Earlier this month, Pride Microfinance Limited, Uganda’s largest Microfinance Deposit-Taking Institution (MDI), officially transitioned into a Tier II banking institution, earning the regulatory nod to operate as Pride Bank Limited. The milestone, confirmed by the Bank of Uganda in November 2024 through the granting of a Class 5 Credit Institution License, ushers Pride into the formal banking arena, widening its service offerings and deepening its reach.
But behind the headlines, there is one story that has not been told enough — the story of Namagembe Veronicah Gladys, the woman who has led Pride from a modest MDI into one of Uganda’s most impactful community banks.
For nearly 16 years, Namagembe has served as the Managing Director of Pride, having joined the institution in the early 2000s. Her rise has been quiet but steady, moving from Head of Operations to Acting Deputy Managing Director, before assuming the top seat in September 2009. Under her watch, Pride has not only expanded its balance sheet but has also deepened its social mission: bridging the financial inclusion gap for Uganda’s underserved and last-mile communities.
“Today marks not just the unveiling of a new name, but the celebration of a remarkable journey, one defined by transformation, resilience, and unwavering purpose,” Namagembe said during the official launch of Pride Bank at Serena Hotel Gardens. “We now step confidently into the future as Pride Bank.”
A Journey of Purpose and Numbers
Pride Bank’s transformation is not just a rebranding exercise — it is the result of years of disciplined growth, purposeful leadership, and an unwavering commitment to financial inclusion. Under Veronicah Namagembe’s stewardship, Pride’s numbers tell a powerful story of resilience, scale, and impact.
Since becoming Managing Director in 2009, Namagembe has overseen the expansion of Pride’s deposits from UGX 13.8 billion in 2009 to UGX 178.2 billion in 2024 — a Compound Annual Growth Rate (CAGR) of 18.6% over 15 years. Loans and advances have grown from UGX 47.8 billion in 2009 to UGX 234 billion in 2024, delivering a CAGR of 11.2%. Total income has increased from UGX 26.6 billion to UGX 103.1 billion, a CAGR of 9.5% over the same period, while total assets have expanded from UGX 66.1 billion to UGX 448.3 billion, reflecting a CAGR of 13.6%.
These growth figures have been achieved while Pride remained profitable every year under Namagembe’s leadership. Net Profit, which stood at a modest UGX 2.4 billion in 2009, has fluctuated over the years but still reached UGX 8.2 billion in 2024, representing a CAGR of 8.5% despite external shocks such as COVID-19 and economic headwinds.
Pride has also deepened its community impact by disbursing over 5 million loans worth UGX 3.6 trillion across Uganda, demonstrating a scale of outreach unmatched by many peers in the Tier II space. The number of active borrowers has grown from 60,300 in 2009 to 91,901 in 2024, despite periodic market fluctuations, and staff strength has nearly doubled from 462 employees in 2009 to over 964 by 2024.
“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,” Namagembe shared at the launch event.
Even during economic downturns, Pride has stayed the course. In 2024 alone, Pride grew its loan book by UGX 20.2 billion, deposits by UGX 1.2 billion, and total income by UGX 9.4 billion, while maintaining profitability. This resilience is testament to Namagembe’s disciplined approach to balancing growth with risk management.
Moreover, Pride’s transition to Tier II banking is not just about growth in numbers — it is about broadening financial access. With over 45 branches and 2 contact offices across Uganda, Pride Bank is uniquely positioned to serve last-mile customers, offering enhanced credit facilities, digital banking services, and tailored savings products that respond to Uganda’s evolving needs.
“With our increased capacity comes increased responsibility,” Namagembe said. “Pride will measure her growth not just in figures but in the number of lives improved, dreams realized, and communities transformed.”
“Having achieved Tier II banking license, we now stand ready to offer expanded financial solutions, including competitive savings products, enhanced credit facilities, and seamless digital banking,” adds Edward Nkangi, Executive Director, Pride Bank. “We shall continue to push for financial inclusion because this is a very important aspect of who we are as Pride.”
The Woman Behind the Numbers
At the heart of Pride Bank’s remarkable evolution is Veronicah Namagembe — a leader whose career trajectory is as steady as it is inspiring. For nearly two decades, she has been the steady hand behind Pride’s transformation, steering the institution through regulatory shifts, market disruptions, and organizational change, all while keeping the mission of financial inclusion at the forefront.
Namagembe’s journey with Pride began in the early 2000s when she joined as Head of Operations, later rising to Acting Deputy Managing Director before being appointed Managing Director in September 2009. Her background is rooted in Uganda’s financial sector: she previously worked at Uganda Women’s Finance Trust (now Finance Trust Bank) for six years and at Diamond Trust Bank Uganda for a year.
