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.
The announcement was made during the launch on Tuesday at the Kampala Serena Hotel, attended by key players from Uganda’s financial sector, government representatives, and development partners, a significant milestone in Pride’s 30-year journey dedicated to financial inclusion and community empowerment.
Speaking at the function, Edward Nkangi, the executive director of Pride Bank Limited, said 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,” Mr. Nkangi noted, adding, “This transition gives us more tools to drive our mission of delivering impactful, inclusive banking solutions across Uganda.”
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.”
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.
Speaking on behalf of Bank of Uganda Governor Dr. Michael Atingi-Ego, Mackey Owumu placed Pride’s transformation in a broader national context. He described Uganda’s tiered financial model as a developmental pipeline for institutions, calling Tier II and III institutions “nurseries for growth
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 emphasised the need for strong cybersecurity and risk management as the bank takes on expanded responsibilities.
Pride Bank now joins the ranks of Tier II institutions, with capabilities that go beyond its microfinance roots. Previously operating 45 branches and two contact offices under the MDI model, Pride Bank remains fully government-owned and committed to its founding values.
