Victoria Office Park, Block B, Plot 6-9, Ben Kiwanuka Okot Close , P. O. Box 7566 - Tel: +256-75-4346 930/ +256-75-2262 366/ +256-75-4258 150 Fax: +256-414 346147 Toll Free: 0800333999 Email: [email protected], Website: www.pridemicrofinance.co.ug

facebook.com/prideug twitter.com/prideug prideug mdi +256-702096300

i Pride Annual Report 2017 ii Pride Annual Report 2017 Contents

General Information Pride Network iv Corporate Profile: 1 Managing Director’s Foreword 2 Board Chairman’s Statement 4

Management, Products and customer testimonies Board Of Directors 7 Executive Committee Of Management 8 Pride Products & Services 9 Pride Stars 14 From Our Customers 15 Pride Events And Awards 22

Risk Management and Financial Review Risk Management Statement 25 Report Of the Directors 28 Statement Of Directors Responsibilities 31 Report Of The Independent Auditors 32 Financial Highlights 34 Financial Statements 37

Offices and Locations Pride Offices And Branch Network Addresses 41

iii Pride Annual Report 2017 The Pride Network

Southern Sudan

Yumbe Moyo N Adjumani Kitgum

Kotido Pader

Gulu Moroto Nebbi Pakwach Lira Apac Katakwi

Kaberamaido Nakapiripirit DRC Masindi Kumi Nakasongola Kamuli Kenya Kagadi Kiboga Kayunga Namayingo Jinja FortPortal Mubende Wakiso Bugiri Malaba Kyaliwajala Busia Kyenjojo Lugazi Mayuge Kampala Mukono Mityana Kasese Sembabule Mpigi Ibanda Kabwohe Key Kyotera Lake Victoria Rukungiri Isingiro Rakai Pride Branch Kalangala Kihihi Pride Contact Kisoro Office Tanzania Rwanda

iv Pride Annual Report 2017 General Information Bankers

Registered Office: Bank of Africa Victoria Office Park, Block B, Plot 45, Jinja Road, Plot 6-9, Ben Kiwanuka Okot close, Bukoto P. O. Box 2750, P. O. Box 7566 Kampala. Kampala, Uganda

Company Secretary: Barclays Bank Uganda Limited Mrs. Claire .S. Ekochu Kampala Road P. O. Box 7566, Kampala, Uganda P. O.Box 7101 Kampala, Uganda Solicitors: Sebalu & Lule Advocates & Legal Centenary Rural Development Bank Ltd Consultants P. O. Box 137, S&L Chambers Kampala, Uganda Plot 14 Mackinnon Road, P.O.BOX 2255, Kampala Uganda Uganda Limited Centre Court, Ternan Avenue Auditors: Nakasero Plot No 4 KPMG P. O. Box 7505 Certified Public Accountants, Kampala, Uganda 3rd Floor, Rwenzori Courts, P. O. Box 3509, Kampala, Uganda DFCU Bank Plot 26 Kyadondo Road, Nakasero P.O Box 70, Kampla,Uganda

Stanbic Bank Uganda Limited 17 Hannington Road Crested Towers P. O. Box 7131 Kampala

v Pride Annual Report 2017 Corporate Profile

About Pride.

Pride Microfinance Ltd (MDI) (Pride) is a Microfinance Deposit-taking institution (MDI) regulated and Our Our supervised by (BoU) under the MDI Act, 2003 and MDI Vision Mission Regulations, 2004. From inception, Pride has grown to become the ‘To be the leading ‘To sustainably leading MDI providing innovative provider of customer provide financial financial solutions to the economically centric financial solutions, to micro, active Ugandans at the base of the solutions for the small, medium and pyramid. Pride serves its customers social and economic upscale entrepreneurs through 34 networked branches and development of that promote the 8 contact offices spread across the entrepreneurs in social and economic country. As at end of December Uganda’ development of 2017, Pride had 521,210 customers Pride’s customers.’ and 766 staff.

Pride’s Value proposition: Our Core Values:

Pride’s proposition to the market revolves Pride’s core values are as follows: around three key unique selling points. • Best Customer Service These are; • Efficiency & Effectiveness • Fairness and Transparency • Fast turnaround time • Integrity and accountability • Ease of use • Teamwork • Excellent customer service Ownership Strategic Statement: Pride is wholly owned by the Government ‘To provide credit, savings and E-business of Uganda. solutions to 2,000,000 customers in Uganda by 2022 through sustainable and innovative solutions that promotes their social and economic transformation’.

1 Pride Annual Report 2017 Managing Director’s Foreword

We are passionate about our customers and shall continue to put customers, rather than products at the core of our operations. As such, we have put systems and platforms in place to address operational related challenges and give customers delightful experiences every time they transact with Pride. We have made the client grievance mechanism a lot quicker with dedicated teams who follow up on client queries and complaints with outbound calls and call backs, keeping check on potential areas of improvement and assessing customer feedback while providing timely solutions.

n behalf of the Pride Team, In May and August 2017, besides holding I once again take this unique meetings with staff in 39 locations, I got opportunity to share with you the privilege of visiting 138 customers and this Annual Report. In 2017, met entrepreneurs with micro, small and Owe earmarked the Response Strategy owing medium businesses in the sectors of Trade to the internal superior metrics to combat & Commerce, Education, Agriculture value the intensity of the threats posed by the chains, and Health, among others. All these environment. During the year, we undertook customers shared varying success stories with a strategic investment to acquire a robust pertinent emotions of the connection they new Core Banking System “Rubikon”and have with Pride. I was particularly touched by a introduced an Enhanced Contact Office number of customers that told me how Pride Model that leverages on technology. Despite has been the reason they have managed to these interventions, we kept our cost base send their children to school. I was delighted; under control, invested in Human Capital looking at all the happy faces I believe that to strengthen our competitive advantage Pride is indeed making a difference in people’s and continued to embed risk controls at the lives. There was also positive criticism from centre of our day to day business operations. some clients; which I am glad to report has formed part of our operational and product As an institution, Pride has continued to re- refinements. invent itself and provide customer centric solutions that have continued to make it Our greatest competitive advantage is Pride’s relevant to its customers, hone its competitive human capital. We believe that all 766 of our advantage and continues to position itself as employees are assets to be invested in and the leading MDI in Uganda. Our relevancy not expenses to be managed. To enhance has resulted into positive reactions from human capital productivity, we invested a lot the customers, as reflected in our customer in capacity building and training of our staff. testimonies on pages 15-21. This renewed focus will enable us leverage on internal ecosystems to design and

2 Pride Annual Report 2017 deliver distinctive experiences to customers, for the benefit of all stakeholders. In 2018 we plan to continue engaging our staff as we build a customer centric organisation.

