How Pearl Bank is driving commercial agriculture under government’s ATMS agenda

By Bamutaze Sam

As Uganda intensifies implementation of its ATMS agenda (Agriculture, Tourism Development, Mineral-Based Industrialization, and Science, Technology and Innovation) with a strong focus on commercializing agriculture, Pearl Bank is increasingly positioning itself as one of the financial institutions helping translate government policy into tangible economic outcomes.

Agriculture remains the backbone of Uganda’s economy, employing more than 70 percent of the population and contributing significantly to export earnings. However, limited access to affordable and appropriate financing has long constrained investments in mechanization, irrigation, processing, storage and value addition, all of which are critical for transforming subsistence farming into commercially viable enterprises.

In response to these challenges, Pearl Bank has strategically focused on financing the entire agricultural value chain, supporting farmers, cooperatives, processors, traders and agribusiness enterprises. This approach aligns closely with government’s ambition of building competitive agricultural enterprises capable of serving domestic, regional and international markets.

One beneficiary, Equator Seeds Limited, credits Pearl Bank’s financing with enabling the company to purchase foundation seed, invest in irrigation infrastructure, acquire mechanized equipment and expand farmer training programs.

The investments have boosted production and improved incomes for both the company and thousands of farmers participating in its supply chain.

Agricultural economists argue that such interventions are crucial if Uganda is to achieve the objectives outlined in the national budget, particularly the transition from subsistence farming to commercial agriculture, agro-industrialization and broad-based economic monetization.

With a network of more than 11,500 agents operating across 1,935 sub-counties and serving over 6,150 parishes nationwide, Pearl Bank has built one of Uganda’s deepest rural financial ecosystems. The extensive reach positions the bank to support agricultural transformation at a scale few financial institutions can match.

The bank’s growing role comes at a time when government is expanding investments in agricultural financing programs.

According to the 2026/27 Budget Speech, the Agricultural Credit Facility (ACF) has cumulatively disbursed Shs1.35 trillion to more than 14,000 beneficiaries, while the Small Business Fund has extended over Shs82 billion to more than 4,000 enterprises.

Government has also committed Shs41 billion annually under the Large-Scale Commercial Financing Scheme to support interest payments for farmers cultivating more than 50 acres of grain and animal feed.

Earlier, while presenting the 2025/26 national budget, Finance Minister Henry Musasizi revealed that government had invested Shs371.1 billion in the Agricultural Credit Facility as co-financing with participating financial institutions.

As one of the participating banks in several government-backed financing initiatives, Pearl Bank has become a key channel through which public resources are reaching farmers and agribusinesses, helping accelerate the country’s shift toward commercial agriculture.

The bank’s contribution has not gone unnoticed.

In April this year, Pearl Bank received recognition from the Bank of Uganda for its outstanding partnership and responsiveness in implementing the Agricultural Credit Facility and Small Business Fund schemes.

The central bank noted that the institution had played a significant role in accelerating growth in Uganda’s agricultural and business sectors in line with the National Development Plan IV and the government’s Tenfold Growth Strategy.

The recognition reinforced Pearl Bank’s growing reputation not only as a leading financier of agriculture but also as a strategic partner in advancing government’s broader economic transformation agenda.

Earlier this year, the bank also received another prestigious accolade when it was named Uganda’s Best Agri-SME Lender by Aceli Africa during the Aceli Uganda Stakeholder Roundtable in Kampala.

The twin awards reflect strong growth in the bank’s agricultural lending portfolio.

According to the bank, its agribusiness loan book grew by 24 percent in 2025 compared to the previous year, driven by increased financing to farmers, cooperatives, processors, traders and agricultural small and medium-sized enterprises.

Speaking after receiving the Aceli Africa award, Pearl Bank Supervisor for Agriculture and Partnerships, Julius Akais, said the recognition highlighted the bank’s commitment to addressing financing gaps across agricultural value chains.

“The awards signify the contributions Pearl Bank has made to agricultural financing in Uganda and perfectly align with our purpose of fostering prosperity for Ugandans, which is implemented through our two high-impact goals of driving sustainable financial inclusion and stimulating entrepreneurship and enterprise,” Akais said.

Pearl Bank’s growing prominence comes as government places agriculture at the centre of its strategy to transform Uganda into a middle-income economy.

In the recently unveiled 2026/27 Budget, government reaffirmed its commitment to the full monetization of Uganda’s economy through commercial agriculture, industrialization, digital transformation and improved market access.

As policymakers seek to unlock the sector’s potential, financial institutions capable of extending affordable credit to rural communities are increasingly being viewed as indispensable partners in Uganda’s economic transformation journey.

For Pearl Bank, the challenge now is to build on its momentum and continue bridging the financing gap that has historically limited the growth of Uganda’s agricultural sector. For farmers and agribusinesses across the country, that support could prove decisive in turning government policy ambitions into sustainable economic prosperity.