Numbers Don’t Lie.
In 2024, PostBank Uganda posted a record UGX 35.4 billion in net profit—up 28.7% from UGX 27.5 billion in 2023. Customer deposits surged 25.4% from UGX 789.8 billion to UGX 990.3 billion. The loan book expanded 19.3%, growing from UGX 602.6 billion to UGX 718.7 billion. Income grew by 20.2%, rising from UGX 206.4 billion to UGX 248.1 billion. But these aren’t just one-off achievements—they represent the climax of a five-year transformation led by Managing Director Julius Kakeeto and Board Chairman Andrew Otengo Owiny.
The announcement on June 5th, 2025, that the 100% government-owned PostBank would rebrand to Pearl Bank Uganda Limited (pending regulatory approval) is not merely cosmetic. It marks the evolution of a state-owned bank that has become one of Uganda’s best turnaround stories—a testament that, with the right leadership, strong governance, and consistent shareholder support, the government can do good business in strategic sectors.
A 5-Year Rise That Defied Expectations
When Kakeeto assumed office in October 2019, PostBank was grappling with legacy inefficiencies, thin profit margins, and limited digital presence. Today, the bank is not only profitable and operationally sound but also nationally impactful and digitally agile.
Since 2019, every major metric has recorded transformational growth. Customer deposits grew from UGX 348 billion to UGX 990.3 billion by 2024, registering a compound annual growth rate (CAGR) of 21.9% and nearly tripling in size. Loans and advances increased from UGX 267 billion to UGX 718.7 billion over the same period, a CAGR of 21.1% and a growth multiple of 2.7. The bank’s total assets rose from UGX 491 billion to UGX 1.427 trillion—an increase of 191%, with a CAGR of 20.6%. Income grew from UGX 111 billion in 2019 to UGX 248.1 billion in 2024, reflecting a 20% CAGR, while net profit leapt more than fourfold from UGX 8.4 billion to UGX 35.4 billion, representing a CAGR of 36.8% and a growth multiple of 4.2.
These results were not accidental. Kakeeto attributes the consistent year-on-year growth to “continued innovation and improvement of offerings to deliver value to all stakeholders,” adding that platforms like Wendi, the bank’s digital financial service, have significantly advanced financial inclusion. Wendi processed 11.8 million transactions in 2024 alone and onboarded over 1 million first-time users—bringing the unbanked into the financial mainstream.
PostBank Uganda: 5-Year Financial Performance (2019–2024)
| Indicator | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 Growth (%) | 5-Year CAGR (2020–2024) | 2023 Market Share | 2024 Market Share | Growth Multiple |
| Customer Deposits | 348.0 | 449.0 | 507.3 | 689.1 | 789.8 | 990.3 | 25.4% | 21.9% | 2.4% | 2.8% | 2.8× |
| Loans & Advances | 267.0 | 334.7 | 454.9 | 479.5 | 602.6 | 718.7 | 19.3% | 21.1% | 3.0% | 3.3% | 2.7× |
| Total Assets | 491.0 | 674.6 | 745.3 | 943.4 | 1,070.7 | 1,427.6 | 33.3% | 20.6% | 2.2% | 2.7% | 2.9× |
| Total Income | 111.0 | 119.5 | 144.5 | 159.3 | 206.4 | 248.1 | 20.2% | 20.0% | 3.1% | 3.4% | 2.2× |
| Net Profit | 8.4 | 10.1 | 12.2 | 15.2 | 27.5 | 35.4 | 28.7% | 36.8% | — | — | 4.2× |
Proof That Government Can Do Business
At the bank’s Annual General Meeting, Hon. Evelyn Anite, State Minister of Finance for Investment and Privatisation, was unequivocal: “PostBank, soon to be Pearl Bank Uganda, is proof that government can do business—and do it well.”
She commended the bank for achieving high efficiency, earning trust through transparency, and supporting government programs without a single incidence of corruption—something confirmed by the Auditor General’s latest report. “This should be a lesson for all other government businesses,” she added.
