MBARARA, Uganda — Pearl Bank, in partnership with the Agence Française de Développement (AFD), has reaffirmed its commitment to transforming Uganda’s agricultural sector through a concessional financing programme that has already benefited more than 170,000 individuals and farmer groups across the country.
The commitment was underscored on Monday during a field visit to Mbarara by a high-level delegation from AFD led by H.E. Virginie Leroy, the French Ambassador to Uganda, to assess the impact of the partnership on farmers, SACCOs and agricultural enterprises.
The visit follows the formalization of the partnership between Pearl Bank and AFD in October 2025, under which AFD extended a €15 million (approximately Shs60 billion) concessional credit facility and an additional €1 million (about Shs4 billion) in technical assistance. The funding is intended to improve access to affordable financing for agricultural micro, small and medium enterprises (MSMEs), smallholder farmers and Savings and Credit Cooperative Organizations (SACCOs).
Speaking during an engagement with members of Rwanyamahembe SACCO in Mbarara, Pearl Bank’s Head of Financial Institutions and Social Enterprises, George Williams Walusansa, said agriculture remains the backbone of Uganda’s economy and is central to the country’s long-term development agenda.
“Agriculture continues to play a vital role in Uganda’s economic growth. More than 70 percent of Ugandans depend on the sector either directly or indirectly, and it is one of the key pillars under the government’s Agro-industrialisation, Tourism, Mineral Development, and Science, Technology and Innovation (ATMS) strategy aimed at growing the economy from US$50 billion to US$500 billion by 2040,” Walusansa said.
He noted that the partnership has already produced encouraging results, demonstrating that affordable financing can significantly improve agricultural productivity and rural livelihoods.
“With the success stories we have witnessed from Rwanyamahembe SACCO and many other farmer groups across the country, we are confident that access to the right financing can create lasting impact while complementing government’s efforts to achieve its ambitious economic growth targets,” he added.
According to Pearl Bank, the programme has so far supported over 170,000 beneficiaries, including approximately 12,000 members of Rwanyamahembe SACCO, 13,000 beneficiaries under Kyamuhunga People’s Cooperative, and more than 120,000 members of Ebo Cooperative Savings, among several other farmer organizations nationwide.
French Ambassador Virginie Leroy expressed satisfaction with the progress registered since the partnership began, saying France remains committed to supporting Uganda’s agricultural transformation through investments that directly benefit rural communities.
She said the initiative demonstrates France’s commitment to investing in Uganda’s farmers, cooperatives and rural entrepreneurs, whom she described as the driving force behind the country’s agricultural sector.
AFD Uganda Country Director Marc Trouyet also praised the partnership, noting that the positive outcomes achieved so far prove that affordable financing is a powerful catalyst for economic transformation.
He said expanding access to finance has unlocked new opportunities for investment throughout Uganda’s agribusiness value chain, particularly for smallholder farmers, SACCOs, women entrepreneurs and young people.
Walusansa reaffirmed Pearl Bank’s commitment to designing accessible financial products tailored to Uganda’s productive sectors.
“We appreciate AFD’s continued support and remain committed to developing innovative financial solutions that expand participation in agriculture and other productive sectors. Through these efforts, we aim to create jobs, promote financial inclusion, strengthen food security, increase trade opportunities and boost exports, all of which contribute to Uganda’s socio-economic development,” he said.
Pearl Bank said the partnership aligns with its purpose of “Fostering Prosperity for Ugandans”, which it pursues through sustainable financial inclusion and support for entrepreneurship and enterprise development.
Formerly known as PostBank Uganda, Pearl Bank has over 28 years of banking experience and operates 59 branches and more than 12,000 banking agents across Uganda. The government-owned commercial bank continues to expand access to affordable financial services through its branch network, digital banking platforms and agency banking model.
