Centenary Bank has launched GonzaPay, a digital wallet platform aimed at expanding access to financial services and accelerating Uganda’s transition toward a cashless economy.
The platform, unveiled in Kampala on Tuesday, allows users to make payments, transfer money, and access financial services without necessarily holding a bank account. The bank says the move is intended to bridge the gap between cash-based transactions and digital finance, particularly for the millions of Ugandans who remain outside the formal banking system.
Speaking at the launch, Joseph Balikuddembe, the Executive Director for Business at Centenary Bank, said the product is part of the bank’s broader strategy to transform from a traditional branch-based institution into a digitally driven financial services provider.
“As a bank, we are actively pursuing a SMART Bank transformation,” Balikuddembe said. “Our trajectory involves transitioning from traditional, branch-heavy banking to a digitally led model that leverages technology to enhance customer experience, financial inclusion and operational efficiency, particularly for rural and underserved customers.”
The launch comes amid growing adoption of digital financial services in Uganda. According to Bank of Uganda data cited at the event, the value of electronic money transactions increased by 28 percent in 2025, rising from $75 billion to $100.3 billion. The volume of transactions also grew by 17.3 percent to 9.1 billion transactions, reflecting increasing demand for digital payment solutions.
Centenary Bank said GonzaPay is open to both account holders and non-account holders, making it accessible to a wider segment of the population, including informal traders, farmers, entrepreneurs, savings groups, and community organisations.
The bank noted that despite improvements in financial inclusion, many Ugandans, particularly those in rural areas, continue to face barriers in accessing financial services. Many still incur transport costs to conduct transactions, while cash-based businesses often lack financial records that could support future borrowing and business growth. Cash transactions also expose individuals and businesses to security risks and operational inefficiencies.
The digital wallet enables users to store money electronically, make payments, and conduct transactions through a mobile application or by using a USSD code, making it accessible even to users without smartphones.
Speaking on behalf of Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba, Dr. Tumubweine Twinemanzi, the Executive Director for National Payment Systems, said digital financial innovations are critical to Uganda’s economic transformation agenda.
“By providing a digital wallet that supports convenient payments and financial transactions, Centenary Bank is contributing to the broader national agenda of increasing access to digital financial services and accelerating participation in the formal economy,” Twinemanzi said.
He added that technology creates value when it improves convenience, enhances efficiency, strengthens trust, and expands economic opportunities.
Industry analysts say digital wallets are increasingly becoming an important tool for driving financial inclusion by providing affordable and convenient financial services to populations that remain outside the traditional banking system.
The launch of GonzaPay builds on Centenary Bank’s efforts to deepen its digital footprint and strengthen access to financial services across Uganda. The bank, which has one of the largest agent banking networks in the country, is now positioning itself to compete in the rapidly growing mobile money and digital payments space.
While the bank has not disclosed specific transaction fees or limits, the platform is expected to offer services including: Person-to-person transfers, Payments for goods and services, Bill payments, Access to savings and other financial products
By targeting both account holders and non-account holders, Centenary Bank is seeking to capture a share of the market currently dominated by telecom-led mobile money services such as MTN MoMo and Airtel Money.
For Centenary Bank, GonzaPay represents a bet on the future of banking in Uganda. As smartphone penetration increases and data costs decline, digital wallets are expected to become the primary interface between consumers and financial services.
Whether GonzaPay can compete with established mobile money platforms remains to be seen. But with its vast branch network, agent banking infrastructure, and association with the Catholic Church, Centenary Bank has a solid foundation on which to build.
For now, the launch marks another step in Uganda’s steady march toward a cashless economy.
