Centenary Bank Launches Gonza Pay to Drive Financial Inclusion and Scale-up Digital Transformation in Uganda

Centenary Bank, Uganda’s leading microfinance commercial bank, has today launched GonzaPay, a secure, bank-backed digital wallet designed to bridge the gap between cash-heavy transactions and modern digital finance. The new platform is set to expand the bank’s digital footprint and bring seamless, affordable financial services directly to Ugandans.

The digital wallet marks another important milestone in the Bank’s digital transformation journey reflecting its continued commitment to delivering innovative solutions that respond to the evolving needs of customers and communities across Uganda. GonzaPay is open to everyone, regardless of whether they have a Centenary Bank account or not.

Speaking at the launch, Joseph Balikuddembe, Executive Director Business at Centenary Bank, said the platform reflects the Bank’s vision of creating inclusive financial solutions that empower individuals, businesses, and communities.

He said, “As a bank, we are actively pursuing a SMART Bank transformation. 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.”

According to data from the Bank of Uganda, the value of electronic money transactions rose by 28% in 2025, increasing from $75 billion (UGX 285.9 trillion) to $100.3 billion (UGX 366 trillion). Additionally, the volume of transactions grew by 17.3%, reaching a total of 9.1 billion transactions. This is an indication of the high adoption of financial digital services, with customers today expecting financial services that are accessible, convenient, and available wherever they are.

Despite significant progress in financial inclusion, many Ugandans continue to face barriers when accessing financial services. Rural populations often incur transport costs to make transactions. Business owners and informal traders largely operate in cash, limiting access to financial records that can support future borrowing and business growth. Cash transactions also present security risks and create inefficiencies for individuals and organizations alike.

Gonza Pay has been developed to address these challenges by providing a simple, secure, and accessible digital platform that enables users to transact conveniently from wherever they are.

During his remarks at the launch, Dr. Tumubweine Twinemanzi, Executive Director National Payments Systems, representing Prof. Augustus Nuwagaba, the Deputy Governor of the Bank of Uganda highlighted the importance of innovations in realizing economic development.

He said, “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.” He added that “Using technology creates value when it improves convenience, enhances efficiency, strengthens trust, and expands economic opportunity.”

The platform is expected to create value for a wide range of users, including salaried individuals, entrepreneurs, informal traders, farmers, savings groups, and community organizations. The wallet also provides a secure alternative to carrying physical cash, helping users safeguard their money while maintaining immediate access to funds when needed.

As Uganda continues to embrace digital solutions across sectors, digital wallets are playing an increasingly important role in expanding financial inclusion, improving transaction efficiency, and supporting economic participation. Through Gonza Pay, Centenary Bank is helping bridge gaps in access while enabling more individuals and businesses to participate confidently in the formal digital economy.

The launch builds on Centenary Bank’s long-standing mission of transforming lives through inclusive and sustainable financial services. By combining technology, accessibility, and customer-centred innovation, the Bank continues to create solutions that respond to the realities of modern banking and support the country’s social and economic development goals.

Customers can download Gonza Pay from major app stores or dial USSD *211#, and begin transacting immediately.

Centenary Bank is the leading commercial microfinance Bank in Uganda, serving over 3 million customers through to 9,000 Cente Agents, 81 branches and 209 ATMs across the country. The bank also has various digital channels including CenteMobile, CenteAgent, CenteOnline and CenteVisa debit and prepaid cards. Its mission is “To provide appropriate financial services, especially microfinance to all people, in a sustainable manner and in accordance with the law.”