Pride Microfinance Uganda officially rebranded as Pride Bank Limited in April 2025. This shift from a Tier III microfinance institution to a Tier II credit institution, approved by the Bank of Uganda in December 2024, marks a bold step forward—not just for the bank, but for the entire sector.
This transformation signals more than a name change. It reflects a new vision rooted in expanding capacity and ambition. Founded in 1995 as Pride Africa, a donor-funded initiative to extend credit to low-income earners in agriculture, the institution began a journey that would eventually make it one of Uganda’s most influential financial actors.
In 2003, the Government of Uganda took full ownership, reconstituting it as Pride Microfinance Uganda. Since then, under the leadership of Managing Director Veronicah Gladys Namagembe, Pride has grown by targeting micro, small, and medium-sized enterprises (MSMEs), especially in rural areas where financial services are scarce.
By the end of 2023, Pride had reported total assets of UGX 455.6 billion (approximately USD 125.56 million) and an after-tax profit of UGX 7.69 billion (USD 2.12 million). Its customer base had grown to over 700,000, underscoring its impact on underserved communities.
Pride’s recent programs reveal its broader ambitions. A Youth Inclusion Program, launched with support from the European Investment Bank (EIB), aims to equip more than 1,000 young Ugandans with entrepreneurship training, mentorship, and start-up capital of up to UGX 5 million.
A partnership with UnionPay International now enables secure cross-border remittance services—benefitting workers, traders, and students. These services provide a lifeline for Ugandans engaged in international transactions, helping reduce financial barriers.
Equally notable is Pride’s commitment to corporate social responsibility. Each year, it allocates 1% of its post-tax profit to development projects in health, education, and sanitation. Recent beneficiaries include SOS Children’s Village and St. Phillip Health Care Center in Gulu, which was refurbished with bank support.
The institution’s growth challenges traditional assumptions about banking. In a sector often driven by profit-first models, Pride Bank has shown that financial strength and social impact can go hand in hand. Its strategy positions it as a catalyst for inclusive growth in a rapidly changing financial environment.
As banks across the region face mounting pressure to modernize and broaden access, Pride’s transformation offers a timely case study. With government backing and Namagembe’s strategic leadership, the bank is poised to influence policy and practice alike.
Pride Bank’s evolution is more than a milestone—it’s a movement. And for the Ugandan banking sector, it’s a signal that the future of finance is not only digital and competitive, but also inclusive and deeply rooted in community upliftment.