Pride Bank expands financial reach with new offerings

KAMPALA, UGANDA – Pride Bank that recently transitioned from its microfinance roots, has launched five new financial products, marking a significant expansion of its services following its upgrade to a Tier II credit institution last November.

Managing Director Veronicah Gladys Namagembe stated the new services – an SME Loan Product, a Home Improvement Loan, Forex services and Trade Finance – were developed directly from extensive customer feedback, reflecting the bank’s commitment to addressing the evolving needs of Ugandans.

“These new products are timely, targeted, and speak directly to the everyday realities of Pride’s customers, from business growth to home ownership to wealth preservation,” Namagembe said, underscoring the bank’s 30-year mission of “transforming lives responsibly.”

The bank’s strategy aligns with three core goals linked to the 17 United Nations Sustainable Development Goals: boosting sustainable agriculture value chains, fostering robust small and medium-sized enterprises (SMEs) to drive economic transformation, and enhancing financial resilience through broader inclusion.

Joseph Fetaa, Pride Bank’s Head of Business, elaborated on how the new Tier II license has considerably broadened the institution’s operational capacity.

Among the new offerings, a Forex Savings Account is a key addition for customers with international income, particularly those receiving remittances from the diaspora, allowing savings in major international currencies like the US dollar. Fetaa highlighted this as a direct benefit of the bank’s expanded capabilities.

The SME Corporate Loan targets the vital small and medium-sized enterprise sector, aiming to bridge capital gaps for business expansion with a flat interest rate of 14 percent. A new Mortgage Loan allows Pride Bank to enter the homeownership financing space, seeking to support professionals, youth, and middle-class customers in acquiring long-term housing solutions.

Additionally, a Home Improvement Loan will provide an affordable avenue for Ugandans to upgrade or modify their existing residences. For traders, Trade Finance Solutions, including letters of credit and documentary collections, are designed to build confidence with international exporters and are slated for launch around July.

Fetaa emphasized that all products were developed through meticulous research and customer engagement, ensuring they addressed real-world needs rather than boardroom assumptions.

“Pride Bank is now open for business, offering home loans, SME loans, USD-denominated accounts, and the best customer service we’ve always prided ourselves on,” Fetaa concluded.

With 47 branches across Uganda, Pride Bank has disbursed over 2.2 million loans totaling more than 3 trillion shillings. The institution also reports having supported school fee payments for over 1 million children of its customers, and officials claim it has contributed to the employment of “millions” of Ugandans.

Bank representatives indicated that these new offerings, alongside existing products, are designed to align with and support the Ugandan government’s “ATM strategy,” a national framework focusing on accelerating growth in agriculture, industrialization, tourism development, mineral development (including oil and gas), and science, technology and innovations.

“This new license means we can offer a wider basket of goods to the market,” Fetaa explained. “Our customers are becoming more informed, more ambitious, and they have immense options. Pride Bank is now equipped with a bigger and better basket of financial solutions, with more flexibility and responsibility to serve the full financial journey of our customers – from their first savings account to their first home, first startup capital, and sustainable wealth.”