Started 30 years ago Pride Microfinance (MDI) has officially rebranded to Pride Bank Limited, marking a historic transition from a Tier III microfinance deposit-taking institution to a Tier II Bank, after the Central Bank of Uganda issued it a Credit Institution License on November 26, 2024.
Edward Nkangi, the Executive Director of Pride Bank Limited, says the institution’s new status unlocks a broader range of financial services, including current accounts, competitive savings, larger credit facilities, and digital banking innovations.
Pride began as an NGO almost 30 years ago and then transitioned into a Microfinance Institution, and now the transition to a Tier II institution will allow Pride Bank to extend enhanced services.
“Our journey began in 1995, with the opening of our first branch in Mbarara. From that single branch, we have grown into a national financial institution, now proudly serving communities from 47 branches across the country.This transition gives us more tools to drive our mission of delivering impactful, inclusive banking solutions across Uganda.” Nkangi explained.
“We are going to scale up our financial literacy programs, something we have already been doing for a long time. We will continue educating people and encouraging them to save and manage their money in ways that best support their growth.”he added.
As Pride Bank Limited embarks on this new chapter, it maintains its core mission: providing accessible, customer-centric financial services to underbanked populations across Uganda. With the expanded license, the bank can now diversify its offerings and scale up its impact in both rural and urban communities.
“This is more than just a name change.It’s a strategic leap that positions us to serve more Ugandans, more efficiently, with more powerful financial tools,” Nkangi said.
Board Chairperson Fred Jachan Omach attributed the institution’s growth to Uganda’s supportive regulatory and economic environment. “We are grateful to the Bank of Uganda for its confidence and guidance throughout this transition. Their oversight has been crucial in helping Pride grow responsibly and sustainably,” he noted.
“Pride is now in a better position to offer a broader range of services, including enhanced credit facilities, expanded savings, and cutting-edge digital banking solutions. This strengthens our ability to drive economic development and uplift the lives of Ugandans,” Mr Omach added.
As Pride Bank, we are ready to deliver enhanced credit solutions, greater accessibility, and secure, tech-driven financial services that encourage growth and build trust. To our community: your growth is our pride. We’re just getting started.
Wilbrod Owor, Executive Director of the Uganda Bankers Association, praised the bank’s long-term vision and market readiness. “Pride Bank has demonstrated a clear understanding of its target market, especially those in need of mid-range financing between 60 and 200 million shillings. This transformation is a natural evolution,” he said.
Owor also emphasized the need for strong cybersecurity and risk management as the bank takes on expanded responsibilities.
Pride Bank previously operated 45 branches and two contact offices under the MDI model, Pride Bank remains fully government-owned and committed to its founding values.