Bank of Uganda Grants Operating License to Pearl Bank

KAMPALA; Bank of Uganda has officially granted an operating license to Pearl Bank Uganda Limited, completing the institution’s transition from its long-standing identity as PostBank Uganda, the approval marks a major milestone in the bank’s rebrand and signals its readiness to operate under a refreshed name and corporate identity.

The license was formally handed over to Pearl Bank’s Managing Director, Mr. Julius Kakeeto, by the Bank of Uganda Governor, Dr. Michael Atingi-Ego, in a ceremony that symbolized the institution’s shift from PostBank to Pearl Bank Uganda Limited.

According to BoU, the rebrand aligns with PostBank’s five-year transformation strategy and follows its elevation to a Tier 1 Commercial Bank in December 2021 placing it among Uganda’s fully fledged commercial banking institutions.

Governor Atingi-Ego applauded the bank’s rebrand and its progress in digital innovation.

“The bank has done great things in supporting financial inclusion, especially through its Wendi mobilewallet, which has increased access to financial services for many Ugandans,”he remarked.

BoU emphasized that it will continue to supervise Pearl Bank Uganda to ensure compliance with regulatory standards, financial stability, and the secure delivery of financial services an essential factor in building public trust and driving economic growth.

The rebrand supports a broader government-owned corporate strategy aimed at improving profitability while delivering social and economic impact. A key focus of the strategy is to advance sustainable financial inclusion, strengthen entrepreneurship, and support SMEs, particularly those engaged in agricultural value addition.

Pearl Bank’s origins trace back to 1926, when it operated as the Post Office Savings Department under the Uganda Post Office. It later became PostBank Uganda Limited in 1998 after the breakup of the Uganda Posts and Telecommunications Corporation. The institution has since evolved significantly.

Major operational reforms accelerated after Mr. Kakeeto’s appointment in October 2019, resulting in theexpansion of the branch network, growth in agency banking, digital transformation, and deeper penetration into local enterprise financing.

A defining milestone came in 2023 with the rollout of the Wendi mobile wallet, a digital platform facilitating savings, money transfers, utility payments, international remittances, and SACCO empowerment bringing modern banking closer to underserved communities.

Over the past five years, the bank has posted strong financial performance, including consistent growth in profitability and total assets. In May 2025, it was recognized by the Bank of Uganda as the Overall Best Performing Bank under the Small Business Recovery Fund (SBRF) and the Agricultural Credit Facility (ACF). The bank also received a Sustainability Certification from the European Organisation for Sustainable Development in September 2025.

Pearl Bank publicly announced its rebrand intention in June 2025, adopting a name inspired by Uganda’s identity as the “Pearl of Africa.”