I ‘am blessed to have the guidance and backing of people from various spectra who have set the tone from the governance perspective. I therefore take this opportunity to thank the Board, Management, Bank of Uganda, Government of Uganda, KPMG, and all other stakeholders for their role in Pride’s success.

Last but not least, I would like to thank our staff for withstanding all the challenges of drought, low economic growth and other operational hurdles. They have never lost their hope but have diligently served Pride. Everywhere you see a Pride location, is because our staff are resilient and hardworking. I am indeed humbled to have such a dedicated workforce and extend my love and best wishes to each and every one of them; together with their loved ones. Most importantly, all the glory goes to GOD Almighty for his grace which is above human understanding.

As I conclude, let me share a poem from William Arthur Ward about Life: The adventure of life is to learn. The purpose of life is to grow. The nature of life is to change. The challenge of life is to overcome. The essence of life is to care. The opportunity of life is to serve.

Wishing you all God’s blessings in 2018.

Veronicah Gladys Namagembe Managing Director.

3 Pride Annual Report 2017 Statement of the Board Chairman

n behalf of the Board of Directors and management, I’m delighted to present to you the 2017 Annual Report that Ohighlights the performance of Pride Microfinance as well as the developments attained in the year 2017.

I am grateful to all stakeholders who made it possible for PRIDE to remain the leading micro-finance institution in the country.

My special appreciation goes to the Management and staff for the continued great performance. I also wish to thank the Board for the brilliant oversight without which, we would not be enjoying the growth and stable performance of this great institution.

Further appreciation goes to the Government of Uganda, Bank of Uganda and external partners for providing an enabling working environment that has seen us yet again produce an impressive performance. We look forward to even better relations in 2018

To our customers, we are immensely grateful for walking the journey with us. Your support and guidance has enabled us to achieve our ambitions for the year 2017. Your feedback continues to inform our strategies, policies and systems. We pledge to continue exercising agility in adapting to customers’ needs in 2018, as we remain Customer Centric.

4 Pride Annual Report 2017 The Economic Outlook

Uganda’s average annual growth has been 4.5% in the five years to 2015/16, a slowdown from the 7% achieved during the 1990s and early 2000s. The economic slowdown was mainly driven by adverse weather, unrest in South Sudan, private sector credit constraints and disturbances arising from the Kenyan elections to mention but a few.

Central Bank lending rates reduced from 12% at the start of the year, to 9.5% in September, in a bid to ease monetary policies. GDP growth remains averagely 3.5% and headline inflation at 5.3%. These monetary fundamentals significantly impact the costs of financing and operations in the banking sector.

The industry however, remained relatively sound and stable. Pride equally, steered through the market forces to realize its performance ambitions as reflected in the financial results below.

Financial performance

• Profit after Tax increased by 10 % from Ushs 15.05 billion in 2016 to 16.50 billion in 2017. • Total Assets increased by 4 % from Ushs 242.93 billion in 2016 to 252.66 billion in 2017. • Net loans and advances (amortized cost) decreased by 3% from Ushs 140.75 billion in 2016 to 135.95 billion in 2017. • Customer deposits increased by 1% from Ushs 104.75 billion in 2016 to Ushs 105.41 billion in 2017.Total equity increased by 19% from Ushs 87.85 Bn in2016 to Ushs 104.34 billion in 2017. • Return on assets stood at 6.53%. • Return on equity stood at 15.81%.

Risk Management and Controls

We have clear risk management objectives and an established strategy to deliver them through the Enterprise Risk Management Framework (ERMF). This enables us to fully understand and minimize the impact of uncertainty in the business.

Responsibility for risk management is cascaded from the Board and Executive Committee of Management down through the organization. This ensures that decisions relating to risk are taken at the most appropriate level. Details about our ERMF are highlighted on Page 25-27

Corporate Social Responsibility

Responsibility: In 2017, we continued to demonstrate our commitment to transforming lives in communities in which we operate. We committed 1% of after-tax profits to improving the social livelihood of communities. These interventions were centred around our theme: “Health and Sanitation”.

5 Pride Annual Report 2017 Pride conducted 103 community initiatives across the entire footprint. A few are listed here below; • Participation in the Rotary Cancer Run, Lugazi Green Marathon and MTN marathon whose causes were in line with ‘Health and Sanitation’. • Donation of Sanitary and cleaning items to Missionaries of the Poor. • Donation of sanitary items to Loving Hearts Babies Home, Gaba. • Donation of Medical Consumables to Bugiri Main Hospital. • Financial contribution to Miria Mugabirwe for Cancer treatment. • Donation of a fully functional Solar system to the Maternity ward of Health Center III. • Donation of branded water tanks and dustbins to Kiswa Health Center IV, main Market, Mbarara Central market, Lira Refferal Hospital, Masaka market, Rukungiri health Center IV, Arua Municipal Council, Karago Market, and Karongo Primary school. • Donation towards purchase of medical consumables to . • Donation of 45 bags of cement and cleaning materials to Kazinga Community Hall. • Donations of a monitoring machine, weighing scale, Blood pressure machine, pulse oxymeters, thermometers and branded waste bins to the children’s ward at Lachor Hospital in Gulu. • Donation of 25 branded leather mattresses to Kagadi and Masaka Regional Hospitals. • Donation of sanitary pads to the girls of St. John S.S. Wakitaka.

In 2018, Pride will continue to focus on Health and Sanitation, as a way of demonstrating its commitment to a productive nation.

2018 outlook

The main boosters for the 2018 economic outlook relate to increased agricultural production due to better weather conditions, increased FDI following recent issuance of Oil exploration licenses and expected infrastructural developments. Pride will continue to navigate the associated risks and offer competitive propositions that will continue to position it as the MDI of for micro and small scale entrepreneurs.

Pride will also continue to invest in market relevant technologies to enhance convenience for our customers. Internally, the institution will continue to invest in Research, enhance processes and systems in order to improve efficiencies and give customers distinctive experiences.

