Pearl Bank Commended for Digitising Uganda’s Wealth Creation Programmes

The Minister of State for Microfinance Shartsi Kutesa Musherure has commended Pearl Bank for using digital technology to support government wealth creation programmes and expand financial inclusion across Uganda.
Kutesa made the remarks after meeting a delegation from Pearl Bank led by Andrew Kabeera, Executive Director for Digital Financial Services, and Martin Mugisha, Executive Director for Operations and officials from the Financial Services Department at the Ministry of Finance, Planning and Economic Development.
During the meeting, the bank outlined its strategy for supporting Uganda’s Tenfold Growth Strategy and widening access to affordable financial services.
Pearl Bank said substantial growth in the financial services sector would be required to finance the country’s economic transformation. It noted that private-sector credit would need to rise from UGX26 trillion to UGX490 trillion to support the level of investment envisaged under the Tenfold Growth Strategy.
The bank argued that indigenous financial institutions would be pivotal in mobilising domestic savings, financing productive enterprises and retaining more capital within the economy. It called for deliberate efforts to strengthen Pearl Bank and other locally owned banks so they can play a greater role in Uganda’s development.
Pearl Bank said its financial-inclusion strategy extends beyond giving people access to bank accounts and digital wallets. The institution is using technology to build financial capability, mobilise savings, convert those savings into productive capital and enable small and medium-sized enterprises to expand and create jobs.
Kutesa thanked the bank for supporting financial inclusion and aligning its operations with the Tenfold Growth Strategy. She pledged to champion its vision of economically empowering Ugandans and encouraged greater collaboration between government and locally owned financial institutions.