The Minister of Finance, Planning and Economic Development, Mr Matia Kasaija (5th left) and a team from Pride Bank led by the Board chairman, Mr Fred Omach (4th left) cut cake during the official launch of the bank in Kampala on May 9, 2025. PHOTO/MICHAEL KAKUMIRIZI
After 30 years of providing financial services and transforming Ugandans, Pride Microfinance officially, on May 9, transformed into a fully-fledged bank.
Ms Veronica Gladys Namagembe, the managing director of Pride Bank, speaking at the launching event on Friday, in Kampala, said they would continue empowering communities, building sustainable futures for many people through the power of partnership and collaboration.
“Our purpose remains unchanged, transforming lives. Responsibly, this transition from Pride Microfinance to Pride Bank is not just about expanding private service; it is about deepening our impact with people. Pride Bank remains committed to placing humanity at the centre of our operation since we believe that true legacy is not about the money we accumulate but the lives we touch,” she said.
Ms Namagembe highlighted that since 2005, when Pride Microfinance got its licence, they have offered about 2.1 million loans to people and dispersed Shs3.7 trillion that have transformed communities, entrepreneurs, buildings, thriving businesses, students completing education, and families, contributing to their living conditions.
The managing director of Pride Bank gave a success story of one of their clients, Betty Atum (not her real name) years ago. When Atum was going to school, a taxi driver would pick her up to take her to school. One day she ended up pregnant and gave birth at 14 years old; the man took her in a Muzigo (rented house) in Kibuli. Unfortunately, in the process of giving birth, Atum ended up with fistula ; the man ran away, leaving her in a rented house alone.
“She started washing people's clothes to make ends meet with her child. And in that process, she meets a lady who is a customer of Pride and told her, ‘I can take you to Pride. You don't have to have security to get a loan,’ ” she recounted.
Ms Namagembe added: “Atum went to one of our branches and got a group loan of Shs150,000. She went to Owino market, got second-hand shoes, and started selling them. That transformed her; she now exports trailers of children's shoes and toys. She treated herself, and the man came back. Now, they have five children. And all of them are educated with degrees, and they work with her.”
Speaking at the same event, Mr Matia Kasaija, the minister of Finance, acknowledged Pride Bank for its growth vision, stating that it is in line with the government’s commitment to economic growth and financial inclusion in transforming societies from peasants to a prosperous country. “
A vision that speaks volumes regarding our efforts over the first time, including growth and creating jobs aimed at improving the lives of our people. The vision to transform creates a challenge for all of us towards the economy at all levels. Is it a challenge? I urge you to see an opportunity, especially the financial institutions,” he said.
Mr Kasaija added: “Government will ensure that the legal and regulatory framework is conducive for the financial sector to intermediate and facilitate the flow of capital. We must, therefore, put in place proper mechanisms to ensure that the bank meets the highest potential requirements and the highest standards of good governance."
“Our approach will be to work with all stakeholders so that we create a competitive banking sector that supports household growth and benefits society. A sector that operates within rules that are appropriate and that are proportional to the risk banking sector at the heart of Ugandans supports this economy.”
History of Pride Bank
Mr Jochan Omach, the Board chairman of Pride Bank, said Pride Bank dates back to 1995, when it was called Pride Africa, with one branch in Mbarara.
In 2005, it was licensed by the government to become a Minority Depository Institution (MDI), as Pride Microfinance MDI. On November 26, 2024, it transformed from Tier 3 to Tier 2, with a capital base of more than Shs150 billion, with more than 40 branches across Uganda.
“We shall never leave that lower level and make sure that they come together with us. We grow them together, and we ensure that they are well catered for; the bank gives us fresh weight to our vision, which is the preferred provider of inclusion. We do not leave out anybody, being customer-centric and offering financial solutions,’’ Mr Omach said.