Our staff forms a core part of our assets. As such the institution will continue to enhance capabilities and skills of staff in 2018 through local, and international trainings.

Conclusion

We expect operating conditions in the market to remain challenging. We are however, well positioned to weather these challenges. We indeed are determined to deliver as per our vision and missions manifested through our Brand Promise, because as we say in Pride; “Your Growth is our Pride”

HON. FRED JACHAN OMACH BOARD CHAIRMAN.

6 Pride Annual Report 2017 Board Of Directors

Hon. Fred Jachan Omach Board Chairman

Constance Makosya Maris Wanyera Stephen Ddungu Kabugu Chairperson Risk, Chairperson HR, Compliance, Chairman Board Audit Compensation & ALCO Administration, & Committee Committee Procurement Committee

Judith Aguga Acon Veronicah G. Namagembe Edward Nkangi Chairperson Strategy Managing Director Executive Director Committee

7 Pride Annual Report 2017 Executive Committee Of Management Veronicah Gladys. Namagembe Managing Director

Edward Nkangi Claire Samula Ekochu Deo Kateizi Rehema N.S Mutazindwa Executive Director Company Secretary / Head of Business Head of Human Capital Head of Legal Development & Marketing Management

Irene Mwoyogwona Dan Ivan Nambwira Apollo Taremwa Vincent Kiyingi Musoke Head of Finance Head of Internal Audit Head of Credit Business Head of ICT

Sylver Kyeyune Sulaiman Katende Bob Paul Lusembo Robert Maganda Head of Risk Head of Treasury Head of Savings & Head Administration & Management E-Banking Procurement

8 Pride Annual Report 2017 Pride Products and Services Savings Products

Smart Savings Account This is a fully liquid savings account where customers can transact on a daily basis.

Unlimited access to your savings

Akiba Savings Account This is a semi-liquid account for savers who need to build long term savings for planned Projects or emergencies.

Achieve your longterm projects with savings

Rising Stars’ Account This is an account for children below 18 years of age at very attractive interest rates. The account is opened and operated by parents/guardians in trust of the children

Save for their future

9 Pride Annual Report 2017 Fixed Deposit Account This is an account where customers’ deposits are fixed at competitive interest rates for an agreed period of time.

Invest for the future

Save As You Earn Account (SAYE) This is an account designed to suit the needs of clients who are target savers for a specific period of time

Save with a vision

10 Pride Annual Report 2017 Loans Products

Business Loan (BL) This Loan offers a fast and secure means of boosting an individual’s income and capital.

Curve Your Way to Growth with Pride

School Fees Loan (SFL) This Loan enables a parent or guardian or student to access funds to pay school fees at once and pay later in manageable installments.

Achieve your educational dreams

Group Guaranteed Loan Scheme (GGLS) This loan product is designed for those clients that come together, are trained and guarantee each other, to be able to access credit facilities in a group. Grow Together

11 Pride Annual Report 2017 Mortgage /Asset Financing Loan (MAFL) This loan gives a customer access to the asset without paying for it all at once.

Pride finances both income Get Assets generating and non income now, pay in generating assets. manageable amounts

Agricultural Loan product (ALP) This loan targets clients in rural or urban areas who are engaged in the agricultural value chain.

Access Finance for Agricultural Activities.

Community Banking This product serves clients that come together in their communities. They are trained and guarantee each other to access . We come to you

12 Pride Annual Report 2017 Other Services

Mobile Phone Banking (MPB) This product was designed to enable clients to access their accounts conveniently, at any- time and from anywhere using their mobile phones.

Let your phone do the banking.

1. Western Union, MoneyGram and Xpress Money transfer services. Customers can enjoy value added, fast and reliable worldwide money transfer services at 30 of our branches countrywide.

2. Mobile Money transfer services. Pride is a super agent of the following mobile money products: Msente, MTN Mobile Money and Airtel Money.

3. Real Time Gross settlement (RTGS) and Electronic Funds Transfer (EFT). Pride can transfer money from one client’s account to other banks. This service is offered to both Pride clients and non-Pride clients.

4. ATM services. Pride currently boasts of 20 ATMs located in the following branches: road, , , , , , City Centre, Bukoto, Nakulabye, , Mukono, Mbarara, Jinja, Gulu, Mbale, Forportal, Masaka, Iganga, Lira and Kabwohe. This is aimed at enhancing convenience to our customers as they can access their accounts 24hours a day.

5. Payway services. You can now access Payway services at Pride branches to buy airtime, Internet and pay for utilities (electricity and water), PayTV (DSTV. GOTV, Startimes) and URA payments.

6. SMS Alerts. Clients get notifications of withdrawals and deposits thus giving them information about any transactions on his or her account.

13 Pride Annual Report 2017 Pride Stars

The following are only a scoop of Pride staff that excelled in their roles by going the extra mile, staying committed and diligent in their tasks throughout the year 2017. For their outstanding performance, we recognize and appreciate them.

Lumunye David Yasin Ssendagala Lydia Namukasa Community Banking Officer Database Adminstrator- Cashier- Central III Central I Head Office

Betty Liz Nakabugo Samuel Ebyiau Lukabwe Fred Credit Supervisor- Customer Care Executive Cashier- Eastern Central II Rover- Northern

Bagumaho Faustinio Tusiime Janephar Customer Care Executive Health and Sanitation Rover- Western I Asistant - Western II

Congratulations to our Pride stars and we urge you to keep up the good work and keep shinning even in 2018. 14 Pride Annual Report 2017 From our Customers

We continuously engage and track our customers’ progress. This enables us to tailor our products and solutions to their needs. Below are a few testimonies from some of our customers across our footprint.

Sister Mugisha Clare Lira Branch

I am Sister Clare Mugisha, and I was born in Rukungiri 55 years ago. I currently live and work in Oyam District as the Headmistress of Iceme Girls S.S and joined Pride through the Lira branch in 2013.

I started by saving Ugx.300,000 monthly, on my I have convinced my fellow staff and personal account and I later opened an account for head teachers to embrace services the school where parents deposit school fees for the offered by Pride. I am grateful to students. Pride and their staff for their agility in providing formal banking services to As an institution, we have maintained a warm communities here in Lira and oyam relationship with Pride ever since, and they have Districts. I call on the public to visit any given us a lot of support over the years. For Pride Microfinance branch near them example, in 2014, we had financial challenges and and experience their unique services were prompted to take a loan, which was processed and customer care. and given to us in time. Pride has also helped us with printing of deposit slips for our students to use for banking their school fees.

