Pride Microfinance Officially Transitions to Pride Bank Limited, Ushering in a New Era of Financial Inclusion in Uganda

In a landmark event held at the prestigious Kampala Serena Hotel on Tuesday, Pride Microfinance (MDI) officially rebranded and launched as Pride Bank Limited, marking its significant evolution into a Tier II credit institution. This pivotal transition comes after three decades of dedicated focus on fostering financial inclusion across Uganda.

The announcement follows the Bank of Uganda’s decisive granting of a Credit Institution License (Class 5) on November 26, 2024, paving the way for Pride to broaden its service offerings and deepen its impact on the Ugandan financial landscape.

Edward Nkangi, the newly appointed Executive Director of Pride Bank Limited, articulated the transformative potential of this new status. “Becoming a Tier Two credit institution empowers us to provide a significantly wider array of financial solutions to our customers,” he stated. These enhanced offerings will include more competitive savings products designed to encourage financial security, enhanced credit facilities tailored to diverse needs, and a robust expansion of digital banking services to reach a wider population.

Despite this significant expansion, Nkangi firmly reiterated Pride Bank’s unwavering commitment to its foundational principle of financial inclusion. “Our core mission remains the same: to reach even more Ugandans with impactful banking solutions that empower them and contribute to economic growth,” he affirmed.

Previously operating as Pride Microfinance (MDI), the institution boasted a substantial network of 45 branches and two contact offices strategically located nationwide. Now, as Pride Bank Limited, it remains wholly owned by the Ugandan government, underscoring its continued dedication to serving the interests of the Ugandan people through inclusive and customer-centric financial services. The bank reaffirmed its commitment to empowering communities across the nation by providing accessible and reliable banking solutions.

Fred Jachan Omach, the Board Chair of Pride Bank Limited, lauded the enabling environment cultivated by the government and the expert guidance provided by the Bank of Uganda as crucial catalysts for Pride’s remarkable growth trajectory. He highlighted the nation’s stable and robust economy as a vital foundation upon which the institution could flourish.

Expressing profound gratitude, Omach specifically acknowledged the Bank of Uganda for its diligent oversight, which he described as “pivotal” in facilitating the seamless transition. He conveyed the institution’s appreciation for the central bank’s confidence in Pride’s capacity to successfully evolve from a leading microfinance institution into a fully-fledged Tier Two credit institution.

Representing Bank of Uganda Governor Dr. Michael Atingi-Ego, Mackey Owumu shed light on the central bank’s strategic tiered approach to the financial sector. He emphasized the crucial role of MDIs (Tier Three) and credit institutions (Tier Two) as vital “nurseries for growth” within the financial ecosystem. Owumu noted that Pride’s transition marks the third significant progression of its kind, following the successful evolutions of Equity Bank and Finance Trust Bank.

Owumu further elaborated on the distinct advantages that Pride Bank will now enjoy, including the capacity to offer current accounts, establish stronger linkages with digital financial service providers, and access a broader range of funding sources to fuel its credit finance operations.

Wilbrod Owor, the Executive Director of the Uganda Bankers Association, extended his heartfelt congratulations to Pride on achieving this significant milestone. He recognised the institution’s preparedness and clear vision in successfully attaining the Tier Two license. Owor particularly commended Pride’s strategic focus on specific customer segments with financing needs in the 60 to 200 million shillings range, highlighting the institution’s targeted approach to economic empowerment.

Sharing a compelling client success story, Owor underscored the transformative impact Pride has had on the lives and businesses of Ugandans. As Pride Bank embarks on this new chapter, entrusted with safeguarding public savings and providing crucial business growth capital, Owor stressed the paramount importance of maintaining robust security measures.

With its official launch as a Tier II credit institution, Pride Bank Limited is poised to significantly expand its reach and deepen its impact, offering an enhanced suite of financial products and services, including more versatile deposit and loan options, alongside its increasingly sophisticated digital banking solutions. This transition marks a significant step forward in Uganda’s journey towards greater financial inclusion and economic empowerment for all its citizens.