Hon. Matia Kasaija, Minister of Finance, Planning and Economic Development, echoed the same sentiment, praising the bank’s prudent management and declaring, “This bank… we are going to make it much bigger than what it is today. In five years, it should be expanding into Tanzania, Rwanda, and other neighbouring countries.”
Why “Pearl Bank”?
The name “Pearl Bank Uganda Limited” is a deliberate and strategic choice—rich in symbolism and national identity. According to Julius Kakeeto, the Managing Director of PostBank, the new name was carefully selected to reflect the bank’s ambitious vision and evolving purpose. “We wanted a name that resonates with our aspirations to go regional and fits well with our core purpose of fostering prosperity,” Kakeeto explained.
The word “Pearl” evokes powerful imagery: it stands for purity, wisdom, wealth, status, and prosperity. These are not just aspirational ideals—they are the very pillars upon which the bank has anchored its transformation. “Uganda is known as the ‘Pearl of Africa’ for its natural beauty, rich wildlife, and cultural diversity,” he added. “So, the name speaks both to our national pride and to the qualities we aim to reflect in how we serve Ugandans and grow our presence.”
Finance Minister Hon. Matia Kasaija echoed this, noting that the name change symbolises a new era for the bank. “We shareholders approved the rebrand to a name that evokes a sense of pride in being Ugandan… a name known worldwide for what it stands for,” he said during the bank’s 2025 AGM.
How Stanbic Bank CFO Ronald Makata Blends Governance, Technology and Human Leadership to Drive PerformanceUltimately, “Pearl Bank” is not just a rebrand—it’s a brand promise: to become a bank that not only delivers solid financial results, but also uplifts livelihoods, empowers communities, and positions Uganda’s financial system as a beacon of inclusive prosperity.
Impact Beyond Profit
What makes PostBank’s story even more compelling is its impact-driven model. In 2024, the bank disbursed over UGX 1 trillion under the Parish Development Model (PDM) to 870,000 beneficiaries across 132 districts, 27 municipalities, and 1,880 sub-counties. It empowered 11,000 SACCOs through financial literacy and strengthened the backbone of rural financial ecosystems.
PostBank’s role in the Agriculture Credit Facility (UGX 78.4 billion disbursed) and the Small Business Recovery Fund (UGX 7.7 billion disbursed) further underscores its positioning as a public instrument for socio-economic transformation.
Minister Anite announced that the government will now expand its business with PostBank—including entrusting it with servicing fuel refills for public sector vehicles. “There is no reason why we shouldn’t give more business to PostBank,” she said. “They’ve demonstrated efficiency. Why borrow from external sources when we have a performing institution right here?”
Governance, Digitisation, and Inclusivity at the Core
The bank’s internal reforms over the past five years are textbook examples of public sector efficiency:
Governance: Restructured board and management, risk controls, and performance accountability
Digitization: Launch and scaling of PostApp, PostMobile (*263#), and smart ATMs
Outreach: Over 6,000 agents and 58 branches delivering services across rural Uganda
Financial Literacy: Empowering SACCOs and entrepreneurs with training to maximise credit usage and grow savings
In terms of market share, PostBank’s rise has been equally striking. Between 2019 and 2024, deposit share grew from 1.49% to 2.81%, loan market share rose from 1.86% to 3.34%, and income share improved from 2.68% to 3.35%. Profit share more than doubled, from 0.94% to 2.16%, while the bank’s share of industry assets rose from 1.49% to 2.68%.
A Model of Strategic Banking for Uganda
The rebrand to Pearl Bank is not the end of the story, but a new beginning. It signals Uganda’s commitment to building homegrown institutions that are competitive, credible, and mission-aligned. The bank’s next frontier includes regional expansion, deeper product innovation, and greater public-private partnerships.
“The lesson from PostBank is clear,” said Minister Anite. “It is possible. The government can do business. We just need to do it transparently and efficiently.”
For Uganda, this transformation holds national significance. It shows that when government banks are empowered with the right leadership, aligned with national priorities, and freed from the inertia of bureaucracy, they can become engines of inclusive prosperity.
As PostBank transitions to Pearl Bank Uganda Limited, all eyes will be on how this new brand carries forward the legacy of a remarkable five-year journey—and how it charts a course for the next decade of impactful banking.
