KAMPALA, Uganda — Pride Microfinance (MDI) has announced its transition to a Tier II credit institution. The announcement, made at the Kampala Serena Hotel, signifies a major step for the institution after 30 years of focusing on financial inclusion in Uganda.
The transition follows the Bank of Uganda’s granting of a Credit Institution License (Class 5) on Nov. 26, 2024.
Edward Nkangi, Executive Director of Pride Bank Limited, stated the new status allows the institution to offer a wider array of financial solutions. These include competitive savings products, enhanced credit facilities, and expanded digital banking services. Nkangi emphasized Pride Bank’s continued commitment to financial inclusion, aiming to reach more customers with impactful banking solutions.
Previously operating as Pride Microfinance (MDI) with 45 branches and two contact offices nationwide, the newly rebranded Pride Bank Limited is wholly owned by the Ugandan government. The institution reaffirmed its dedication to providing inclusive, customer-centric financial services across Uganda and empowering communities through accessible banking.
Board Chair Fred Jachan Omach credited the supportive environment fostered by the government and the guidance of the Bank of Uganda for Pride’s growth. He noted the stability and robust economy of the nation as instrumental in the institution’s progress.
Omach specifically thanked the Bank of Uganda for its oversight, which he described as pivotal in the transition. He expressed gratitude for the central bank’s confidence in Pride’s capacity to evolve from a leading microfinance institution to a Tier Two credit institution.
Mackey Owumu, representing Bank of Uganda Governor Dr. Michael Atingi-Ego, highlighted the central bank’s tiered approach to the financial sector, positioning MDIs (Tier Three) and credit institutions (Tier Two) as crucial “nurseries for growth.” He noted Pride’s transition as the third significant progression of its kind, following Equity Bank and Finance Trust Bank. Owumu pointed out the advantages for Pride Bank, including the ability to offer current accounts, stronger digital financial service linkages, and access broader funding sources for credit finance.
Wilbrod Owor, Executive Director of the Uganda Bankers Association, commended Pride on its achievement, recognizing its preparedness and vision in attaining the Tier Two license. He lauded Pride’s focus on specific customer segments requiring financing in the 60 to 200 million shillings range. Owor also shared a client success story, underscoring the institution’s transformative impact. He stressed the paramount importance of security as Pride Bank embarks on its new journey, entrusted with safeguarding public savings and providing business growth capital.
With its transition to a Tier II credit institution, Pride Bank Limited will now offer an expanded suite of financial products and services, including enhanced deposit and loan options, alongside its digital banking solutions.
