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Pride Bank Limited has unveiled a new SACCO and Investment Club Product, designed to provide savings groups and clubs with improved access to credit and financial resources.
The launch is a part of the bank’s quest to expand financial inclusion and empower communities across Uganda.
The initiative aims to strengthen the very foundation of community financing and contribute directly to the nation's development goals.
The new product is specifically tailored to meet the needs of a wide range of savings associations, including SACCOs, Village Savings and Loan Associations (VSLAs), and Investment Clubs.
It provides these groups with structured savings options, access to affordable credit, and crucial business development support.
After a period of just four months of consistent banking, participating groups will become eligible to secure loans of up to 150% of their total savings.
The product goes further by offering financial literacy training and mentorship from experienced entrepreneurs, empowering members to make informed decisions and grow their ventures.
"By pooling resources and accessing structured credit, communities can turn small contributions into meaningful ventures, and members can collectively build resilience against financial shocks, directly empowering the economy." said Joseph Fetaa, Pride Bank's Head of Business
Joseph Fetaa, Pride Bank's Head of Business
Bolstering the Backbone of Uganda’s Economy
SACCOs are a vital part of Uganda's financial ecosystem, with over 10,000 registered groups mobilising billions of shillings in savings and extending affordable credit to millions.
Together with VSLAs, they are instrumental in achieving Uganda's impressive financial inclusion rate of 66%, providing households with essential funding for school fees, farming inputs, and small business financing.
The initiative has been praised byGerald Tukahebwa, Deputy RCC of Mbarara City, who commended its alignment with the city's growth agenda.
"Mbarara has long been known as western Uganda's centre of commerce," he noted.
"This new Pride Bank product provides the structure and support our communities need to expand their potential. We welcome it as a timely solution that will accelerate local economic development."
According to the Ministry of Trade, Industry and Cooperatives, SACCOs now reach more Ugandans than traditional commercial banks, especially in rural and peri-urban areas.
Similarly, investment clubs are rapidly growing, with more than 8,000 active clubs nationwide. The Pride Bank SACCO and Investment Club Product has been carefully crafted to strengthen and expand these community-led financial structures.
The launch itself builds on Pride Bank's recent transformation from a microfinance institution to a fully licensed Tier II bank in late 2024, a change that has enabled it to expand its product range. With a network of over 45 branches nationwide, Pride Bank continues to lead in providing inclusive financial solutions designed for Uganda's evolving economy, playing a crucial role in the nation's journey towards middle-income status.