Speaking at the event, the Board Chairman of Pride Bank, Fred Jachan Omach, lauded the institution's unwavering commitment to the people of Uganda over the past thirty years. He highlighted the resilience and strategic acumen that guided Pride through various economic headwinds, including the 2008 global financial crisis and the unprecedented challenges posed by the COVID-19 pandemic. "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... 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 stated.
Omach traced the institution's extraordinary evolution, 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 the subsequent rebranding as Pride Microfinance in 2004. He emphasized that this continuous evolution and steadfast dedication to transforming the lives of its customers culminated in the significant acquisition of a Microfinance Deposit-Taking Institution (MDI) license in 2005.
With its new status as a tier two bank, Pride is now poised to offer a more diverse and comprehensive suite of banking solutions, further empowering businesses, individuals, and communities across Uganda. Omach expressed gratitude to the government and the Bank of Uganda for their pivotal role in championing Pride Bank’s cause and supporting it through this significant transformation. He affirmed the bank's ongoing commitment to reducing the number of unbanked individuals through the maintenance of a robust branch network, the development of inclusive financial products and services, the strategic leveraging of technology, and a continued focus on responsible operations.
Veronica Namagembe, the Managing Director of Pride Bank, emphasized that while the institution is transitioning into a fully-fledged bank, its core purpose of "transforming lives responsibly" remains steadfast. Drawing a biblical analogy, she stated, "The transition from microfinance to a fully-fledged bank is not just about expanding Pride Services; it’s about deepening her impact... With our increased capacity comes increased responsibility."
Namagembe articulated a vision for the future where Pride Bank prioritizes humanity at the center of its operations, even in a world often driven by profit. She proudly highlighted the tangible impact of Pride's journey over the past three decades, revealing that the institution has disbursed over 5 million loans, totaling 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," she explained.
Looking ahead, the Managing Director affirmed that Pride will measure its growth not solely by financial figures but more importantly by the number of lives improved, dreams realized, and communities transformed. "Together, we build a bank that not only provides financial services but also nurtures hope, cultivates prosperity, and transforms lives responsibly," Namagembe concluded.
The celebratory function was also graced by the presence of the Finance Minister, Matia Kasaija, and the Director of Non-Banking Financial Institutions Department at the Bank of Uganda, Mr. Mackay Aomu, among other distinguished guests, underscoring the significance of Pride Bank's transformation within the Ugandan financial landscape.