Pride Bank Limited

Last updated
Pride Bank Limited
Company type Parastatal
Industry Financial services
Founded1995;30 years ago (1995)
Headquarters
Victoria Office Park
6-9 Ben Kiwanuka Okot Close
Bukoto, Kampala
,
Uganda
Key people
 Fred Omach (Chairman)
Veronicah Namagembe (Managing Director)
Edward Nkangi (Executive Director)
ProductsLoans, savings
RevenueIncrease2.svgAftertax:UGX:7,687,853,000 ($2.12 million) (2023)
Total assets UGX:455,557,125,000 (US$125.56 million) (2023)
Number of employees
1,585+ (2013)
Website www.pridebank.co.ug

Pride Bank Limited, is a Tier II credit institution in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. [1]

Contents

Overview

As of December 2023, the institution's total assets were valued at UGX:455,557,125,000 (approx. US$125.56 million), with shareholders' equity of UGX:168,557,125,000 (US$46.46 million). During the 12 months ending 31 December 2023, the institution made an after-tax profit of UGX:7,687,853,000 (approx. $2.12 million). [2]

History

PMFL was founded in 1995 as a non-governmental organization with the support of the Norwegian Agency for Development Cooperation. Its major objective was to offer credit to the poor, targeting those in the agricultural sector. In 1999, it was incorporated as a limited company and changed its name to Pride Africa Uganda Limited. The institution provides financial services to that segment of the Ugandan population who are not served or are unable to access financial services through Ugandan commercial banks. PBL's focus are the micro, small, and medium size entrepreneurs. It is therefore prohibited from dealing in foreign exchange. In 2003, the Uganda government acquired 100 percent shareholding in the enterprise, changing the name to Pride Microfinance Limited Uganda. [3] In 2005, it attained the status of a Tier III (an MDI), according to the Banking Act of 2003.

In February 2016, Ugandan media reported that the government was planning to merge PMFL with PostBank Uganda, to form an agricultural bank. [4]

Developments

On 29 April 2025, Pride Microfinance officially rebranded to Pride Bank Limited, a Tier II credit institution, following appropriate licensing by the Bank of Uganda on 26 November 2024. Fred Jachan Omach was introduced as the new chairman of Pride Bank. Edward Nkangi was introduced as the new executive director of the bank. At that time the bank's core capital was reported as UGX174 billion (US$47.78 million). [5] [6] [7]

Branch network

The entire branch network of the company included the following locations, as of June 2014: [8]

  1. Arua Branch - Avenue Road, Arua
  2. Bugiri Branch - Mivule Road, Bugiri
  3. Bukoto Branch - Victoria Office Park, 6-9 Ben Kiwanuka Okot Close, Bukoto, Kampala Main Branch
  4. Bushenyi Branch - High Street, Bushenyi
  5. Buwenge Branch - Kamuli Road, Buwenge
  6. Kampala City Branch - Mukwano Arcade, Kampala
  7. Fort Portal Branch - Rukidi Road, Fort Portal
  8. Gulu Branch - Cemetery Road, Gulu
  9. Entebbe Road Branch - Metropole House, Entebbe Road, Kampala
  10. Hoima Branch - Old Tororo Road, Hoima
  11. Ibanda Branch - High Street, Ibanda
  12. Iganga Branch - Main Street, Iganga
  13. Ishaka Branch - Rukungiri Road, Ishaka
  14. Jinja Branch - Main Street, Jinja
  15. Kabalagala Branch - Muyenga Road, Kabalagala
  16. Kabale Branch - Kabale Road, Kabale
  17. Kabingo Branch - Kabingo Trading Center, Isingiro District
  18. Kabwohe Branch - Mbarara Road, Kabwohe
  19. Kagadi Branch - High Street, Kagadi
  20. Kasese Branch - Saad Building, Kasese
  21. Katwe Branch - Katwe Road, Katwe
  22. Kawempe Branch - Bombo Road, Kawempe
  23. Lira Branch - Oboe Avenue, Lira
  24. Lugazi Branch - Ntenga Road, Lugazi
  25. Masaka Branch - Kampala Road, Masaka
  26. Mbale Branch - Republic Street, Mbale
  27. Mbarara Branch - High Street, Mbarara
  28. Mukono Branch - Kampala-Jinja Highway, Mukono
  29. Nakawa Branch - UMA Show Ground, Nakawa
  30. Naakulabye Branch - Hoima Road, Basiriak Building, Naakulabye
  31. Nateete Branch - Masaka Road, Nateete
  32. Pader Branch - Main Street, Pader
  33. Rukungiri Branch - Rukungiri Road, Rukungiri
  34. Soroti Branch - Solot Avenue, Soroti
  35. Wandegeya Branch - Bombo-Gayaza Roundabout, Wandegeya

See also

References

  1. ↑ Ali Twaha (12 December 2024). "BOU Approves Name Change For Pride Microfinance". New Vision . Kampala, Uganda. Retrieved 14 December 2024.
  2. ↑ "Audited Financial Statement For the Year Ended 31 December 2023" (PDF). Pride Microfinance Limited (MDI). Kampala. 20 March 2024. Retrieved 14 December 2024.
  3. ↑ Jeff Mbanga (22 May 2008). "Pride Microfinance Limited Is On Sale". The Observer (Uganda) . Kampala, Uganda. Retrieved 14 December 2024.
  4. ↑ NZU (27 February 2016). "Government to merge Post Bank and Pride Microfinance to form an agricultural Bank". Kampala: Newz.ug (NZU). Archived from the original on 3 April 2016. Retrieved 3 April 2016.
  5. ↑ Joan Ainabyona (29 April 2025). "Pride Microfinance Officially Transitions to Pride Bank Limited, Ushering in a New Era of Financial Inclusion in Uganda". Sunrise Uganda. Kampala, Uganda. Retrieved 30 April 2025.
  6. ↑ Remmy Asiteza (29 April 2025). "Pride Microfinance becomes Pride Bank after 30 years". Daily Express Uganda. Kampala, Uganda. Retrieved 30 April 2025.
  7. ↑ George Kalule (30 April 2025). "Pride Microfinance Transforms into Pride Bank, Vows Enhanced Services with Expanded". The Black Examiner. Kampala, Uganda. Retrieved 30 April 2025.
  8. ↑ PMFL. "The Branch Network of Pride Microfinance Limited". Pride Microfinance Limited (PMFL). Archived from the original on 24 March 2014. Retrieved 30 June 2014.

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