Pride Microfinance Transforms into Pride Bank Limited, Marks New Milestone in Uganda’s Banking Sector

Kampala - Pride Microfinance has officially transitioned into a fully licensed Tier II credit institution under the new name Pride Bank Limited, marking a significant milestone in Uganda’s financial services industry.

The announcement was made at a press conference held Tuesday morning at the Kampala Serena Hotel, where the institution unveiled its new identity as Pride Bank Limited following the successful acquisition of a Credit Institution License (Class 5) from the Bank of Uganda on November 26th, 2024.

Pride Bank becomes one of Uganda’s few Tier II financial institutions, empowering it to offer an expanded range of services beyond microfinance, including competitive savings products, improved credit facilities, and robust digital banking solutions.

Mr. Edward Nkanji, Executive Director of Pride Bank Limited, described the transition as a moment of transformation for both the institution and its clients.

“Having achieved the Tier II banking license, Pride Bank now stands ready to offer an expanded array of financial solutions to better serve the needs of Ugandans. This includes more competitive savings products, enhanced credit facilities designed to empower individuals and businesses, and seamless digital banking services for greater convenience”, he said.

Hon. Fred Omach Mandir, Chairperson of the Board, extended appreciation to the Central Bank for the approval.

“We are grateful to have received this license from Bank of Uganda, marking our transition into a Tier II bank. Today is a testament to the enduring spirit and vision that have defined our journey from the very beginning,” Mandir noted.

Representing the Bank of Uganda, Mr. Mackay Aomu, Director for Non-Bank Financial Institutions, confirmed that Pride had fulfilled all regulatory requirements for elevation and urged the institution to maintain its trajectory.

“Pride has met all the necessary standards for Tier II status. We encourage them to aim even higher and work toward becoming a Tier I institution,” he said.

With branches across the country and a strong history of promoting financial inclusion, Pride Bank now positions itself as a key player in Uganda’s formal banking sector, committed to serving individuals, small businesses, and the unbanked population with integrity and innovation.