Pride Bank Unveils New Product for SACCOs and Savings Groups to Boost Financial Inclusion

Pride Bank Limited has launched a new financial product targeting savings groups, including Savings and Credit Cooperative Organisations (SACCOs), Village Savings and Loan Associations (VSLAs), and investment clubs, in a move aimed at deepening financial inclusion across Uganda.

The Tier II bank unveiled the initiative on Friday in Mbarara City, a commercial hub in the western region, where the bank was originally founded three decades ago. The launch was attended by city leaders, community representatives, and savings group members, highlighting the importance of group banking to Uganda’s grassroots economy.

The new product is designed to provide savings groups with structured banking services, affordable lines of credit, and tailored business development support. Pride Bank officials said the initiative is intended to transform informal savings practices into formal financial opportunities that can unlock bigger investments and improve community resilience.

Joseph Feeta, the bank’s Head of Business, emphasised that the program will help savings groups leverage collective strength to achieve sustainable growth.

“By pooling resources and accessing structured credit, communities can turn small contributions into meaningful ventures. This will not only strengthen group businesses but also build resilience against financial shocks, directly empowering the economy,” Feeta explained.

According to the Ministry of Trade, Industry and Cooperatives, Uganda currently has more than 10,000 registered SACCOs and over 8,000 investment clubs operating across the country. Many of these groups begin with as few as 10 to 15 members and gradually expand, serving as key platforms for financial literacy, entrepreneurship, and wealth creation. Experts note that they often reach farther into rural areas than commercial banks, making them central to the country’s financial inclusion agenda.

Francis Beemanya, the Deputy Mayor of Mbarara City, commended Pride Bank’s new initiative, saying it will accelerate community development while supporting the city’s broader growth strategy.

“This new Pride Bank product provides the structure and support our communities need to expand their potential. It will allow savings groups to scale their activities, create jobs, and support families, which is central to our city’s economic vision,” Beemanya said.

The launch also underscores Pride Bank’s strategic evolution since its transition from a microfinance institution to a fully licensed Tier II commercial bank in November 2024. The transformation has enabled the institution to broaden its portfolio beyond microloans, offering a wider range of products through its more than 45 branches nationwide.

For Pride Bank, Mbarara holds special significance—it is where the bank was founded in 1995 as a community-focused financial institution. Officials say the decision to unveil the new product in the city was a nod to its roots, while also signalling the bank’s continued commitment to rural and semi-urban markets.

With this new offering, Pride Bank aims to position itself as the go-to financial partner for savings groups across Uganda, helping them transition from small-scale savings schemes into powerful engines of enterprise and economic growth.

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