Pride Microfinance, Uganda’s leading microfinance deposit-taking institution (MDI), today announced its transition to a Tier II credit institution, now operating as Pride Bank Limited. The announcement was made at a press conference held at Kampala Serena Hotel’s Turaco Hall, marking a significant milestone in the institution’s 30-year journey of providing inclusive financial solutions to Ugandans.
The transition follows the granting of a Credit Institution License (Class 5) by the Bank of Uganda on November 26th, 2024, enabling Pride Bank to expand its product offerings and reach more customers nationwide.
Mr. Edward Nkangi, Executive Director of Pride Bank Limited, emphasized, “Having achieved a Tier 2 banking license, we now stand ready to offer expanded financial solutions, including competitive savings products, enhanced credit facilities, and seamless digital banking.”
“We shall continue to push for financial inclusion because this is a very important aspect of who we are as Pride, and therefore we intend to reach more customers with banking solutions that positively impact their lives,” said Nkangi.
Nkangi highlighted that Pride’s evolution is more than just a rebranding effort. “This is not just about rebranding, coming up with new colors, a new logo, and the new name, but it is a strategic move to expand our services, improve the experience of our customers, and contribute more meaningfully to Uganda’s financial landscape,” he explained.
He further noted, “We shall continue as a bank to push for financial inclusion through both physical presence, where we have the mortar and brick branches with 47 locations spread across the entire country, Uganda. And in addition to that, we are talking digitalization.”
Board Chairperson Fred Jachan Omach added, “On the 26th of November 2024, Pride Microfinance received its tier two banking license from the Bank of Uganda. And so today, as the Bible says, this is the day that the Lord has made. So let us choose to rejoice and be glad.”
Omach also outlined the bank’s vision: “Our vision as Pride Bank is to be the preferred provider of inclusive, customer-centric financial solutions. When you come, we give you the solutions.”
Wilbrod Owor, Executive Director of the Uganda Bankers Association, stated, “On behalf of the fraternity of the Uganda Bankers Association, we salute you for this milestone. Congratulations. Well done. And I think your journey is very, very clear,” said Owor. “The fact that you have gone to get a tier two license and now Pride Bank speaks volumes, and it means you are prepared for the journey.”
“Pride Bank targets specific customer segments in the economy. And that speaks volumes, because the majority of people in the population are not necessarily looking for huge borrowings in billions and billions. The majority of our population are looking for 50 million, maybe 100 or 200, for the normal businesses that actually drive the economy, and this is where Pride Bank is focusing,” he added.
He also emphasized the importance of security in banking operations: “I urge you to leverage technology to focus on security, because the business we are dealing in, our biggest product is money. We sell money, and therefore security, or we sell trust.”
Mackay Aomu, Deputy Director of the Bank of Uganda, highlighted how Uganda’s financial rules have changed to support growth. “The 1993 Financial Institutions Statute helped organize banks and similar institutions. Then, as microfinance became popular in the late ’90s, a new law in 2003 specifically for microfinance institutions was introduced. Pride Microfinance was quick to embrace this, becoming one of the first to get licensed under the new regulations.”
He further described, “Bank of Uganda deliberately took a tiered approach to oversight of the financial sector. This means we have tier one, which is for banks; tier two, for credit institutions, where Pride is now; and tier three, for MDIs.”
Looking ahead, Aomu noted the growth potential for Pride Bank: “I know that the bank is adequately and strongly capitalized, and there’s still room for growth, so brace up for more growth through the transition.”
Pride Bank, formerly Pride Microfinance (MDI), now operates as a Tier II banking institution committed to providing inclusive financial solutions across Uganda. With 47 branches nationwide, Pride Bank offers an expanded range of financial products and services designed to positively impact individuals and businesses throughout the country.