Pride feels like home to me and their staff have always been welcoming. In 2016, we faced a tragedy, where heavy rainstorms blew down the administration block of our school. Pride came to our rescue and donated 30 bags of cement, through their Corporate Social Responsibility agenda. This enabled us to start the reconstruction process.

Pride donated In addition, banking with Pride has enabled e to 30 bags of monitor the transactions on both my personal cement to Iceme Girls under its savings account and the school’s account with ease. Corporate Social Their instant SMS alerts keep me updated on any Responsibility agenda transaction happening on any of the accounts we run.

15 Pride Annual Report 2017 Phionah Nakitto Wandegeya Branch

My name is Phionah Nakitto, aged 32. I was raised in Mengo and my family lives there to this day. I currently run a restaurant called Fifi’s Restaurant at ‘Ku Biiri roundabout’, next to Pastor Kakande’s church.

My interactions with Pride Microfinance started in I can confess that my businesses have 2010. The branch is situated right near my business all been funded through savings. I have premises. Out of curiosity, I decided to walk into never accessed a loan. Anyone can the Pride branch and ask what they could offer me. start saving small amounts, and these It felt convenient to have my bank situated next to will accumulate over time. Pride will my business and this motivated me to start saving also give you some interest on your with them. savings. Their staff are helpful and always explain until you get what you I watched my account grow to millions. Cashiers want. thank me enthusiastically every time I come to make a deposit. I feel really appreciated. I have been able to expand my business solely through my savings with Pride. I have accumulated savings from my businesses, which i always deposit on my account at Pride.

I urge and encourage anyone that is trying to make some savings to start small and not worry about how little they have.

16 Pride Annual Report 2017 Kijjambu Abdallah Mukono Branch

My name is Kijjambu Abdallah, a resident of Namasinda, Nakibano Parish in . I am 57 years old and predominantly practice farming for a living.

13 years ago, I joined Pride after a recommendation My banana plantation has improved by one of my customers; who was banking with and expanded greatly. Now am able Pride. I used to sell my bananas to this Pride to take out two bunches of matooke Customer, for her restaurant. In one of our daily. I used to rear local cattle, but conversations, I intimated to her that I was having my farm has expanded to include hardships paying my children’s school fees, as my Friesians. All this has been made business wasn’t generating the revenue I wanted. possible through loans obtained from She referred me to Pride Microfinance, Mukono Pride Microfinance. I have been able Branch. So I visited Pride’s premises in Mukono, to educate my children, some of and got enrolled into one of the groups. whom have graduated.

I started by saving Ugx 2,200 weekly. When my Am impressed by Pride’s products savings accumulated to Ugx 100,000, I was given and services. I particularly like the a loan of Ugx 300,000. I invested this money in SMS alerts. Whenever a transaction my business. After paying back fully, I progressively happens on my account, I get notified took more loans and currently qualify for Ugx 20 immediately. I also make use of their million. top-up loans to add working capital to my business.

I urge everyone to visit any of Pride’s branches and embrace their reliable services.

Mr. Kijjambu improved and expanded his banana plantation, using Pride’s loans.

17 Pride Annual Report 2017 Buchana Joseph Katwe Branch

My name is Buchana Joseph, I was born 40 years ago in Nakasongola District. I am a businessman, dealing mostly in hardware.

I came to know about Pride Microfinance through All the assets acquired thus far have my sister. On 09th December, 2006 I opened an been because of my long standing account at Katwe branch. I was able to secure a loan relationship with Pride. I started by of Ugx 600,000. After which, I have been able to take operating a small bar, expanded to a more loans; with the current being my 17th. Pride has diary business, and now, I operate a always been there, to give me ready financing for my hardware shop. I have added rentals to business, every time I needed it. my business portfolio. I have re-stocked my businesses many times over, using their top up loans.

The instant SMS alerts I receive relating to my account transactions are good for tracking movements on my account. I encourage my fellow countrymen to visit Pride and enjoy some of their loan products as well as other services.

Mr. Buchana in his Hardware shop. Joseph has always accessed ready financing for his business activities.

18 Pride Annual Report 2017 Byekwaso Azaliya Jinja Branch

My name is Byekwaso Azaliya, a trader in Buikwe Municipality. I deal in timber, transport and am also a poultry farmer. In 1998, I heard about Pride Microfinance for the first time.

I heard that they were giving loans to groups, so I I was able to purchase land and build went with four other people and we were guided a residential home for my family with on how to form a group. We were given training in these loans. With my first individual regard to how the groups operate and thereafter, loan, I topped up this money and given loans. bought my first truck, that I use for my transport business. I started with a loan of Ugx 150,000 and have subsequently taken eight progressive loans. I later In the years I have spent with Pride, moved out of the group and started accessing I have experienced good customer individual loans, my first being a Ugx 5 million loan. service. I have also enjoyed many other products and services, including Mobile phone banking and instant SMS alerts.

I started with a loan of Ugx 150,000 and subsequently taken eight progressive loans.

19 Pride Annual Report 2017 Madina Namakula Mbarara Branch

My Name is Namakula Madina. I was born 40 years ago in Isingiro District. I conduct my business in the Central Market, Mbarara and deal in fruits and fresh vegetables.

I heard about Pride Microfinance in 2003 through a With these loans, I have been able friend who had an account with them. She advised to acquire pieces of land and build me to do the same, and consequently, I opened the rentals. I have also added more account and started saving. working capital to my businesses. With the income from the businesses, I started by saving Ugx 8,000 per week within the I was able to educate my two children, group, and after six weeks, I obtained a loan of Ugx who are graduates now. 150,000 which I invested in the business. I am grateful to Pride for supporting After paying it up fully, I obtained another loan of me. From the point when I could qualify Ugx 300,000, and slowly advanced to bigger loans. for only Ugx 150,000, to this moment I used the money to grow my business and also when I have diversified into multiple invested in real estate. businesses, acquired properties and I left the group, since I had sufficient collateral and even educated my children. started accessing individual loans. I would choose Pride, over other banks, because of their good customer care and fast loan processing time. In many cases, my loans get approved within just two days.

