer, airtime purchase, permit fees and passport fees.

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