Stanbic Bank’s FlexiPay transactions hit record sh14trillion, over 900,000 clients

The amount of money transacted through Stanbic Uganda Holdings Limited (SUHL) mobile payments platform FlexiPay in the half year of 2024 hit shs14 trillion.

As the bank steps us efforts to drive financial inclusion, the all-in-one digital solution platform now boasts of over 900,000 clients, a clear demonstration that the platform is now the fastest growing means of payments as Ugandans continue to embrace it.

This was revealed by SUHL Chief Executive, Francis Karuhanga while announcing its 2024 half year results.

Referring to the bank’s efforts in driving financial inclusion through the FlexiPay mobile payments app, Karuhanga said, “FlexiPay now has over 900,000 clients and continues to scale in terms of number of transaction and volumes. In the fullness of time, FlexiPay will enable us to achieve our objective of driving financial inclusion in Uganda.”

During the period under review, Karuhanga said there were over seven million FlexiPay transactions totaling UGX 14 trillion involving FlexiPay and Stanbic banking agents.

“We are optimistic that the economy will continue to grow as individual and commercial borrowers take advantage of lowering interest rates, should the cuts in the CBR continue,” Karuhanga said.

According to Stanbic Bank, Flexipay is one of the most convenient, secure, and affordable Mobile Money solution that enables individuals and businesses to receive, send, make payments and do so much more for less at the click of a finger.

It is an all-in-one digital solution designed to meet your lifestyle needs with or without a bank account.
It is accessed through smartphone App and USSD for individuals.

“With this service, one can send and receive money, buy airtime/data, pay bills such as utilities, school fees, taxes, insurance, goods/services, and event tickets,” says Stanbic Bank.