By Solomon Lubambula
The Bank of Uganda has granted an operating license to Pearl Bank Uganda Limited, formerly PostBank Uganda, marking its official transition to a new identity.
The license was handed to Managing Director Julius Kakeeto by Bank of Uganda Governor Dr. Michael Atingi-Ego, marking a key milestone in the bank’s five-year transformation strategy, which included its upgrade to a Tier 1 commercial bank in 2021.
Dr. Atingi-Ego commended the bank for promoting financial inclusion, particularly through its Wendi mobile wallet that has expanded access to financial services nationwide.
With the new license, Bank of Uganda will ensure Pearl Bank operates securely and meets regulatory standards while delivering a full range of financial services.
The rebrand aligns with a corporate strategy focused on boosting profitability, advancing sustainable financial inclusion, and supporting entrepreneurship and SMEs, especially those in agricultural value addition.
Pearl Bank Uganda’s history dates back to 1998 when it was incorporated as PostBank Uganda Limited after being separated from Uganda Posts and Telecommunications Corporation.
Before that, the institution 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 significant growth in the Bank’s operations, including an expanded branch network, digital transformation, strengthening agency banking, and penetrating local enterprises.
