Pride Microfinance, one of Uganda’s largest microfinance institutions, has officially transitioned into a Tier II credit institution under the name Pride Bank Limited, marking a new chapter in its 30-year history.
The announcement was made on Tuesday at a press event held at the Kampala Serena Hotel, following the Bank of Uganda’s decision to grant the institution a Credit Institution Licence on 26 November 2024. The licence allows Pride Bank to offer a wider range of financial services, including enhanced savings and credit products, as well as digital banking.
Speaking at the launch, Edward Nkangi, Executive Director of Pride Bank Limited, said the transition reflects the institution’s broader ambitions.
“This is not just about new colours and a new name,” he said. “It’s a strategic shift that allows us to deepen our services, improve customer experience, and extend our reach to more Ugandans—especially those currently excluded from mainstream financial services.”
Pride Bank now joins the ranks of Uganda’s Tier II credit institutions, which sit between commercial banks and microfinance deposit-taking institutions in terms of regulatory oversight and product offerings. It retains its nationwide network of 47 branches and plans to expand further through digital platforms.
A Focus on Inclusion
Financial inclusion remains central to Pride Bank’s mission, Nkangi noted, highlighting the bank’s continued commitment to reaching underserved communities.
“We’re going to keep using both brick-and-mortar branches and digital tools to make banking accessible to everyone,” he said.
Board Chairperson Fred Jachan Omach welcomed the development as a moment worth celebrating.
“On the 26th of November, we received our Tier II licence. And today, as the scripture says, this is the day that the Lord has made—let us rejoice and be glad in it,” he said, drawing laughter and applause from the audience.
Industry Reaction
Wilbrod Owor, Executive Director of the Uganda Bankers Association, praised the institution’s evolution and its focus on serving smaller businesses and everyday Ugandans.
“Not everyone is looking to borrow billions,” he said. “Most people need loans of 50 to 200 million shillings to run small businesses, pay school fees, or invest in agriculture. That’s where Pride Bank fits in.”
Owor also urged the new bank to prioritise cybersecurity.
“In this business, trust is everything. You’re selling money—so invest in technology that secures your clients’ funds and data,” he said.
Mackay Aomu, Deputy Director at the Bank of Uganda, outlined how the country’s regulatory framework has evolved over the years to support institutions like Pride.
“We introduced a tiered licensing system to help financial institutions grow responsibly,” he explained. “Pride was among the first to embrace the microfinance regulations in 2003, and now it has stepped up again by entering Tier II.”
He added that Pride Bank is “well-capitalised and poised for further growth.”
Looking Ahead
The transition positions Pride Bank to serve a broader segment of the Ugandan population, particularly those in low- to middle-income brackets who remain underbanked.
With plans to expand both physically and digitally, Pride Bank says it will continue to play a leading role in fostering financial inclusion and supporting small-scale enterprises—many of which form the backbone of Uganda’s economy.
