KAMPALA, Uganda — The Bank of Uganda has granted an operating license to Pearl Bank Uganda Limited, formally allowing the institution, which previously operated as PostBank Uganda, to begin business under its new name and identity.
The license was presented to Pearl Bank Managing Director Julius Kakeeto by Bank of Uganda Gov. Michael Atingi-Ego in a ceremony symbolizing the bank’s official transition from PostBank.
The regulatory approval and rebranding is part of the bank’s five-year transformation strategy, which followed its elevation to a Tier 1 Commercial Banking License in December 2021.
Speaking at the event, Atingi-Ego congratulated the bank, commending its commitment to financial inclusion.
“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,” Atingi-Ego said.
The Bank of Uganda, the nation’s central bank, will supervise Pearl Bank to ensure it operates securely and meets regulatory requirements, which is intended to build public trust and encourage economic development.
The government-owned entity’s rebranding is central to a corporate strategy focused on driving profitability while delivering economic and social impact. This strategy aims to stimulate entrepreneurship and services for small and medium enterprises, particularly those involved in value addition within the agricultural sector.
Pearl Bank’s history dates back to 1926 when it began as the Post Office Savings Department. It was incorporated in 1998 as PostBank Uganda Limited after separating from the Uganda Posts and Telecommunications Corporation.
The bank’s operations have expanded significantly following Kakeeto’s appointment in October 2019, which led to an expanded branch network, digital transformation, and growth in agency banking.
A key milestone was the 2023 launch of the Wendi mobile wallet, a digital financial platform designed to accelerate financial inclusion by allowing users to save, send money, pay utilities, and transfer funds. The bank has also delivered strong year-on-year financial performance over the last five years.
Before the rebrand, operating as PostBank Uganda, the institution was honored by the Bank of Uganda as the Overall Best Performing Bank under the Small Business Recovery Fund and Agricultural Credit Facility Awards in May 2025.
The intent to rebrand to Pearl Bank Uganda Limited, a name inspired by Uganda’s global identity as the “Pearl of Africa,” was officially announced in June 2025.
The new license and rebranding align with the bank’s strategic plan and its tagline, Grow. Prosper, an abridged version of its purpose: Fostering Prosperity for Ugandans.