20 Pride Annual Report 2017 Kulabako David Entebbe road Branch

My name is David Kulabako, 55 years of age and a resident of . I am a businessman, dealing mainly in Hardware, and based in Nakasero market.

I got to know about Pride Microfinance, through a The other services I enjoy at Pride friend that works there. I opened an account and include mobile banking and SMS alerts. started saving. With time I acquired a loan of Ugx 5 These keep me updated. With the million, taking my motor vehicle as collateral. mobile banking services, I can easily and conveniently pull and push money To add to my working capital, I have acquired many to my account in the comfort of my loans from Pride subsequently and built my assets shop, without necessarily going to the portfolio to include real estate. I have also educated branch. my children in good institutions here and overseas, thanks to Pride.

The loan officers are friendly. They always advise me regarding my business needs and where I need more working capital, they are quick to support me in acquiring funding.

With the Pride Mobile service, i can deposit or withdraw money from my bank account conveniently.

21 Pride Annual Report 2017 Pride Events & Awards

Events

Head office staff hand over a dummy cheque to 40days40smiles Foundation for their Angaza schools program.

Head office staff hand over a dummy cheque to the Uganda Rural Elderly Support during a CSR activity

22 Pride Annual Report 2017 Masaka branch staff handover branded mattresses to Pride staff from Nateete poses for a photo during Masaka Regional Hospital their CSR activity at Mackay Primary school

Members of Pride's Senior Management team Pride staff pose for a photo at the 2017 MTN handover a dummy cheque to Kira Road Police Kampala marathon station during a CSR activity.

The Marketing team receives Pride’s Award for the Pride hands over scholastic materials to the next ‘Best digital embrace by Microfinance institutions’ at Rising stars’ in attendance during the KCCA city the Digital Impact Awards-2017. festival.

23 Pride Annual Report 2017 Awards received in 2017

Pride received an accolade Pride scooped an award for Pride received recognition for at the Digital Impact Awards partner most improved from their long partnership with Oiko for ‘Best Digital embrace by Xpress Money Credit Microfinance institutions’ 2017.

Pride’s accolade from the 2017 Pride received an appreciation Pride received an appreciation People’s choice awards for Best award from the International award from the Institute of Microfinance MDI Labour Organization Internal Auditors, Uganda

Pride scooped a trophy at the Pride scooped yet another Pride received a certificate of recognition from 2017 Rotary Go-kart race. accolade for Winner- Pool games for its contribution at the 18th Banker’s sports gala. towards revenue generation in the financial year 2016/17

24 Pride Annual Report 2017 The Risk Management Statement Introduction

Pride has a proactive approach to Risk Management that remains an integral part of the day to day business operations. As such, internal processes have been developed to ensure all major risks are proactively assessed and managed throughout the 3 lines of defense. All the activities in the business are guided by comprehensive business and administrative policies, procedures and guidelines. This is achieved through upholding the highest standards of integrity and constantly ensuring that principles of sound corporate governance are upheld at all levels of the organization.

Pride’s Enterprise Risk Management Framework (ERM) builds on optimizing the Risk – Reward strategy leveraging on the Risk Control awareness culture right from the Board, Executive Committee of Management to the frontline staff and this was fundamental to Pride’s achievements in 2017 despite the volatility and uncertainty that characterized the 2017 business environment.

Top risks to Pride business in 2017 were driven by the market and environmental variables on account of the long drought in some parts, systematic risks of high nonperforming assets among others. As a regulated financial institution, Pride’s cardinal risk profile nevertheless included; Strategic, Credit, Compliance, Operational, Liquidity, Information Security and people risk categories The emerging power of technology in 2017 did not only come with galloping opportunities to the business but enhanced social media activity demystifying the reputational risks as well as systems related risks. The planned Land Bill amendments could in turn affect the collateral coverage and underwriting

As a key undertaking, Pride has earmarked implementation of IFRS 9 in line with the accounting developments. This is expected not only to enhance the compliance regime, but also exert more pressure on the institution’s capital requirements. The Board is closely watching this development going forward into 2018.

Overview of Pride’s Risk Governance

• The Board has clearly articulated Pride’s Risk Control environment aimed at obtaining a risk reward trade off; through minimizing threats while maximizing opportunities. The Board’s responsibilities include instituting a scalable Enterprise Risk Management framework that defines Pride’s risk appetite, roles and responsibilities of the various parties, tools to support the risk management processes and mitigating actions to Pride’s risk profile, among others.

• To underscore Pride’s Risk Management oversight, Board has instituted the Risk, Assets Liabilities Committee while the Board Audit Committee is also in place to promote oversight of the financial reporting process, the audit processes and the systems of internal controls.

25 Pride Annual Report 2017 • At Management Level, the Management Credit Committee provides valuable oversight over the Credit Risk Management ranging from Credit approvals in line with the approved limits, to Monitoring and recommending Credit Risk policy reviews to Board in line with the changing risk profile. Management Risk, Assets and Liabilities Committee (RALCO) provides the management oversight role over implementation of the ERM Framework.

• Pride’s Risk Appetite is clearly defined through the Risk Appetite statement in the ERM framework. The Risk Management processes are co-ordinated by the Risk Department which develops and implements the Enterprise Risk Management framework, monitors overall risk profile and escalates high priority issues to EXCOM and Board to activate effective actions.

The risk governance model chart

Pride Microfinance Board

Board Board Board Oversight RALCO Audit Committee

EXCOM Managing Director/ Responsibility EXCOM Team

Risk Management Management Management Credit Oversight RALCO Committee

Internal Audit/ External Audit/ Assurance Regulatory Supervision

Risk Management Implementation, Assessment and Monitoring

The three lines of defence model supports implementation of the risk management activities as highlighted below:

The 1st Line of Defence: All Heads of Departments and staff in their respective departments or sections have the primary responsibility in their areas of operation. Besides risk identification and assessment, the first line of defence is also mandated to identify potential control lapses for continuous enhancement. They are risk managers in their individual day to day portfolios.

2nd Line of Defence: This comprises of two Control functions of Risk and Compliance and which are charged with Risk Assessment at an institutional level on top of the 1st line of Defence. These are assigned with responsibilities to champion the Enterprise Risk Management and the Compliance Risk Management policies, respectively. They undertake independent risk assessments and promote awareness to the first line of defence.

