Celebrating 30 Years: Pride Bank Enters New Era as Tier 2 Institution

Pride Bank has officially transitioned to a Tier 2 credit institution, marking a significant expansion of its operational capabilities within Uganda’s financial sector. The announcement, made at a Kampala event on Friday, underscores the bank’s robust financial foundation built over three decades of operation.

Managing Director Veronicah Namagembe emphasised that Pride Bank’s strong financial footing was the critical factor enabling this upward move. Achieving Tier 2 status allows the institution to broaden its range of financial services and extend its reach to a wider segment of the Ugandan population.

“Pride Bank’s 30-year trajectory of growth has culminated in the financial strength necessary for this evolution into a Tier 2 credit institution,” stated Namagembe. “This enhanced financial capacity will allow us to deepen our commitment to responsible financial inclusion for a greater number of Ugandans.”

Namagembe attributed the bank’s financial resilience to consistent growth and the implementation of sound management practices, which have been central to its mission of creating a positive impact within communities. She reflected on the bank’s origins and its enduring focus on expanding access to financial services for all Ugandans.

“From our beginnings, Pride Bank’s steady financial strengthening has paved the way for this significant step, allowing us to amplify our efforts to empower communities throughout Uganda,” Namagembe added.

She also acknowledged the vital support of key investment partners, including Finance Trust Bank, BRAC, Opportunity International, FINCA, and Unifold, whose backing has been instrumental in Pride Bank’s financial stability and its journey of expansion.

Minister of Finance Matia Kasaija commended Pride Bank on its financial progress, recognising its alignment with the government’s goals for economic development and increased financial participation among citizens. He assured the bank of the government’s continued support as it leverages its enhanced financial capacity in its new role as a Tier 2 institution.

Board Chairperson Jachan Omach highlighted Pride Bank’s financial journey since its establishment in 1995, emphasising the consistent strengthening of its financial base as a primary driver in achieving this significant milestone.

“Pride Bank’s ascent to Tier 2 is a direct result of its growing financial muscle, positioning it to confidently embrace the expanded opportunities and responsibilities of serving Uganda with greater financial capacity and impact,” concluded Omach.

This transition marks a new chapter for Pride Bank, promising an increased capacity to contribute to Uganda’s financial landscape and further its mission of financial inclusion.