To find the y-intercept of the function \( y = \frac{1}{5}(2)^x \), we evaluate the function at \( x = 0 \).
\[ y = \frac{1}{5}(2)^0 \]
Since \( (2)^0 = 1 \):
\[ y = \frac{1}{5} \cdot 1 = \frac{1}{5} \]
Therefore, the y-intercept is at the point \( (0, \frac{1}{5}) \).
So, the answer is:
(0, \(\frac{1}{5}\)).