PostBank Uganda is set to rebrand as a Tier I commercial bank under the new name Pearl Bank Uganda Limited, pending final approval from the Bank of Uganda. The rebrand is part of the bank’s broader strategy to enhance service delivery and strengthen its position in Uganda’s competitive banking sector.
The announcement was made during the bank’s 2024 Annual General Meeting, held today at the Ministry of Finance headquarters in Kampala.
Finance Minister Matia Kasaija, whose ministry is a key shareholder in the bank, praised PostBank’s transformation over the past five years, calling the rebrand a significant step forward.
“Following PostBank Uganda’s transformation and strong progress over the last five years, shareholders have approved the strategy to change the bank’s name and rebrand, in order to reposition it more effectively and attract stronger banking partners,” said Kasaija.
“We are proud to announce the approved rebrand to Pearl Bank Uganda Limited, a name inspired by Uganda’s title as the ‘Pearl of Africa’. This change reflects our commitment to fostering national prosperity and advancing agricultural value addition,” he added.
With 57 branches, over 10,800 SACCOs, and more than 6,000 agents nationwide, PostBank has built a robust presence, delivering inclusive financial services and supporting key government initiatives. One of its flagship contributions is the digitised Parish Development Model (PDM), implemented through its mobile wallet platform, the Wendi App.
In 2024 alone, the Wendi platform surpassed 1 million registered users, a major milestone in the bank’s digital transformation and drive for financial inclusion.
According to the bank’s 2024 financial statements, PostBank posted a profit after tax of UGX 35.4 billion, marking a 28% increase from the previous year. Total income rose by UGX 42 billion to reach UGX 248 billion, reflecting 20% growth, while customer deposits increased by 25%.
The bank was recently recognised as the Best Performing Bank under both the Agricultural Credit Facility (ACF) and the Small Business Recovery Fund (SBRF) at the national banking awards.
“PostBank has demonstrated solid financial performance, but what’s even more impressive is its impact on financial inclusion and support for micro, small, and medium-sized enterprises (MSMEs)—the real engines of job creation and agricultural productivity,” said Kasaija.
William Kagoda, Head of Credit Evaluation at the bank, echoed this sentiment:
“At the recent ACF and SBRF awards, PostBank emerged as the overall best-performing bank across the industry. This recognition underscores our strategic role in supporting small businesses through tailored financial solutions like the Small Business Recovery Fund.”
Andrew Otengo Owiny, Chairman of the Board, expressed pride in the bank’s progress since its upgrade to a full Tier I commercial bank in December 2021.
“I’m very pleased with the strides we’ve made in establishing ourselves as a transformative force in the banking sector,” Owiny said.
Kagoda added that since 2021, PostBank has disbursed over UGX 30 billion, enabling thousands of enterprises to recover, grow, and generate employment.