26 Pride Annual Report 2017 3rd Line of Defence: This is constituted of the Assurance functions of Internal and External Audit and this line provides reasonable assurance to the Board on the adequacy of Pride’s Risk Management processes .

Risk and Compliance Business Operations Internal Audit functions

First line of defence Second line of defence Third line of defence • ndertake contro initiatives • Champion impementation • Assurance roe on in their da to da business of the Enterprise Risk effectiveness of the operations. Management framework. institution’s Enterprise Risk management processes. • Risk and Contro Sef • ndertake institutiona risk Assessment on a month assessment proect risk basis. management & reporting to a stakehoders. • Adherence to poicies procedures & guideines. • Monitoring of the institutiona compiance • in ine with the changing of contro gaps. reguator framework.

• Coordination of the st and rd ine of defense in Risk Management processes.

Front line staff from Functions: Risk & Internal Audit & External Branches & Depts., HoDs Compliance Audit

Risk Management

Risk Assessment:

Central to effective risk assessment is a culture of self-assessment by the functions as guided by the ERM Framework. This is complimented by independent assessment by the control functions in line with assessed risks. Pride has documented the risk measurement criteria both quantitatively and qualitatively in the guiding frameworks with risk tolerances clearly defined.

RISK MONITORING

To keep track of the corporate risk profile and adequacy of the risk control processes, a number of tools and dashboards have been provided for by the Board as detailed in the Enterprise Risk Management framework. These range from a database of Key Risk Indicators and risk limits as aligned to the strategic objectives, various registers to track regulatory, internal / external market and incident registers. These are complemented by independent assessments by Risk and Compliance functions along with independent Audit reviews as an assurance function in the Risk Management process.

Whereas EXCOM keeps track of business risk initiatives on a weekly basis, monthly and Quarterly reports are provided to Board in a bid to appraise the Directors of the corporate Risk profile even before the quarterly Board meetings. This has enhanced Board and EXCOM oversight of the Institution Risk profile.

27 Pride Annual Report 2017 Report of the Directors For The Year Ended 31 December 2017

1. PRINCIPAL ACTIVITIES.

The company takes deposits from the public and various institutions and provides loans and advances to customers.

2. MARKET RISK.

Market risk exists wherever the company has taken trading, banking and investment positions. Trading and investment limits are set by the Board of Directors (‘Board’) to contain the risk of losses within a prescribed amount in the event of adverse price movements.

3. CAPITAL ADEQUACY.

The company monitors the adequacy of its capital using ratios advised by Bank of Uganda. These ratios measure capital adequacy by comparing the company’s eligible capital with its statement of financial position assets and market and other risk positions at a weighted amount to reflect their relative risk.

The market risk approach covers the general market risk. Assets are weighted according to broad categories of notional credit risk, being assigned a risk weighting according to the amount of capital deemed to be necessary to support them. Three categories of risk weights (0%, 20%, and 100%) are applied; for example, cash and investments in government securities have a zero risk weighting which means that no capital is required to support the holding of these assets. Balances with banks and other financial institutions will be subject to a risk weight of 20%. Premises and other non-current assets, long term investments, loans net of provisions, inter-branch balances and other assets carry a 100% risk weighting.

Contingent claims secured by cash collateral have zero risk weighting, direct credit substitutes (guarantees and acceptances) have 100% risk weighting while transaction related facilities (performance bonds) carry a 50% risk weighting. These are the off-statement of financial position items.

Tier 1 capital consists of shareholders’ equity. Tier 2 capital includes subordinated debt (not to exceed 50% of core capital, subject to discount factor), other reserves and general provisions of up to 1% of loan portfolio (limited to a maximum of 1.25% of gross risk-weighted assets). Basis:

Core capital required is 15% of the total risk weighted assets including the risk weighted contingent claims.

Total capital required is 20% of the total risk weighted assets including the risk weighted contingent claims.

28 Pride Annual Report 2017 Based on the above ratios and definitions of capital, the company’s capital adequacy position is as follows:

Statement Statement of Financial Risk Weighted of Financial Risk Weighted Risk weight Position Nominal Amount Position Nominal Amount Amount Amount

2017 2017 2016 2016 Assets (net of provisions): Ushs'000 Ushs'000 Ushs'000 Ushs'000 Notes and coins 4,548,912 0% - 4,134,167 - Deposits with banks 80,947,496 20% 16,189,499 64,046,140 12,809,228 Investment in treasury bills 1,412,649 0% - 2,845,966 - Loans and advances to customers 133,865,236 100% 133,865,236 139,152,238 139,152,238 Intangible asset 7,535,673 100% 7,535,673 375,751 375,751 Property and equipment 14,945,899 100% 14,945,899 14,324,626 14,324,626 Current Tax Asset 1,506,744 100% 1,506,744 478,083 478,083 Other assets 5,808,385 100% 5,808,385 15,973,128 15,973,128 Total Risk Weighted Assets 250,570,994 179,851,436 241,330,099 183,113,054

Capital ratios Capital Ratio Capital Ratio 2017 2017 2016 2016 Tier 1 capital 92,020,988 51.17% 84,068,736 45.91% Tier 1+ Tier 2 capital 97,694,374 54.32% 89,716,380 49.00%

The above computation indicates that the company complies with the capital adequacy requirements under Sections 15 and 16 of the Micro Finance Deposit Taking Institutions Act, 2003.

29 Pride Annual Report 2017 Directors.

The directors who served during the year and to the date of this report were: -

Hon. Fred Jachan Omach - Chairman Mrs. Constance Makosya - Member Ms. Maris Wanyera - Member Mr. Stephen Kabugu - Member (Audit Committee chairman) Ms. Judith Aguga Acon - Member Ms. Veronicah G. Namagembe - Managing Director Mr. Edward Nkangi - Executive Director

4. AUDITORS.

The Auditor General has expressed his willingness to continue in office in accordance with section 167 (2) of the Companies Act of Uganda, 2012.

5. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved by the directors at a meeting held on 26th March 2018.

By order of the Board

Signed……………………… Date: 26th March 2018 Mrs. Claire . S. Ekochu Company Secretary

30 Pride Annual Report 2017 Statement of Directors’ Responsibilities he Company’s directors are responsible for the preparation and fair presentation of the financial statements of Pride Microfinance Limited (MDI) as set out in subsequent pages, Tcomprising the statement of financial position as at 31 December 2017, the statements of comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards, the Ugandan Companies Act 2012 and Microfinance Deposit Taking Institutions Act 2003 and for such internal controls as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The directors’ responsibilities include; designing, implementing and maintaining internal control relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; making accounting estimates that are reasonable in the circumstances and safeguarding the assets of the company.

