Mbarara: Pride Bank Limited has launched a SACCO and Investment Club Product to support savings groups and clubs with better access to credit. The launch marks another milestone in the bank’s mission to expand financial inclusion and empower communities, stressing the importance of collective growth in driving Uganda’s development.
The new product is designed to serve SACCOs, Village Savings and Loan Associations (VSLAs), Rotating Savings and Credit Associations (ROSCAs), and Investment Clubs. It gives groups access to structured savings, affordable credit, and business development support.
After four months of consistent banking, groups will be eligible to access loans of up to 150% of their savings, alongside financial literacy training and mentorship from seasoned entrepreneurs.
Joseph Fetaa, Head of Business at Pride Bank, emphasized the product’s transformative potential.
“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.”
SACCOs are the backbone of community financing in Uganda, with more than 10,000 registered SACCOs mobilizing billions in savings and extending affordable credit to millions of Ugandans.
Together with Village Savings and Loan Associations (VSLAs), they contribute significantly to Uganda’s financial inclusion rate of 66%, supporting households with school fees, farming inputs, and small business financing.
The Mbarara City Southern Division Deputy RCC Mr Gerald Tukahebwa commended the initiative, noting its alignment with the city’s growth agenda. “Mbarara has long been known as western Uganda’s center of commerce and opportunity. 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.”
According to the Ministry of Trade, Industry and Cooperatives, SACCOs now reach more Ugandans than commercial banks, especially in rural and peri-urban areas. At the same time, investment clubs are rapidly growing, with over 8,000 active clubs nationwide, often youth- and professional-led, pooling resources for real estate, agribusiness, and entrepreneurship.
These groups, often starting with just 10–15 members, are proving to be powerful vehicles for financial literacy, group discipline, and wealth creation. The Pride Bank SACCO and Investment Club Product has been designed to strengthen and scale these community-driven financial structures.
The launch builds on Pride Bank’s transition from Pride Microfinance (MDI) to a fully licensed Tier II banking institution in November 2024, a transformation that has enabled the bank to broaden its product offering.
With over 45 branches nationwide, Pride Bank continues to be a leader in providing inclusive financial solutions tailored to Uganda’s evolving needs.
As Uganda works toward middle-income status, products like the Pride SACCO and Investment Club initiative are expected to play a critical role in mobilizing community savings, increasing access to credit, and fostering entrepreneurship.
I have already organised five co operatives having all certificates of registration but not approved by post bank should I submit to your desk
Thanks for your feedback William, but we are a news company just relaying the information, please reach out to Pride Bank through their website fo assistance https://www.pridebank.co.ug/.
Thank you
Pdm supervisor Samia bugwe central