After three decades of championing financial inclusion in Uganda, Pride Microfinance (MDI) has officially transitioned into Pride Bank Limited, a Tier II credit institution. This milestone was announced at a high-profile launch event held on 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, stated that the institution’s new status enables it to offer a wider range of financial services. These include competitive savings products, expanded credit facilities, and enhanced digital banking options. He emphasized that despite the transition, financial inclusion remains the bank’s central mission—with renewed efforts to empower Ugandans through accessible and impactful banking solutions.
Previously operating as a microfinance deposit-taking institution with 45 branches and two contact offices nationwide, Pride Bank Limited is fully owned by the Government of Uganda. According to Fred Jachan Omach, Chairperson of the Board, the rebrand reflects not only the institution’s growth but also its alignment with national financial inclusion goals. He credited Uganda’s stable macroeconomic environment and the Bank of Uganda’s supportive oversight for enabling the transition, calling the central bank’s guidance “instrumental.
Representing Bank of Uganda Governor Dr. Michael Atingi-Ego, Mackey Owumu reaffirmed the central bank’s commitment to fostering a progressive financial sector. He described MDIs and credit institutions as vital “nurseries of growth,” citing Pride’s transformation—alongside past transitions by Equity Bank and Finance Trust Bank—as a success story. With its new status, Pride Bank can now offer current accounts, strengthen its digital infrastructure, and tap into more robust funding sources, all key to expanding credit access across Uganda
Wilbrod Owor, Executive Director of the Uganda Bankers Association, praised Pride Bank’s strategic foresight and readiness. He highlighted the institution’s commitment to serving underserved market segments, particularly those needing financing in the UGX 60 to 200 million range. Owor also shared a compelling client success story to illustrate the impact of accessible finance and reminded the institution of its vital new responsibility: protecting public deposits while driving business growth through responsive, secure banking
With its Tier II license, Pride Bank Limited is poised to deepen its footprint across Uganda. Its enhanced portfolio of deposit and loan products, coupled with cutting-edge digital services, aims to unlock economic opportunities and reinforce financial stability for millions of Ugandans.
