Pride Microfinance Celebrates Becoming Bank

Officials have hailed the 30 year transformation journey of Pride Microfinance which has seen it transform into a tier two bank.

Speaking during a dinner held at Kampala Serena Hotel on Friday, The Pride Bank, board chairman, Fred Jachan Omach said the bank celebrates three remarkable decades of its firm commitment to Ugandans.

“For the past thirty years, Pride has been guided by a strong will to empower, a sharp wit to navigate the complexities of our industry including significant challenges such as the 2008 global financial crisis and the unprecedented COVID-19 pandemic and now, as we stand at this pivotal moment today, we look forward to the wisdom and sound judgment that will define our journey as Pride Bank,” Omach said.

“Therefore, story of Pride Bank is, indeed, nothing short of extraordinary. From its inception in 1995 as a microfinance project, generously supported by Austria & Norad, to its incorporation as Pride Africa (Uganda) Ltd in 1999, and its subsequent transformation into Pride Microfinance in 2004, our journey has been one of continuous evolution and solid dedication to transformation of the lives of our customers. This dedication culminated in a significant achievement in 2005 with the acquisition of a Microfinance Deposit-Taking Institution (MDI) license.”

He said the bank is now poised to offer a more diverse and comprehensive suite of banking solutions, further empowering businesses, individuals, and communities across the length and breadth of Uganda.

Omach hailed government and the Bank of Uganda for championing Pride Bank’s cause and supporting it through this significant transformation.

He said as a bank, they will continue on the journey to reduce the number of unbanked people through maintenance of a strong branch network, development of inclusive products and services, leveraging technology and operating responsibly.

Veronica Namagembe, the Pride Bank Managing Director said as they transform into a bank, the purpose of transforming lives responsibly remains unchanged.

“The transition from microfinance to a fully-fledged bank is not just about expanding Pride services; it's about deepening her impact. As it is written in Luke 12:48, "From everyone who has been given much, much will be demanded; and from the one who has been entrusted with much, much more will be asked." With our increased capacity comes increased responsibility,” Namagembe said.

“As we look into the future, we do so with faith in our purpose, confidence and ability serve. In a world that often prioritizes profit over people, Pride Bank remains committed to placing humanity at the centre of her operations.”

She explained that this 30 year journey has led them to to disburse over 5 million loans worth shs3.6 trillion.

"Behind these numbers are countless stories of farmers who expanded their harvests, entrepreneurs who built thriving businesses, students who completed their education and families who improved their living conditions."

According to the bank Managing Director, Pride will measure its growth not just in figures but in the number of lives improved, dreams realized, and communities transformed.

“Together, we build a bank a bank that not only provides financial services but also nurtures hope, cultivates prosperity, and transforms lives responsibly.”

The function was also attended by the Finance Minister, Matia Kasaija and , the Director of Non-banking financial institutions department at BoU Mr. Mackay Aomu among others.

Pride Microfinance recently elevated to a Tier II financial institution, officially changing our name to Pride Bank Limited.