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Mbarara, Uganda | THE INDEPENDENT | Pride Bank Limited launched a new SACCO and Investment Club Product in Mbarara, a move the institution says will expand financial inclusion by giving savings groups better access to structured credit, training, and business support.
The product is designed for SACCOs, Village Savings and Loan Associations (VSLAs), Rotating Savings and Credit Associations (ROSCAs), and Investment Clubs. Groups that bank consistently for four months will be eligible for loans of up to 150% of their savings, along with financial literacy training and mentorship from established entrepreneurs.
At the launch, Pride Bank’s Regional Manager Privato Ruhangaaboho said the product reflects the bank’s long-standing commitment to serving unbanked communities.
“SACCOs are the backbone of community financing in Uganda, mobilizing billions in savings and extending affordable credit to millions,” Ruhangaaboho said.
“This product is tailored to strengthen that backbone helping groups save with purpose, borrow affordably, and grow sustainably.”
Pride Bank Head of Business Joseph Feeta highlighted the importance of collective financial growth, saying the initiative would help turn small group contributions into life-changing ventures.
“Deep down in villages and towns, people already pool resources through SACCOs and clubs because they know that alone we may go fast, but together we go further,” Feeta said.
“This product ensures their efforts are matched with structured savings, affordable credit, and mentorship so small contributions can become big opportunities.”
The new product comes at a time when Uganda has over 10,000 registered SACCOs and more than 8,000 active investment clubs, according to the Ministry of Trade, Industry and Cooperatives. These groups, many youth- and professional-led, now reach more Ugandans than commercial banks, especially in rural and peri-urban areas. They are seen as vital vehicles for financial literacy, group discipline, and wealth creation.
Mbarara Deputy Mayor Francis Beemanya welcomed the initiative, calling it a timely boost for the city’s economic ambitions.
“Mbarara has long been western Uganda’s center of commerce and opportunity,” Beemanya said.
“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.”
The launch also marks another step in Pride Bank’s transformation. The institution began in Mbarara in 1995 as Pride Africa, a donor-supported microfinance project. It later became Pride Microfinance Limited, attained MDI status, and in November 2024 secured a Tier II Credit Institution license, rebranding as Pride Bank Limited. The bank now operates more than 45 branches nationwide.
Feeta urged communities to embrace the new product as a tool for resilience and entrepreneurship.
“This is about collective growth and shared prosperity,” he said. “When groups save and borrow together, they protect themselves against shocks and unlock opportunities that once felt out of reach.”
