PostBank Uganda (PBU), a government-owned commercial bank, is changing more than just its name. It’s staking a claim to a larger role in the country’s financial sector, with a record profit and a strategic makeover on the horizon.
At its Annual General Meeting held Thursday at the Ministry of Finance on Apollo Kaggwa Road, shareholders gathered not only to celebrate the bank’s robust financial performance but to approve a significant rebranding decision: PostBank Uganda will soon be known as Pearl Bank Uganda Limited, pending regulatory approval.
The move, executives say, is about more than branding.
“We shareholders of PostBank have approved the rebrand of the Bank to a name that evokes a sense of pride in all of us, in being Ugandan,” said Finance Minister Matia Kasaija in a statement posted to the bank’s official X account.
“A name that is worldwide known to be a symbol of purity, wisdom, wealth, status, and prosperity,” he added, referencing Winston Churchill’s famous depiction of Uganda as “The Pearl of Africa.”
The timing of the announcement follows a strong year for the bank. PostBank reported a profit after tax of 35.4 billion Ugandan shillings (roughly $9.5 million USD) for 2024 — a 28 percent jump from the previous year. Income rose by 20 percent to UGX 248 billion, and deposits swelled 25 percent to UGX 990 billion. Loans were also up, reaching UGX 719 billion, a 19 percent increase.
Shareholders praised the numbers, calling PostBank one of the most profitable government-owned entities and placing it firmly among Uganda’s top 10 performing banks.
Andrew Otengo Owiny, the bank’s board chairman, described the institution as “on the right track,” especially since its transition into a fully-fledged commercial bank in December 2021.
With 57 branches and more than 6,000 agents operating across Uganda, Owiny said the bank plays a vital role in financial inclusion. He pointed to the bank’s involvement in digitizing government initiatives like the Parish Development Model through the Wendi platform — a mobile-based payment solution.
“The Wendi platform enhances transparency and convenience for beneficiaries,” he said.
Managing Director Julius Kakeeto framed the name change as part of a bigger plan to turn PostBank into a top-tier, indigenous commercial bank.
“Over the last four years, we focused on governance, risk, technology, and profitability,” he said. “Today, we are delivering measurable social and economic impact by driving financial inclusion and supporting entrepreneurship.”
Kakeeto emphasized the need to attract “strategic partners and high-value deposit customers,” especially to boost the bank’s continued focus on micro, small and medium enterprises (MSMEs) and the agricultural value chain.
The rebrand, he added, is as much about perception as it is about positioning: a name that might open more doors — both within Uganda and internationally.
The bank’s 2024 priorities were wide-ranging: sustainable financial inclusion, better customer experience, innovation, risk management, and supporting MSMEs.
Just weeks before the AGM, PostBank announced another milestone. Wendi, the bank’s flagship digital wallet, surpassed one million users. The product — launched in 2023 — has grown quickly, in part because of its savings option, which pays 10 percent interest annually on deposits starting as low as UGX 20,000.
For now, PostBank — or Pearl Bank, if the rebrand clears — appears to be doing more than just banking. It’s making a play for identity, growth, and relevance in Uganda’s changing financial landscape.
