Pride Bank targets high-value SMEs with enhanced financing solutions

Pride Bank has launched five new financial products aimed at expanding credit access and fostering a savings culture across Uganda. The announcement was made at the bank’s head office in Bukoto, Kampala, during a ceremony led by Managing Director Veronica Gladys Namagembe.

The new offerings include SME Corporate Loans, Mortgage Loans, and Forex Savings Accounts, alongside other solutions designed to meet the diverse financial needs of Ugandans. These products represent a significant step in Pride Bank’s commitment to supporting the nation’s economic development and its vision to be a leading homegrown financial institution.

“Today, we proudly operate 47 branches across the country. Over the years, we’ve disbursed more than 2.2 million loans, totaling over UGX 3 trillion. That’s not just a number; it’s a testament to the trust millions have placed in us. We’ve helped over 1 million families pay school fees, and we’ve created thousands of employment opportunities directly and indirectly through our services,” stated Namagembe.

She emphasized the bank’s dedication to aligning with the government’s economic agenda. “As the government of Uganda continues to champion economic growth and development, we at Pride Bank remain steadfast in our commitment to support that national vision. Our transition to Pride Bank was more than a rebrand; it was a bold transformation. It signaled to all Ugandans that a homegrown financial institution can grow, evolve, and expand its impact, all while staying true to its founding mission: to serve and uplift the people of Uganda,” Namagembe added.

Constance Namyalo Kateregga, Head of Credit at Pride Bank, highlighted the strategic focus on supporting growing businesses. “We have customers who are trading at a significant scale. We’re dealing with businesses that are importing goods, assets, and equipment, businesses with large operations and growing demands. For us, our SMB1 segment starts from UGX 30 million and above. We’re also looking at our corporate clients, the big players in the SME space. This includes companies involved in sectors like sports, construction, and other key industries,” Kateregga explained.

Adding to the suite of new products, Joseph Fetaa, Head of Business at Pride Bank, introduced the Home Improvement Loan. “We’re also proud to introduce our Home Improvement Loan, a product born out of real insight. Across the country, many Ugandans already own homes, often passed down or built with personal effort, but these homes no longer reflect their changing lifestyles and growing families.”

“For instance, someone who started with a two-bedroom home might now have five children and a need for more space and comfort. With our Home Improvement Loan, we’re giving people the chance to upgrade and modernize their homes affordably, aligning their living spaces with their evolving dreams,” Fetaa said.

The launch of these five new products underscores Pride Bank’s ambition to be a comprehensive financial partner for individuals and businesses across Uganda, contributing to increased financial inclusion and economic prosperity.