Pride Microfinance becomes bank, rebrands

KAMPALA - Pride Microfinance Ltd has officially become Pride Bank Limited. The development marks its transition to a Tier II financial institution under the supervision of the Bank of Uganda.

The bank's management says the transformation comes after three decades of resilience, innovation and commitment to financial inclusion.

Pride Bank executive director Edward Nkangi set the tone of the April 29, 2025, event with passion and humility, calling the transition a “double milestone.”

“We are celebrating not just a name change, but a strategic shift,” Nkangi said. “Pride Bank Limited is born out of 30 years of serving Ugandans, especially those at the base of the pyramid.”

Founded in 1995 in Mbarara with a mission to serve unbanked, low-income Ugandans through group-based microloans, Pride has since grown into a nationwide institution with 47 branches across Uganda.

Nkangi underlined the importance of that growth, not in numbers, but in impact.

As a Tier II institution, licensed on November 26 last year, by the Bank of Uganda, Pride Bank, according to its management, is now able to offer an array of financial services, including more robust savings products, competitive credit options, and seamless digital services such as agent banking, mobile loans, and internet banking.

Nkangi expressed gratitude to the Bank of Uganda, praising its consistent regulatory oversight as “strong and guiding.”

Pride Bank board chairperson Fred Jachan Omach reflected on the institution’s journey, noting that Pride started as a microfinance institution serving the smallest corners of society, but through purpose, capacity, and discipline, it has evolved into a formidable Tier II credit institution.

“This is not merely a name change or cosmetic rebranding. It marks a strategic repositioning, from serving the grassroots to now offering a broader range of competitive services while still holding firm to our core mission, financial inclusion for every Ugandan,” Omach stated.

He credited Uganda’s stable political and economic environment under President Yoweri Kaguta Museveni as a key enabler of Pride’s growth.

 “Uganda has enjoyed peace and stability, an essential foundation for institutional transformation,” he said.

Omach appreciated the finance ministry, the Accountant General, and all shareholders for their trust and support.

He also hailed Wilbrod Owor, the executive director of the Uganda Bankers Association (UBA), for fostering a spirit of unity and shared learning in the banking ecosystem.
“We are not leaving our roots. We are building upon them,” Omach said.

Structural change

Owor emphasised that the transformation from a microfinance institution to a Tier II credit institution represents more than just a structural change, it's a powerful testament to vision, resilience and purposeful growth.

Owor praised the deliberate and strategic efforts Pride Bank had undertaken, recapitalisation, governance strengthening, regulatory alignment, and nationwide reach.
“What I find particularly commendable is the market segment Pride Bank continues to serve, the informal entrepreneurs, the teachers, farmers and market vendors. These are the people whose financial needs are modest, but whose dreams are massive,” he said.

Owor acknowledged Pride’s roots in Uganda’s broader financial inclusion strategy, noting how it began as an institution offering microloans without collateral, and slowly grew into a formal, well-governed financial entity.

Bank of Uganda deputy director Mackay Aomu praised Pride Bank’s compliance, professionalism and readiness in attaining the Tier II licence, and noted that prudence, not speed, was key in their journey.

“Pride’s focus on inclusion, security, and national coverage speaks volumes. This transformation is one we at the Central Bank consider a model transition,” Aomu added.
He encouraged the institution to continue engaging in financial literacy, innovation, and national development. He also hinted at a favourable regulatory outlook for institutions that show genuine transformation.

Serving with purpose

According to Nkangi, Pride Bank is not merely a financial institution; it represents a movement toward economic empowerment for all Ugandans: "Pride Bank is not just a bank; it is a movement that aims to uplift communities and drive economic empowerment across the country."

As part of its rebranding, the bank says it is committed to offering expanded savings and deposit options to meet diverse customer needs. Omach said: "We are here to ensure that every Ugandan, no matter their location or background, has access to financial services that can improve their lives."

The bank also plans to enhance its loan and credit facilities to support both individuals and businesses in their financial growth. The introduction of digital solutions, such as agent banking and Internet banking, ensures greater accessibility and convenience for clients.

"With our digital banking solutions, we are breaking down barriers and making banking accessible to everyone," he noted.