Pride Bank Launches Grow Financing Facility in soroti to Boost Financial Inclusion and Business Growth

By Peterson Hiirya.

Pride Bank has officially launched the GROW Financing Facility in Soroti, a strategic financial product aimed at expanding access to affordable credit for small businesses, entrepreneurs, women-led enterprises, and youth-owned ventures across the Teso sub-region.

The launch, held in Soroti City, attracted government officials, local leaders, women entrepreneurs, and private sector stakeholders, marking a significant step in strengthening financial inclusion and grassroots economic development in Eastern Uganda.

Speaking during the event, Veronica Namagembe, the Managing Director of Pride Bank, said the initiative reflects the bank’s mission to transform livelihoods through accessible financial services.

“The launch of the GROW Financing Facility in Soroti reflects our unwavering commitment to bringing financial services closer to the people. We are not just financing businesses; we are investing in dreams, families, and the future of this region,” she said.

She emphasized that Pride Bank remains committed to delivering practical financial solutions tailored to underserved communities, noting that the facility will help businesses expand operations, improve productivity, and create employment opportunities.

Joseph Feta, Business Head at Pride Bank, reaffirmed the institution’s strategic focus on inclusive growth, saying the initiative is backed by strong governance structures aimed at ensuring measurable community impact.

“We fully endorse the GROW Financing Facility initiative as a strategic enabler of economic empowerment. Our focus is to ensure that every expansion we make translates into real measurable impact in the communities we serve,” he said.

Veronica Namagembe, Head of Business at Pride Bank, highlighted the customer-centric nature of the product, noting that it was designed to address financing gaps affecting small and growing enterprises.

“From a business standpoint, the GROW Financing Facility is about meeting customers where they are. We have designed this product to be practical, responsive, and aligned with real business needs on the ground,” she said, adding that simplified procedures and faster turnaround times will improve service delivery.

Representing the Ministry of Gender, Labour and Social Development, Moses Bwindikwe, Regional Project Officer for Eastern Uganda under the GROW Project, reported that more than 11,348 women nationwide have benefited from business and vocational training programs.

He said the training covers areas such as salon management, catering, welding, mechanics, and metal fabrication. He also noted that women in Soroti and the wider Teso sub-region are being prepared for placement opportunities, though additional host enterprises are still required.

Bwindikwe further highlighted infrastructure grants and announced that 42 enterprises are in the final stages of approval, including EARO Cassava Processors in Teso. He also revealed upcoming Business Competition Grants ranging from USD 2,500 to USD 30,000 targeting innovative women entrepreneurs in environmental protection and male-dominated sectors.

Soroti Resident City Commissioner, John Michael Okurut, commended Pride Bank for supporting government empowerment programs but cautioned beneficiaries against misusing loan funds. He warned against diverting capital into non-business activities and urged transparency in implementation.

Okurut also noted past challenges in awareness and coordination, stressing the need for proper oversight to avoid mistakes experienced in earlier phases of the program.

Okiria Chris Mike, RDC of Kalaki District, called for reduced loan thresholds, suggesting UGX 2 million minimums to allow more grassroots women to benefit, while also warning against corruption and misuse of beneficiary data.

Akodai James, Assistant RDC of Kumi District, raised concerns about centralized loan processing in Kampala, urging Pride Bank to decentralize services to improve accessibility.

Meanwhile, Otim James Robert, LCV Chairperson of Ngora District, urged the bank to strengthen agent banking and work closely with SACCOs to reach rural communities.

He noted that many rural women still lack awareness of the program and face transport challenges accessing financial services.

The launch of the GROW Financing Facility in Soroti reinforces Pride Bank’s commitment to inclusive economic growth, financial empowerment, and sustainable development across Uganda.