Pride Bank Limited on Tuesday, June 24th, 2025, during a function held at its head offices in Bukoto, Kampala, announced its monumental evolution from a microfinance deposit-taking institution (MDI) into a full-fledged commercial bank.
This upgrade, coupled with the launch of five purpose-driven banking products under its newly acquired Tier II banking license, signals a new era of integrated financial solutions designed to empower Uganda’s entrepreneurs, homeowners, and traders, while driving economic growth.
According to Veronicah Gladys Namagembe, Pride Bank’s Managing Director, Pride Bank’s transformation is not merely a license change; it’s a testament to its enduring commitment to financial inclusion while strategically expanding its operational scope.
“I strongly believe that with these new products and more that are yet to come, the Bank is strongly positioned to support the government’s ATMS strategy of Agro-industrialisation, Tourism development, Mineral development including oil and gas, plus Science, Technology and Innovation, which are key in propelling Uganda to an upper middle-income country,” Namagembe said.
She noted that this pivotal shift was informed by an extensive consultative process, engaging thousands of clients, from smallholder farmers to burgeoning urban SMEs, to understand their aspirations shaping Uganda’s diverse financial landscape.
The result is a line of products specially crafted to deliver a unique blend of simplicity, affordability, and measurable impact, directly addressing critical market gaps.
Products to Drive Socio-Economic Transformation
The newly unveiled suite of banking solutions is set to act as a powerful catalyst for socio-economic transformation across various sectors. They include the following;
SME Corporate Loan
Speaking at the launch of these products, Joseph Fetaa, the Head of Business at Pride Bank, said that the SME Corporate Loan responds directly to the capital challenges faced by small and medium enterprises.
“This product is a game-changer for Uganda’s SMEs, which form 90% of the private sector and contribute over 75% to the GDP,” he noted.
He explained that the product offers tiered credit lines, tailored repayment structures, and embedded advisory services, all supported by a fully digitised application system and relaxed collateral thresholds to foster wider accessibility.
Fetaa stated that by fueling SMEs, this loan will drive job creation, boost local production, encourage value addition, and diversify the economy, thereby directly supporting Uganda’s industrialisation agenda.
Home Improvement Loan and Mortgage Loan
Recognising the fundamental role of dignified living, Fetaa noted that Pride Bank has introduced the Home Improvement Loan, offering flexible financing with tenors of up to five years and competitive interest rates for both salaried professionals and self-employed homeowners.
“A dignified living environment is essential to family wellbeing and social cohesion,” Fetaa highlighted.
He added that complementing this is the Mortgage Loan, a long-term financing tool with adjustable-rate options, legal advisory, and dedicated client support, designed to guide customers confidently through homeownership.
These loans, he explained, directly improve living standards, foster social stability, and stimulate the construction sector through increased demand for labour, materials, and associated services. They also contribute to wealth creation through asset ownership.
Trade Finance Services
For businesses engaged in cross-border commerce, Fetaa revealed that Pride Bank’s new Trade Finance suite covers letters of credit, performance guarantees, and invoice discounting.
This, he noted, is specifically intended to solve the working capital needs of exporters and importers seeking to expand across borders with reduced risk.
By facilitating international trade, Pride Bank will boost Uganda’s export earnings, reduce import costs, enhance competitiveness for local businesses on the global stage, and promote regional economic integration.
Forex Savings Account
In response to the growing demand for currency diversification, Pride Bank’s new Forex Savings Account enables clients to hold funds in USD, EUR, or GBP, earn competitive interest, and convert balances to Uganda Shillings instantly through the bank’s upgraded mobile platform.
This account, explained Fetaa, particularly targets diaspora clients, international contractors, and those seeking to preserve the value of foreign currency inflows.
He revealed that this product will help in retaining valuable foreign currency within the formal financial system, facilitate remittances, support international business transactions, and offer a protective measure against local currency fluctuations, thereby benefiting individuals and businesses engaged with global markets.
Digital Backbone and National Reach
It is important to note that all these new offerings are supported by a strengthened digital infrastructure, ensuring seamless and efficient banking experiences.
This digital backbone, Fetaa pointed out, is complemented by Pride Bank’s extensive 47-branch nationwide network, reinforcing its customer care model rooted in clarity, operational efficiency, and positive impact.