Energy Ministry Orders UEDCL Board to Investigate Top Management Over Performance GapsSince taking the helm, she has methodically strengthened Pride’s internal capacity, instilling a culture of accountability and purpose. “I’m entrusted with the operational and strategic direction of the company, thus spearheading the planning process and overseeing the execution of those plans while ensuring that all risks are well managed,” she states in her professional profile.
Her leadership extends beyond the office walls. Namagembe has served as President of the Association of Microfinance Institutions of Uganda (AMFIU), and is a Board Member of the Uganda Bankers Association (UBA), where she represents all Tier II and III financial institutions. She also sits on the Board of the Uganda Institute of Banking & Financial Services (UIBFS), where she chairs the Finance and Human Resource Committee, and holds a leadership position at Majestic Brands Ltd as Vice Chairperson.
Namagembe’s philosophy is deeply human-centered. “It is my role to ensure that the mission and values of Pride are well understood and that staff live by them. I also undertake mentoring and coaching for continuity and succession planning,” she explains. Her focus on people development has created a pipeline of leaders within Pride, ensuring sustainability and continuity in a sector often characterized by high turnover and executive churn.
Her academic credentials underscore her strategic acumen. She holds an MBA in Finance and Accounting from Durham University and has further sharpened her leadership toolkit through prestigious programs, including Strategic Leadership in Inclusive Finance at Harvard Business School.
What sets Namagembe apart is her ability to blend financial discipline with purpose. She is a leader who has stayed the course, guiding Pride through its 18.6% CAGR in deposits, 11.2% CAGR in loans, and 13.6% CAGR in assets over 15 years, while never losing sight of the real measure of success: transforming lives.
“Pride’s success is a testament to the power of partnership and community,” she told stakeholders at the launch dinner. “To those who are no longer with us but whose legacy lives on in the foundation of Pride Bank, we express our deepest gratitude.”
Namagembe’s story is not just one of personal achievement — it is a blueprint for building institutions that are both profitable and purpose-driven, a reminder that in the world of banking, it is possible to grow big and stay close to the people who matter most.
The Path Forward: Big Enough to Matter, Small Enough to Care
Pride Bank may have only officially received its Tier II banking license in November 2024, but it enters the market as a heavyweight among its peers. Its UGX 178.2 billion in deposits places it ahead of established Tier II institutionssuch as Guaranty Trust Bank (UGX 167.4 billion), Opportunity Bank (UGX 147.5 billion), and ABC Capital Bank (UGX 25.7 billion).
On the lending side, Pride Bank’s UGX 234 billion loan book is the largest among Tier II banks — comfortably exceeding Opportunity Bank’s UGX 158.3 billion, Guaranty Trust’s UGX 46.5 billion, and ABC Capital’s UGX 20.7 billion. In total assets, Pride Bank’s UGX 448.3 billion dwarfs competitors, with Opportunity at UGX 265.9 billion, Guaranty Trust at UGX 167.4 billion, and ABC Capital trailing at UGX 59.2 billion.
These figures tell a compelling story: Pride Bank is not just joining the Tier II market — it’s redefining it. The institution’s 18.6% CAGR in deposits, 11.2% CAGR in loans, and 13.6% CAGR in assets over the last 15 years are a testament to a disciplined growth strategy anchored in inclusivity, resilience, and community banking.
Yet despite its size, Pride Bank’s heart remains in the right place — with the customers who have long been excluded from mainstream banking. Namagembe’s leadership philosophy continues to center on last-mile banking: reaching women entrepreneurs in rural markets, agricultural traders in peri-urban hubs, and families who have never set foot in a traditional bank branch.
“Life’s most persistent and urgent question is, ‘What are you doing for others?’” Namagembe reminded guests at the launch. “At Pride Bank, this question will continue to guide our decisions, shape our products, and define our success.”
Pride Bank’s entry into Tier II is not just about regulatory classification — it is about impact at scale. It is about being big enough to matter in Uganda’s financial system, while staying small enough to care for the farmer in Bushenyi, the shopkeeper in Arua, or the teacher in Soroti.
And as Uganda’s financial landscape continues to evolve, Pride Bank stands ready — not just as a participant, but as a leader in inclusive, responsible, and community-centered banking.
As Pride Bank steps into its new era, its foundation is rock-solid: built not just on deposits and loans, but on the lives it has touched — and the woman who helped it get there.
