Stanbic FlexiPay is an example of the financial industry following a standard routine. The financial industry frequently charges service fees while maintaining your money’s security.
Stanbic FlexiPay is a financial product that follows a predetermined routine. When you need to borrow money or conduct a transaction, you will be charged service fees, however, you will ensure that your funds are protected.
Banks have become complacent and unwilling to innovate to provide clients with a better user experience because the business model has been so outrageously profitable.
However, from what It looks like, Stanbic Bank Uganda is breaking the routine. With a better user experience outside of banks, their fintech business FlexiPay is a force to be reckoned with.
In this article, we discuss Stanbic FlexiPay. How to sign up as a client or merchant, the cost of transactions, and the benefits of using the FlexiPay service.
FlexiPay by Stanbic Bank: What is it?
FlexiPay is a financial technology inclusion tool developed by Stanbic Bank Uganda that enables people without bank accounts to establish wallets, send and receive money, deposit money into their wallets using mobile money, and access their bank accounts using their phone numbers.
Customers have two options for setting up accounts: they can use a mobile app or the USSD shortcode *291#.
On the other side, business owners can register their companies and obtain a merchant code to accept payments from clients.
How a Customer Can Sign Up and Use FlexiPay
Following are the steps for creating a FlexiPay account using the app and shortcode *291#.
Using the FlexiPay mobile app
- For iOS devices, download and install the Flexipay Wallet App from the Apple Store or Google Play Store.
- Open the app and select “Get Started” from the menu. To register, provide your phone number.
- To confirm your identification, scan your national ID or manually enter the information.
- Verify personal information such as a secondary contact, email address, and employment.
- To confirm the phone number registration, a 5-digit one-time pin will be sent to the registered number. The one-time pin must be entered and then changed to a desired 5-digit pin.
- To access the FlexiPay mobile app, sign in once more using your new pin.
Dial the shortcode *291# or launch the mobile app to pay vendors, purchase airtime, deposit or withdraw cash, and more using FlexiPay.
If you have a bank account with Stanbic Bank Uganda, you can deposit money into your Flexipay wallet using your Airtel or mobile money, a Stanbic Bank agent, or both.
Using the USSD Shortcode *291#
- To access Flexipay Wallet, dial *291#.
- Choose the first choice, “Register a new FlexiPay wallet,” and fill out the form (surname, first name, another name, National ID, National card number, Date of birth, gender, email, occupation, and email).
- A 5-digit one-time pin will be used to confirm self-registration.
- To modify the one-time pin, dial *291# once more and you’ve completed.
How to register for FlexiPay as a Merchant
It’s simple. Your legitimate national ID and a Stanbic Bank account are what’s required to become a merchant.
Then, you’ll go to a nearby bank office to open a merchant account and receive a code that may be displayed at your business to begin receiving payments.
Upon owning a merchant account, you have benefits like free liquidation and collections.
Services offered for free when you use FlexiPay
- Sending money as a merchant to partner wallets.
- Merchant Liquidation
- Transfer your funds to different bank accounts.
- Deposit money in your FlexiPay wallet.
- Send money to Stanbic Bank accounts or other FlexiPay wallets.
- Merchant collections.
- Pay vendors.
Below are transaction fees for FlexiPay at Stanbic Bank.
|Transaction Scale(UGX)||Withdraw Cash At ATM||Pay Bills & School Fees||Send Money to Mobile Money Wallet||Withdraw Cash At Agent Point|
|500-30,000||UGX 12,000||UGX 100||UGX 830||UGX 750|
|30,001-125,000||UGX 12,000||UGX 400||UGX 940||UGX 750|
|125,000-250,000||UGX 12,000||UGX 700||UGX 1,880||UGX 1,000|
|250,001-500,000||UGX 12,000||UGX 1000||UGX 2,310||UGX 1,250|
|500,001-1,000,000||UGX 12,000||UGX 2,500||UGX 2,310||UGX 1,750|
|1,000,000-2,000,000||UGX 12,000||UGX 2,500||UGX 3,325||UGX 2,500|
|2,000,000-4,000,000||UGX 12,000||UGX 2,500||UGX 2,500||UGX 4,500|