Kampala, Uganda – After nearly three decades in Uganda’s financial trenches, Pride Microfinance has officially transformed into Pride Bank Limited, a Tier II financial institution, following approval by the Bank of Uganda on November 26, 2024.
The transition, announced at a high-profile launch at Kampala Serena Hotel, marks a significant leap for the formerly Tier III microfinance institution.
With its new Credit Institution License, Pride Bank now joins the league of banks offering more comprehensive financial services, including current accounts, enhanced savings options, larger credit facilities, and digital banking innovations.
“This isn’t just a name change,” emphasized Edward Nkangi, Executive Director of Pride Bank. “It’s a strategic move that unlocks powerful tools to better serve our clients.”
From its humble beginnings in 1995 as a small NGO with a single branch in Mbarara, Pride has steadily grown into a national institution with 47 branches and 2 contact offices across Uganda. Its journey has been driven by one clear mission: financial inclusion for Uganda’s underserved.
Nkangi noted that the bank’s new status will help scale its financial literacy programs, a long-running initiative aimed at empowering individuals and small businesses with knowledge and discipline around saving, borrowing, and wealth-building.
Fred Jachan Omach, Chairperson of the Board, credited the institution’s success to Uganda’s robust regulatory framework.
“The Bank of Uganda has been instrumental in guiding us to this point,” he said. “Their support ensures we continue to grow responsibly, while delivering even greater value to our customers.”
He added that Pride Bank is now strategically positioned to deepen its reach, especially through digital platforms, mid-range financing, and improved customer experience.
Representing the Central Bank Governor, Mackey Owumu of BoU described the institution’s transition as part of Uganda’s broader financial sector evolution.
“Tier II and III banks act as nurseries for growth,” he said. “Pride Bank is the third to successfully graduate, following Equity Bank and Finance Trust Bank.”
The upgrade brings tangible advantages, including better access to financing, improved technology infrastructure, and the authority to offer current accounts—services previously restricted to Tier I and II institutions.
Wilbrod Owor, Executive Director of the Uganda Bankers Association, applauded Pride Bank’s market readiness.
“They understand the financing needs of mid-size clients—especially those seeking loans between UGX 60 million and 200 million. This upgrade is a logical step in their journey.”
Owor also issued a word of caution. With expanded operations comes greater responsibility in cybersecurity and risk management—a priority area for all financial institutions in today’s digital economy.
Pride Bank remains 100% government-owned, keeping its focus on community empowerment and inclusivity. While the branding has changed, the commitment to grassroots service and rural outreach remains intact.
The bank’s next steps include rolling out new products tailored to both urban professionals and rural entrepreneurs, all while strengthening its footprint in underserved areas.
“We are moving with purpose,” said Nkangi. “This new chapter allows us to offer more, reach further, and serve better—because every Ugandan deserves access to dignified, secure, and smart banking.”
