Pride Bank Limited has launched a new product tailored for Sacco’s and investment clubs, a move expected to strengthen Uganda’s growing network of community-based savings groups. The launch in Mbarara marks the bank’s latest effort to expand financial inclusion and support grassroots entrepreneurship.
Under the new scheme, registered savings groups such as Sacco’s, Village Savings and Loan Associations (VSLAs), and rotating clubs will qualify for loans of up to 150% of their pooled savings, provided they have consistently saved for at least four months. The product is also designed to offer financial literacy training and mentorship to help groups manage funds more sustainably.
According to Pride Bank’s Western Regional Manager, Privato Ruhangaaboho, the innovation responds to the unique needs of community-based financial systems. “Sacco’s and clubs are the backbone of financial support in our communities. This product was designed to help them grow stronger and create lasting impact,” he noted.
Mbarara Deputy Resident City Commissioner, Gerald Tukahebwa, commended the initiative, saying it would energize the region’s economic activities by equipping savings groups with both credit and knowledge. “When communities have structured support, they become more resilient and productive,” he said.
Bank officials added that beyond credit, the product offers practical support such as monitoring tools, group capacity building, and access to business advisory services. Joseph Fetaa, Head of Business at Pride Bank, emphasized that the goal is to transform modest savings into engines of investment that can uplift livelihoods.
The launch comes at a time when Uganda has more than 10,000 registered Sacco’s and thousands of investment clubs across the country. Many of these groups, especially in rural areas, mobilize savings more effectively than traditional banks but often lack reliable access to credit and training.
Pride Bank’s leadership says the initiative aligns with its long-term transformation journey from a microfinance project in 1995 to a fully licensed Tier II financial institution today, with over 45 branches nationwide. By focusing on grassroots financing, the bank aims to cement its reputation as a partner in Uganda’s economic development.