Bank of Uganda grants operating licence to Pearl Bank

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The Bank of Uganda (BoU) has issued an operating licence to Pearl Bank Uganda Limited, formerly PostBank Uganda, okaying the institution to commence business under its new name and identity.

The licence was handed to the bank’s managing director, Julius Kakeeto, by the Bank of Uganda Governor, Michael Atingi-Ego, marking a symbolic phase in the bank’s rebrand journey and its official crossover from PostBank to Pearl Bank Uganda Limited.

The regulatory approval to rebrand follows the bank’s five-year transformation strategy and its elevation to a tier 1 commercial banking licence in December 2021.

Speaking after receiving the operational licence, Atingi-Ego congratulated the bank on its rebrand and commended its innovativeness, saying, “The bank has done great things in supporting financial inclusion, especially through its Wendi mobile wallet, which has increased access to financial services for many Ugandans.”

Under this arrangement, Bank of Uganda will ensure that Pearl Bank operates securely and meets regulatory requirements to support the efficient and stable provision of financial services to the public. The Governor said this builds public trust and encourages economic development.

The rebrand is central to a corporate strategy aimed at driving profitability for a government-owned entity while delivering economic and social impact. The strategy focuses on sustainable financial inclusion and stimulating entrepreneurship and services for small and medium enterprises, particularly those involved in value addition within the agricultural sector.

Pearl Bank Uganda’s history dates back to 1998 when it was incorporated as PostBank Uganda Limited after being separated from the Uganda Posts and Telecommunications Corporation. Before that, it operated as the Post Office Savings Department from 1926, offering basic savings and money transfer services through the Uganda Post Office.

Over the years, the bank has achieved significant milestones. Kakeeto’s appointment in October 2019 accelerated reforms that led to growth in operations, including an expanded branch network, digital transformation, strengthened agency banking and increased penetration among local enterprises.

In 2023, the launch of the Wendi mobile wallet marked a major step in accelerating financial inclusion. The digital financial platform brings banking closer to everyday Ugandans, enabling them to save, send money, pay utilities, transfer and receive funds locally and internationally, and support SACCO operations across the country. The innovation highlights the bank’s commitment to making financial services accessible, convenient and impactful nationwide.

The bank has delivered strong year-on-year financial performance, with consistent growth in profitability and its balance sheet over the last five years. During this period, while operating as PostBank Uganda, it was honoured by the Bank of Uganda as the Overall Best Performing Bank under the Small Business Recovery Fund (SBRF) and Agricultural Credit Facility (ACF) Awards in May 2025. It also received a sustainability certification from the European Organisation for Sustainable Development in September 2025.

The institution announced its intent to rebrand to Pearl Bank Uganda Limited in June 2025, adopting a name inspired by Uganda’s global identity as the “Pearl of Africa.”

The new licence and rebrand are part of the bank’s strategic plan, aligned with its tagline Grow. Prosper, an abridged version of its purpose of fostering prosperity for Ugandans.

With a renewed brand, continued innovation and growing impact in communities, Pearl Bank Uganda Limited says it is positioned to become a significant contributor to inclusive banking and to powering Uganda’s economic development for generations to come.