BoU Grants Operating Licence to Newly Rebranded Pearl Bank

The Bank of Uganda (BoU) has officially granted an operating licence to Pearl Bank Uganda Limited, marking the institution’s full transition from its former identity as PostBank Uganda.

The licence, presented by BoU Governor Dr Michael Atingi-Ego to the Bank’s Managing Director, Mr Julius Kakeeto, signifies the culmination of a major rebrand and the beginning of a new chapter for the government-owned commercial bank.

The approval follows the Bank’s five-year transformation strategy, which accelerated after PostBank’s elevation to a Tier 1 commercial banking licence in December 2021. With the new licence, Pearl Bank is now cleared to operate under its refreshed brand and strategic aspirations.

Congratulating the institution, Governor Atingi-Ego commended Pearl Bank’s continued innovation and contribution to financial inclusion. He highlighted the success of the Wendi mobile wallet—launched in 2023—as a key milestone in expanding access to financial services for underserved communities.

“The bank has done great work in supporting financial inclusion, especially through its Wendi mobile wallet, which has improved access to financial services for many Ugandans,” said Dr Atingi-Ego.

BoU’s regulatory oversight will ensure that Pearl Bank operates safely and efficiently, offering a broad range of financial services while upholding sector stability and building public trust.

The rebrand forms a central pillar of Pearl Bank’s corporate strategy, which seeks to drive profitability as a state-owned institution while delivering social and economic impact. The bank prioritises sustainable financial inclusion, entrepreneurship, and support for small and medium enterprises—particularly those engaged in agricultural value addition.

Tracing its roots to 1926, when it operated as the Post Office Savings Department, the institution was incorporated as PostBank Uganda in 1998 after separating from Uganda Posts and Telecommunications Corporation. Over the decades, it has grown steadily, with major reforms taking shape after Mr Kakeeto was appointed Managing Director in 2019. These reforms led to strengthened operations, an expanded branch network, significant digital upgrades, and deeper penetration into local enterprise banking.

The launch of the Wendi mobile wallet in 2023 marked a transformative phase. Through Wendi, customers can save, send and receive money locally and internationally, pay utilities, and empower SACCOs nationwide—solidifying the Bank’s role in advancing everyday financial access.

Pearl Bank has maintained strong financial performance, recording steady profitability and balance sheet growth over the past five years. It was recognised by the Bank of Uganda in May 2025 as the Overall Best Performing Bank under the Small Business Recovery Fund (SBRF) and Agricultural Credit Facility (ACF). In September 2025, it received a Sustainability Certification from the European Organisation for Sustainable Development.

The decision to adopt the name “Pearl Bank” was announced in June 2025—drawing inspiration from Uganda’s global moniker, the “Pearl of Africa.” The rebrand aligns with the bank’s new tagline, Grow. Prosper, a reflection of its broader mission to foster prosperity for Ugandans.

With a refreshed identity, a strong digital footprint, and a widening community impact, Pearl Bank Uganda Limited says it is poised to play an even bigger role in advancing inclusive banking and supporting Uganda’s economic transformation for generations to come.