Uganda’s agricultural sector has received a major vote of confidence after the French Ambassador to Uganda praised the impact of Pearl Bank’s agricultural financing programme, which has already transformed the lives of more than 170,000 farmers and members of farmer groups across the country.
The commendation came during a visit to Rwanyamahembe SACCO in Mbarara by a delegation from the Agence Française de Développement (AFD), led by Ambassador Virginie Leroy. The visit assessed progress of a partnership between Pearl Bank and AFD aimed at increasing access to affordable financing for agricultural micro, small and medium enterprises (MSMEs), smallholder farmers and SACCOs.
The partnership, formalised in October 2025, provides a concessional credit facility worth €15 million (approximately UGX 60 billion) alongside €1 million (about UGX 4 billion) in technical assistance to strengthen Uganda’s agricultural value chains and improve financial inclusion.
Speaking during the engagement, Pearl Bank’s Head of Financial Institutions and Social Enterprises, George Williams Walusansa, described agriculture as the backbone of Uganda’s economy, employing more than 70 percent of the population and playing a central role in the country’s ambition to grow from a USD 50 billion to a USD 500 billion economy by 2040 under the government’s Tenfold Growth Strategy.
Walusansa said the success stories emerging from beneficiary SACCOs demonstrate that affordable and accessible financing can significantly improve productivity, incomes and rural livelihoods while complementing government efforts to drive economic transformation.
So far, the financing programme has reached over 170,000 beneficiaries, including 12,000 members of Rwanyamahembe SACCO, 13,000 members of Kyamuhunga People’s Co-operative, and approximately 120,000 beneficiaries through Ebo Co-operative Savings, among other farmer organisations nationwide.
Ambassador Virginie Leroy expressed satisfaction with the results achieved since the partnership began, noting that France’s investment is directly supporting Uganda’s farmers, cooperatives and rural entrepreneurs who remain the backbone of the agricultural economy.
Officials from AFD Uganda, including Country Director Marc Trouyet, also welcomed the progress, saying improved access to appropriate financing is unlocking new investment opportunities in Uganda’s agribusiness sector, particularly for smallholder farmers, women and young entrepreneurs.
Pearl Bank reaffirmed its commitment to designing financial products that promote inclusion, boost agricultural production, create jobs, strengthen food security and expand trade opportunities within Uganda and across regional markets.
As a government-owned commercial bank, Pearl Bank says its mission is to foster prosperity by driving sustainable financial inclusion and supporting entrepreneurship. The bank currently operates 59 branches, more than 12,000 banking agents, and digital banking platforms that continue to expand access to financial services across the country.
