By Felix Oketcho
Bank of Uganda (BoU) has issued an operating license to Pearl Bank Uganda Limited paving the way for the institution to commence business under its new name and identity.
The license was handed to the Bank’s Managing Director, Julius Kakeeto, by the Bank of Uganda Governor, Dr. Michael Atingi-Ego, in Kampalaa.
The regulatory approval to rebrand to Pearl Bank follows the Bank’s five-year transformation strategy and its earlier elevation to a Tier 1 Commercial Banking License in December 2021.
Speaking at the hand over event,Bank of Uganda Governor, Dr. Atingi-Ego, congratulated the bank on rebranding to Pearl Bank and commended the bank for its innovativeness, remarking, “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.”
He stressed that 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.
Pearl BANK Managing Director Julius Kakeeto stated 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.
according to Kakeeto over the years, the Bank has achieved significant milestones including significant growth in the Bank’s operations,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,”Kakeeto stated.
He further says the Bank has consistently delivered strong year-on-year financial performance with consistent growth in profitability and the balance sheet over the last 5 years.
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.
With a renewed brand, continuous innovation and growing impact to the Ugandan community, Pearl Bank Uganda Limited is strongly positioned to becoming a significant contributor towards inclusive banking and the powering of Uganda’s economic development for generations to come.
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.
