FAMReports News Desk | July 9, 2025
In a major milestone for Uganda’s financial services sector, Pride Bank Limited has officially launched five new purpose-driven banking products following the successful acquisition of a Tier II banking license. The transformation marks the bank’s evolution from a microfinance deposit-taking institution into a full-fledged commercial bank, capable of offering a comprehensive suite of financial solutions for Uganda’s diverse economic players.
The announcement was made at the bank’s head office, drawing attention from industry players, government representatives, and clients. The launch reaffirms Pride Bank’s enduring commitment to financial inclusion, backed by strategic innovation and customer-oriented service.
The Tier II license empowers Pride Bank to broaden its operational capabilities and expand access to credit and financial products for underserved and emerging segments. Speaking at the unveiling, Pride Bank’s Managing Director, Ms. Veronicah Gladys Namagembe, emphasized that the newly introduced services were crafted through a robust consultative process involving thousands of stakeholders, including smallholder farmers, urban entrepreneurs, and SMEs.
“We listened, we learned, and we responded. These products are not just about numbers—they are about lives, dignity, and economic opportunity,” Ms. Namagembe said.
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The five flagship products include:
SME Corporate Loan
Home Improvement Loan
Mortgage Loan
Trade Finance Services
Forex Savings Account
Each product is tailored to address specific market challenges with simplicity, affordability, and high impact.
Targeted Credit for Small and Medium Enterprises
The SME Corporate Loan has been designed to unlock capital for Uganda’s small and medium enterprises, which continue to face structural financing gaps. According to Mr. Joseph Fetaa, the bank’s Head of Business, the loan features tiered credit lines, flexible repayment structures, and embedded business advisory support.
“This is a solution deeply informed by the realities of our entrepreneurs,” said Mr. Fetaa. “The digital-first application system, combined with relaxed collateral requirements, allows many more business owners to access capital with ease.”
Strengthening Ugandan Households Through Affordable Financing
To support urban development and dignified living, Pride Bank introduced a Home Improvement Loan that targets both salaried and self-employed homeowners. With tenors of up to five years and competitive interest rates, this product empowers clients to upgrade their living spaces while maintaining financial stability.
The Mortgage Loan, on the other hand, is structured to help more Ugandans attain homeownership. It offers long-term financing, adjustable interest rates, and dedicated legal and client support to guide borrowers through property acquisition.
Boosting Regional Trade With Strategic Financial Tools
Addressing the needs of exporters and importers, Pride Bank’s Trade Finance Services aim to strengthen Uganda’s position in regional and international markets. The product suite includes letters of credit, performance guarantees, and invoice discounting—all tailored to support working capital management, especially in cross-border transactions.
“Our trade finance tools lower risk, accelerate payments, and enhance cash flow management for traders navigating volatile markets,” noted Mr. Fetaa.
Currency Flexibility for Global Clients
In response to rising demand for multi-currency savings, the newly introduced Forex Savings Account offers clients the ability to hold funds in major international currencies—USD, EUR, or GBP—while earning interest. The product especially targets diaspora clients, international contractors, and exporters seeking to protect the value of foreign earnings.
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Using the bank’s upgraded mobile platform, clients can instantly convert foreign balances into Ugandan Shillings (UGX), ensuring both convenience and financial agility.
A National Commitment to Inclusive Growth
Ms. Namagembe reiterated Pride Bank’s alignment with Uganda’s development vision under the Agro-Industrialization, Tourism, Mineral Development, and Innovation (ATMS) Strategy. She affirmed that the new offerings will serve as tools for transforming local communities and sectors.
“We strongly believe these products, and many more in the pipeline, will enable us to contribute meaningfully to Uganda’s journey toward upper middle-income status,” she said.
Pride Bank’s transition comes with reinforced digital infrastructure and a 47-branch national network. The institution credits its growth to continued support from the Bank of Uganda, loyal clients, and dedicated staff.
“Together, we bank with pride and build the future,” concluded Ms. Namagembe.
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