KAMPALA, Uganda – Pride Bank, citing its robust financial foundation built over three decades, has transitioned to a Tier 2 credit institution, the company announced Friday at a Kampala event. The move signifies a substantial increase in the bank’s operational capacity within Uganda’s financial sector.

Managing Director Veronicah Namagembe emphasized that Pride Bank’s strong financial footing was critical to meeting the requirements for Tier 2 status, enabling the institution to broaden its service offerings and expand its reach across Uganda.

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

She attributed the bank’s financial resilience to consistent growth and sound management practices, aligning with its core mission of positive community impact. Namagembe reflected on the bank’s origins and its focus on expanding financial access.

“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,” she stated.

Namagembe also acknowledged the crucial support of investment partners, including Finance Trust Bank, BRAC, Opportunity International, FINCA, and Unifold, whose backing contributed to Pride Bank’s financial stability and expansion.

Minister of Finance Matia Kasaija lauded Pride Bank’s financial progress, recognizing its alignment with the government’s objectives for economic development and broader financial participation. He assured the bank of continued government support as it leverages its increased financial capacity in its new role.

Board Chairperson Jachan Omach highlighted Pride Bank’s financial journey since 1995, emphasizing the consistent strengthening of its financial base as a key factor in achieving Tier 2 status.

“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,” Omach concluded.