Under the Ugandan Companies Act and the MDI Act, the directors are required to prepare financial statements for each year that give a true and fair view of the state of affairs of the company as at the end of the financial year and of the operating results of the company for that year. It also requires the directors to ensure the company keeps proper accounting records that disclose with reasonable accuracy the financial position of the company.

The directors accept responsibility for the financial statements set out in subsequent pages which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with International Financial Reporting Standards, Microfinance Deposit Taking Institutions Act and the Ugandan Companies Act. The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the company and its operational results for the year ended 31 December 2017. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

The directors have made an assessment of the company’s ability to continue as a going concern and have no reason to believe the business will not be a going concern for the next twelve months from the date of this statement.

Approval of the Financial Statements. The financial statements, as indicated above, were approved by the board of directors on 26th March 2018 and were signed on its behalf by:

Hon. Fred Jachan Omach Mr. Stephen Ddungu Kabugu Ms. Veronicah G. Namagembe Board Chairman Director Managing Director

31 Pride Annual Report 2017 Report Of The Independent Auditors

Opinion

The summary financial statements, which comprise the summary statement of financial position as at 31st December 2017, the summary statement of comprehensive income and other disclosures, are derived from the audited financial statements of Pride Microfinance Limited (MDI) for the year ended 31st December 2017.

In my opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements, in accordance with International Financial Reporting Standards, the Micro-Finance Deposit-taking Institutions Act, 2003 and the Companies Act of Uganda 2012. Summary Financial Statements

The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards, the Micro-Finance Deposit-taking Institutions Act, 2003 and the Companies Act of Uganda 2012. Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to that date of our report on the audited financial statements. The Audited Financial Statements and My Report Thereon

I expressed an unmodified audit opinion on the audited financial statements in my report dated 19th April 2018. That report also includes the communication of key audit matters. Key Audit Matters are those that in my professional judgment were of most significance in my audit of the financial statements for the current period. Directors’ Responsibility for the Summary Financial Statements

The Directors are responsible for the preparation of the summary financial statements in accordance with International Financial Reporting Standards, the Companies Act of Uganda 2012 and the Micro-Finance Deposit-taking Institutions Act, 2003. Auditor’s Responsibility

My responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on my procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.

John .F.S. Muwanga Auditor General 20th April, 2018

32 Pride Annual Report 2017 Financial Highlights 2017

33 Pride Annual Report 2017 34 Pride Annual Report 2017 35 Pride Annual Report 2017 Financial Statements 2017 Statement of Comprehensive Income For The Year Ended 31 December 2017

2017 2016 Ushs’000 Ushs’000

Interest income 67,953,909 66,141,855 Interest expense (8,566,522) (10,137,151) Net interest income 59,387,387 56,004,704 Fee and commission income 10,472,463 9,445,930 Fee and commission expenses (95,181) (117,282) Net fee and commission income 10,377,282 9,328,648 Other operating income 7,700,264 6,259,009 Net operating income 77,464,933 71,592,361 Personnel costs (31,453,012) (28,913,647) Other operating expenses (19,270,694) (17,999,448) Impairment losses on loans and advances (1,979,556) (1,827,012) Depreciation and amortisation (3,322,545) (2,232,996) Total expenses (56,025,807) (50,973,103) Profit before tax 21,439,126 20,619,258 Income tax expense (4,942,198) (5,572,806) Profit for the year 16,496,928 15,046,452

Other comprehensive income, net of tax Total comprehensive income 16,496,928 15,046,452

36 Pride Annual Report 2017 Statement of Financial Position As at 31 December 2017

2017 2016 Ushs’000 Ushs’000 ASSETS Cash and balances with banks 85,496,408 68,180,307 Financial investments-held to maturity 1,412,649 2,845,966 Loans and advances to customers 135,950,521 140,754,356 Other assets 5,808,385 15,973,128 Current income tax recoverable 1,506,744 478,083 Property and equipment 14,945,899 14,324,626 Intangible assets 7,535,673 375,751 TOTAL ASSETS 252,656,279 242,932,217

LIABILITIES AND EQUITY LIABILITIES Customer deposits 105,409,910 104,747,524 Excess savings over loan insurance fund 7,238,665 6,359,655 Loan insurance fund 4,180,935 4,509,143 Other liabilities 12,070,862 14,404,222 Amount due to related company 300,083 300,083 Debenture 4,281,663 4,281,663 Borrowed funds 13,299,350 18,999,285 Deferred grants 493,355 599,368 Deferred income tax liability 1,037,082 883,828 TOTAL LIABILITIES 148,311,905 155,084,771

EQUITY Share capital 25,207,350 25,207,350 Retained earnings 66,266,695 52,545,275 Regulatory reserves 12,870,329 10,094,821 TOTAL EQUITY 104,344,374 87,847,446 TOTAL LIABILITIES AND EQUITY 252,656,279 242,932,217

The financial statements were approved by the Board of Directors on 26th April, 2018 and signed on its behalf by:

Director (Board Chairman) : ...... Managing Director: ......

Director: ...... Secretary: ......

37 Pride Annual Report 2017 Statement of Changes In Equity For The Year Ended 31 December 2017

Retained Statutory Available for Share Capital Total Equity Earnings Reserves sale reserve

Ushs '000 Ushs '000 Ushs '000 Ushs '000 Ushs ‘000 At 1 January 2016 25,207,350 40,340,141 7,253,503 - 72,800,994 Total comprehensive income - 15,046,452 - 15,046,452 for the year Transfer to regulatory reserve - (2,841,318) 2,841,318 - At 31 December 2016 25,207,350 52,545,275 10,094,821 - 87,847,446

At 1 January 2017 25,207,350 52,545,275 10,094,821 - 87,847,446 Total comprehensive income - 16,496,928 - 16,496,928 for the year Transfer to regulatory - (2,775,508) 2,775,508 - reserve At 31 December 2017 25,207,350 66,266,695 12,870,329 - 104,344,374

The statutory credit risk reserve represents amounts by which provisions for impairments of loans and advances determined in accordance with the Microfinance Deposit Taking Institutions Act 2003 (MDI Act 2003) exceed those determined in accordance with International Financial Reporting Standards.

