After three decades of championing financial inclusion in Uganda, Pride
Microfinance (MDI) has officially transitioned into Pride Bank Limited, a Tier
II credit institution. The milestone was announced during a high-profile
launch event held Tuesday at the Kampala Serena Hotel, following the
granting of a Credit Institution License (Class 5) by the Bank of Uganda on
November 26, 2024.
Speaking at the launch, Edward Nkangi, Executive Director of Pride Bank
Limited, said the institution’s new status opens the door to a broader suite
of financial services, including competitive savings products, expanded
credit facilities, and more robust digital banking options. Despite the
transformation, Nkangi emphasized that financial inclusion remains the
bank’s core mission, with a renewed drive to empower more Ugandans
through accessible and impactful banking solutions.
Previously operating as a microfinance deposit-taking institution with 45
branches and two contact offices across the country, Pride Bank Limited is
fully owned by the Government of Uganda. The rebrand reflects both
institutional growth and strategic alignment with national goals to expand
access to finance.
Fred Jachan Omach, Chairperson of the Board, credited the institution’s
progress to Uganda’s stable macroeconomic environment and the
supportive oversight of the Bank of Uganda. He particularly thanked the
central bank for its guidance throughout the transition, calling it
“instrumental” in enabling Pride to evolve into a Tier II institution.
Representing Bank of Uganda Governor Dr. Michael Atingi-Ego, Mackey
Owumu underscored the central bank’s commitment to nurturing a
progressive financial sector. He described MDIs and credit institutions as
critical “nurseries of growth,” highlighting Pride’s transformation as a key
success—alongside previous transitions by Equity Bank and Finance Trust
Bank. Owumu noted that Pride Bank will now be able to offer current
accounts, strengthen digital infrastructure, and tap into broader funding
avenues, which are vital for scaling credit access to businesses and
individuals.
Wilbrod Owor, Executive Director of the Uganda Bankers Association,
praised Pride’s readiness and strategic foresight. He commended the
institution for targeting underserved customer segments—especially those
needing financing in the UGX 60 to 200 million range. Sharing a compelling
client success story, Owor also reminded the institution of its new
responsibility: protecting public deposits and fueling business growth
through secure, responsive banking.
With its Tier II license, Pride Bank Limited is now positioned to deepen its
reach across Uganda, offering an enhanced portfolio of deposit and loan
products, alongside cutting-edge digital services—all aimed at unlocking
economic opportunity and reinforcing financial stability for millions of
Ugandans.
