BoU licenses Pearl Bank Uganda Limited as PostBank completes rebrand

The Bank of Uganda (BoU) has officially granted an operating license to Pearl Bank Uganda Limited, finalising its transformation from PostBank Uganda.

The license was symbolically handed to Managing Director Julius Kakeeto by BoU Governor, Dr. Michael Atingi-Ego, marking the formal crossover to its new identity, a name inspired by Uganda’s global designation as the “Pearl of Africa.”

Dr. Atingi-Ego commended the institution for its commitment to financial inclusion, specifically noting the "innovativeness" of the Wendi mobile wallet. This digital platform, launched in 2023, has played a key role in making banking accessible, enabling Ugandans to save, send money, and pay utilities.

Under this arrangement, Bank of Uganda will ensure that Pearl Bank Uganda operates securely and meets regulatory requirements, allowing for the efficient and stable provision of a wide range of financial services to the public. This builds public trust and encourages economic development.

The rebrand is central to a corporate strategy aimed at driving profitability of a government owned entity while delivering economic and social impact. This strategy entails driving sustainable financial inclusion and stimulating entrepreneurship and services for small and medium enterprises, especially 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 Uganda Posts and Telecommunications Corporation. Before that, the institution operated as the Post Office Savings Department from 1926, offering basic savings and money transfers services through the Uganda Post Office.

Over the years, the Bank has achieved significant milestones. Mr. 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 into local enterprises.

In 2023, the launch of Wendi mobile wallet marked a defining moment; a digital financial platform designed to accelerate sustainable financial inclusion. Wendi brings banking closer to the everyday Ugandan, enabling them to save, send money, pay utilities, transfer and receive funds to and from abroad, and even empower SACCOs across the country.

This innovation highlights the Bank’s commitment to making financial services accessible, convenient, and impactful nationwide.

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

The new license and rebranding are part of the Bank’s strategic plan that is aligned with its tagline Grow. Prosper, an abridged version of its purpose of Fostering Prosperity for Ugandans.