The excess amount is appropriated from retained earnings as required by the Bank of Uganda prudential guidelines.

38 Pride Annual Report 2017 Statement of Cashflows For The Year Ended 31 December 2017

2017 2016 Ushs ‘000 Ushs ‘000

Net cash flows from operating activities 34,232,639 12,663,051 Investing Activities Proceeds from disposal of assets 15,660 3,629 Purchase of property and equipment (3,205,510) (2,884,201) Acquisition of intangible assets (8,026,752) (266,109) Net cash flows used in investing activities (11,216,602) (3,146,681) Financing Activities Capital grant received - 297,660 Loans repaid (7,199,936) (3,403,573) Loans received 1,500,000 13,313,981 Net cash flows used in financing activities (5,699,936) 10,208,068 Net increase in cash and cash equivalents 17,316,101 19,724,438 Cash and cash equivalents at the beginning of 68,180,307 48,455,869 the year Cash and cash equivalents at the end of the year 85,496,408 68,180,307

39 Pride Annual Report 2017 Pride Offices & Branch Network Addresses

OFFICES Address

1. Head Office Bukoto, Victoria Park, Block B, Plot 6-9 Ben Kiwanuka, Okot Close, P.O.Box 7566 Kampala, Uganda. Tel:+256754346930, +256752262366, +256754258150, +256752262365 BRANCHES 1 Arua Plot 1, Avenue Road P. O Box 905 Arua Telephone: +256476420490 2. Bugiri Plot 76 Trikundes Street P.O Box 170 Bugiri Tel: +256 43 250 130 3 Bukoto Victoria Park, Block B Plot 6-9 Ben Kiwanuka Okot Close P.O. Box 7566, Kampala Tel:+ 256 757 346 297 4. Bushenyi Plot 3 High Street P. O Box 341, Bushenyi Tel: +256 485 433 929 5 Buwenge Corner House Kamuli Road P.O Box 1839 Jinja Tel: + 256392718417 6 City Centre Plot 40-46 Mukwano Arcade, Ben Kiwanuka Street P. O. Box 7566 Kampala Tel: +256 414 507 051 7 Entebbe Road Plot 8-10 Metropole House, Entebbe Road P. O. B ox 7566 Kampala Tel: +256 041 446297, +256 0414 346930 8 Fortportal Plot 23 Rukidi Road P. O. Box 968 Fortportal Tel: +256 483 422 989 9. Gulu Plot 17 , Cemetery Road P.O Box 149, Gulu Tel. 0392-718417 10 Hoima Plot 30 Old Tooro Road Muganywa Centre Building, P. O. Box 168 Hoima Tel: +256 465 40 469 11 Iganga Plot 37/38 Main Street P. O. Box 170 Iganga Town Tel: +256 43 242 430

40 Pride Annual Report 2017 12 Ishaka Plot 22 Rukungiri Road P. O. Box 341 Ishaka Tel: +256 485 443 477 13 Isingiro Kabingo Trading Centre Plot 15, Isingiro 14 Jinja Plot 32/34 Main Street P. O. Box 1839 Jinja Tel: +256 434 121 316 15 Kabalagala Plot 261 Road P. O. Box 7566 Kampala Tel: +256 414 510 447 16 Kabale Plot 143 Kabale P. O. Box 368 Kabale Tel: +256 486 424 207 17 Kabwohe Mbarara Road Opp. Caltex Filling Station P. O. Box 341 Bushenyi Telephone: +256 485 422 939 18 Kasese Saad Building P. O. Box 487 Kasese Tel: +256 483 444 151 19 Katwe Plot 413 Katwe Road P. O. Box 7566 Kampala Tel: +256 414 345 709 20 Kawempe Plot 3726 Bombo Road (Lukadde Stage before Total Petrol Station) P. O. Box 7566 Kampala Tel: +256 414 567 155 21 Lira Plot 48 Obote Avenue Lira Town Tel: +256 473 420 283 22 Lugazi Plot 17, Kampala Road P. O. Box 541 Lugazi Town Tel: +256 414 448 106 23 Masaka Plot 25 Masaka-Kampala Road P. O. Box 351 Masaka Tel: +256 481 420 647 24 Mbale Plot 15 Republic Street P. O. Box 2516 Mbale Tel: 0454434235/0757334235 25 Mbarara Plot 59 High Street P. O. Box 1619 Mbarara Tel: 0485420826 26 Mukono Jinja Road next to URA Offices P. O. Box 541 Mukono Tel: +256 414 290 130 27 Nakawa UMA Show Ground Behind UMA Offices P. O. Box 7566 Kampala Tel: +256 414 220 751

41 Pride Annual Report 2017 28 Nakulabye Nakulabye, S J Basiriak Building, Hoima Road P. O. Box 7566 Kampala Tel: +256 414 345 709 29 Richie Towers, Hoima Rd . P.O.Box 7566 30 Nateete Masaka Road, Opposite Nateete Police Station P. O. Box 7566 Kampala Tel: +256 414 272 600 31 Pader Branch Plot 18 E.Y Komakech Road Pader Town Council 32 Rukungiri Plot 22 /24 Republic Road (next to Senas supermarket) P. O. Box 289 Rukungiri Telephone: +256 486 442 483 33 Soroti Plot 33/35 Soroti Avenue P. O. Box 720 Soroti Tel: +256 454 461 632 34 Wandegeya Plot 951/2 Bombo- Road Roundabout P. O. Box 7566 Kampala Tel: +256 414 540 078 CONTACT OFFICES 35 Abayita Ababiiri Plot 523, Block 438, Entebbe 36 Ibanda Contact Main street, Bufunda Ward Office Ibanda Town 37 Kagadi Contact Kagadi town Office Plot 65, Block 51 38 Kamuli Contact Plot 7, Katalo Road Offices Kamuli Town 39 Kayunga Contact Block D, Plot 40, Bugerere Office P.O. Box 541Kayunga 40 Kisoro Contact Block 29, plot 68 Office Kisoro High Street 41 Block 223, plot 36, Kyadondo, Kyaliwajjala. Contact Office 42 Namayingo Buyinda Subcounty, Namayingo Town Contact Office

42 Pride Annual Report 2017 43 Pride Annual Report 2017