Pride Microfinance on Wednesday became the second locally enrolled financial institution to operate while observing sustainability standards, an initiative regulated by European Organization for Sustainable Development (EOSD).

The bank unveiled its sustainability standards certification at a colourful event held at the Kampala Serena Hotel.

The Uganda Development Bank (UDB) has been operating solely under the initiative.

Speaking at the event, the Deputy Governor Bank of Uganda (BoU), Dr Michael Atingi-Ego, commended Pride Microfinance for taking a bold step which he described as a move in the right direction.

He also tasked top chief executives of the financial institutions to embrace change.

“As the regulator, we are looking at having banks embrace this mode of operation. This way, we shall track the effects created by the environment. As we speak, prices of commodities are high simply because we experienced drought and then unexpected rains. Financial institutions must look beyond just profits.

“We want them to ensure their goals are in line with the government's commitment to a clean environment under National Development Plan III (NDPIII) and Sustainable Development Goals 2040. Bank of Uganda will be updating you on the developments,” the deputy governor noted.

The board chairman of Pride Microfinance, Fred Jachan Omach, stated that they decided for the betterment of their customers and the growth of the economy.

“We are excited that we have followed the footsteps of UDB, who were the pioneers here in Uganda to implement sustainability standards. As a financial institution, we look beyond profits; our customers need a clean environment, and this is what we are committing to,” Omach noted.

Arshad Rab, the chairperson of EOSD, appreciated the leadership of Pride Microfinance, saying the move will boost their profitability, support economic growth, and also meet international conventions.