Uganda, April 28 -- At 7 am in Nakawa market, a vegetable trader opens her stall with stock bought using a recent PDM loan. 

The money has helped her clear rent arrears, restock quickly, and keep the business moving. By midday, she is selling. By evening, she has cash in hand again.

In one sense, the loan has worked. Across Uganda, this story is becoming common. 

Through the PDM, Saccos, and other lending channels, many people who were once shut out of formal finance can now borrow, trade, and keep their businesses alive. That matters. In a country where a lack of capital has long kept millions out of opportunity, wider access to credit is a real gain. 

But access to credit does not equal growth. That is the questi...