Overview:
Pearl Bank says branches now handle about 8% of its transactions, down from 80% five years ago, as customers move to mobile and agent banking.
KAMPALA — Branches now handle only about 8% of Pearl Bank’s transactions, down from about 80% five years ago, as more customers use mobile phones and agents, according to the state-owned lender.
The bank says total transaction volumes have grown fivefold over the same period, and it expects the branch share to keep falling as its mobile, agent and self-service channels expand.
Managing Director Julius Kakeeto said digital banking would be central to the bank’s growth over the next five years, along with affordable credit, partnerships and more lending to productive businesses.
Much of the shift has come through agents. The bank says its network now has more than 14,000 agents, and that it is targeting about 20,000, with the aim of having an agent in every parish.
The bank’s Wendi mobile wallet has also brought in new users through the government’s Parish Development Model (PDM). According to the bank, Wendi has handled more than Shs3 trillion in PDM payouts to over three million households. Wendi is linked to the government’s PDM information system, which checks that each loan has been approved before any money is released.
Alongside the digital shift, the bank’s loan book has passed Shs1 trillion. Kakeeto said it had grown by more than 30% so far this year, up from Shs749 billion at the end of December 2025.
“Capital is like fuel. It keeps you on the road. It has enabled us to keep lending and keep growing our loan book,” he said, crediting retained earnings and continued support from the government, the bank’s sole shareholder.
According to the bank, agriculture makes up about 35% of its loan portfolio, and it is shifting its focus from primary production towards processing, value addition and exports. The bank says it is aligning its lending with the government’s priority areas of agro-industrialisation, tourism, minerals, and science, technology and innovation.
The bank, formerly PostBank Uganda, received its operating licence under the Pearl Bank name from the Bank of Uganda on 24 November 2025. Kakeeto said the new name was meant to build a stronger national identity and help the bank compete.
“We would like to see an indigenous or homegrown bank with a local identity that is at the forefront of fostering prosperity for Ugandans in real terms with measurable and quantifiable goals that deliver impact to Uganda’s economy,” he said.
For 2025, Pearl Bank reported a net profit of Shs47.3 billion, up 34% from the previous year. Customer deposits rose 43% to Shs1.42 trillion.