By David Mwanje
Centenary Bank has launched GonzaPay, a digital wallet that will allow users to send money, receive payments and access selected financial services without necessarily holding an account with the lender.
The service, unveiled in Kampala, is open to both Centenary Bank customers and non-customers, placing the bank deeper into Uganda’s crowded digital payments market.
Centenary Bank says the wallet targets individuals, small businesses, farmers, traders, savings groups and community organisations, many of whom still depend heavily on cash.
Speaking at the launch, Joseph Balikuddembe, the bank’s Executive Director for Business, said GonzaPay is part of Centenary Bank’s move from branch-based banking to digital services.
“As a bank, we are actively pursuing a SMART Bank transformation. Our goal is to move from traditional branch-based banking to a digitally led model that improves customer experience, financial inclusion, and operational efficiency, especially for rural and underserved communities,” Balikuddembe said.
The launch comes as electronic payments continue to grow in Uganda.
According to Bank of Uganda figures, the value of electronic money transactions rose by 28 percent in 2025, from Shs285.9 trillion to Shs366 trillion. Transaction volumes increased by 17.3 percent to 9.1 billion transactions over the same period.
Despite the growth, access to formal financial services remains uneven, especially in rural areas. Many small businesses also continue to operate mainly in cash, leaving them with limited transaction records and fewer options when seeking credit.
Speaking on behalf of Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba, Dr. Tumubweine Twinemanzi, the Executive Director for National Payment Systems, said digital payment systems must offer more than convenience.
“Technology creates value when it improves convenience, enhances efficiency, strengthens trust, and expands economic opportunity,” Twinemanzi said.
Uganda’s financial sector has seen increased competition in mobile money, digital banking and fintech products as banks and non-bank players move to serve customers looking for faster and cheaper payment options.
