Africa-Press – Uganda. Pride Bank Limited has launched a new SACCO and Investment Club Product, designed to strengthen community-based savings and lending groups while expanding access to affordable credit.
The launch, held in Mbarara, represents another milestone in the bank’s mission to drive financial inclusion and empower Ugandan communities.
The product will serve Savings and Credit Cooperative Organisations (SACCOs), Village Savings and Loan Associations (VSLAs), Rotating Savings and Credit Associations (ROSCAs), and Investment Clubs. It provides structured savings, credit access, and business development support.
Groups that consistently bank with Pride for at least four months will be eligible to access loans of up to 150% of their savings, alongside financial literacy training and mentorship.
Joseph Fetaa, Head of Business at Pride Bank, said the initiative is designed to unlock the transformative power of collective growth.
“By pooling resources and accessing structured credit, communities can turn small contributions into meaningful ventures. This allows members to build resilience against financial shocks while directly empowering the economy,” he noted.
SACCOs remain a cornerstone of community financing in Uganda, with more than 10,000 registered groups mobilizing billions of shillings in savings. Together with VSLAs, they have helped Uganda achieve a financial inclusion rate of 66%, providing support for school fees, farming inputs, and small business ventures.
Mbarara City deputy RCC , Gerald Tukahebwa , praised the product’s potential to accelerate regional growth. “Mbarara has long been a hub of commerce and opportunity. This new Pride Bank initiative provides the structure and support our communities need to expand their potential,” he said.
Quoting figures from the Ministry of Trade, Industry and Cooperatives, the branch manager for Pride Bank Mbarara, Privato Ruhanga Abaho said SACCOs reach more Ugandans than commercial banks, particularly in rural and peri-urban areas.
“Investment clubs are also on the rise, with more than 8,000 active nationwide, often youth- and professional-led, channeling resources into real estate, agribusiness, and entrepreneurship. The average investment club starts with just 10–15 members, each contributing modest amounts, but within a few years, many accumulate capital in the tens or hundreds of millions of shillings. Therefore, investment clubs are increasingly being recognized as a pathway to entrepreneurship and a practical way of teaching financial literacy and group discipline,”Abaho said.
The launch also builds on Pride Bank’s evolution from a donor-supported microfinance initiative in 1995 to a fully licensed Tier II institution in 2024. With over 45 branches across Uganda, the bank continues to focus on inclusive financial solutions tailored to community needs.
“As Uganda works toward middle-income status, community-driven financial products like this will play a critical role in mobilizing savings, boosting credit access, and fostering entrepreneurship,” officials from Pride Bank noted.
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