FAMReports News Desk | September 2025
Pride Bank Limited has announced the launch of a new SACCO and Investment Club Product, a move that underscores its mission to expand financial inclusion and empower communities across Uganda. The innovative product is designed to enhance the capacity of savings groups and clubs by providing them with improved access to credit, financial resources, and knowledge that can help transform small contributions into significant ventures.
This development is not merely a new product introduction but a deliberate step to reinforce the foundations of community financing and align with Uganda’s broader development goals.
Building Capacity Beyond Credit
Unlike conventional banking products, Pride Bank’s SACCO and Investment Club Product goes a step further. Alongside credit and savings support, it integrates financial literacy training and mentorship opportunities. These are provided by experienced entrepreneurs and financial experts who guide members in making informed business and personal financial decisions.
“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,” noted Joseph Fetaa, Pride Bank’s Head of Business.
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This approach positions the bank not only as a financial service provider but also as an enabler of sustainable community growth.
SACCOs as the Backbone of Uganda’s Economy
Savings and Credit Cooperative Organisations (SACCOs) are a critical part of Uganda’s financial system. With over 10,000 registered groups mobilising billions of shillings in savings, they provide affordable credit to millions of Ugandans. Working alongside Village Savings and Loan Associations (VSLAs), these structures contribute to Uganda’s notable financial inclusion rate of 66 percent, one of the highest in the region.
For many households, SACCOs are the primary source of funding for school fees, farming inputs, health needs, and small business growth. By strengthening these community-driven initiatives, Pride Bank is reinforcing a sector that underpins Uganda’s economic resilience.
Local Leaders Applaud the Initiative
The launch has already attracted praise from local leaders. Gerald Tukahebwa, Deputy RCC of Mbarara City, highlighted how the product aligns with the city’s economic agenda.
“Mbarara has long been known as western Uganda’s centre of commerce,” he said. “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.”
His remarks reflect the widespread anticipation that this initiative will not only strengthen community savings mechanisms but also stimulate entrepreneurial activity in both rural and urban areas.
Strengthening Community-Led Structures
According to the Ministry of Trade, Industry and Cooperatives, SACCOs now reach more Ugandans than commercial banks, particularly in rural and peri-urban regions where traditional banking services are limited. Alongside this, investment clubs have gained momentum, with over 8,000 active groups nationwide.
Pride Bank’s new product has been carefully designed to meet the evolving needs of these groups. By combining structured financial support with education and mentorship, the product bridges the gap between informal financial systems and modern banking.
It ensures that SACCOs and investment clubs not only survive but thrive, creating stronger, more sustainable financial ecosystems.
Pride Bank’s Evolution and Commitment
The launch of this product is part of Pride Bank’s broader transformation. In late 2024, the institution transitioned from a microfinance organisation to a fully licensed Tier II bank, granting it greater flexibility to develop and expand its product portfolio.
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\With a growing footprint of over 45 branches across Uganda, Pride Bank is well-positioned to deliver inclusive financial solutions that reflect the realities of Uganda’s diverse communities. The SACCO and Investment Club Product is the latest in a series of offerings tailored to the country’s shifting financial landscape.
As Uganda pursues its ambition to attain middle-income status, initiatives like these play a pivotal role in bridging financial gaps and empowering citizens to take control of their economic futures.
A Step Toward Inclusive Prosperity
The unveiling of this product signals more than just financial innovation—it demonstrates Pride Bank’s commitment to building inclusive prosperity. By equipping SACCOs and investment clubs with credit access, skills, and mentorship, the bank is directly contributing to job creation, entrepreneurship, and poverty reduction.
At its core, the initiative reinforces a simple truth: when communities pool resources, gain access to fair credit, and acquire the knowledge to manage finances wisely, they become active participants in shaping the nation’s economic trajectory.
As Uganda’s financial landscape continues to evolve, Pride Bank Limited has positioned itself as a catalyst for meaningful change—one that ensures no community is left behind in the journey to prosperity.
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