EDITOR
In a major development in Uganda’s financial sector, Pride Microfinance (MDI) has officially transitioned into a Tier II financial institution under the name Pride Bank Limited. The announcement was made at a high-profile press conference held today at the Kampala Serena Hotel.
The transformation follows the successful issuance of a Credit Institution License (Class 5) by the Bank of Uganda on November 26, 2024. This elevation positions Pride Bank to offer a broader suite of financial services, including competitive savings products, improved credit facilities, and enhanced digital banking solutions.
Mr. Edward Nkanji, Executive Director of Pride Bank Limited, emphasized the importance of this milestone in expanding the institution’s capacity to serve Ugandans. “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,” Nkanji said. “This includes more competitive savings products, enhanced credit facilities designed to empower individuals and businesses, and seamless digital banking services for greater convenience.”
Board Chairman Hon. Fred Omach Mandir expressed appreciation to the central bank for the recognition. “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,” he remarked.
Representing the Bank of Uganda, Mr. Mackay Aomu, Director of Non-Bank Financial Institutions, commended Pride for fulfilling all the regulatory requirements for Tier II status. He encouraged the institution to maintain its momentum and aim for Tier I status in the future.
Formerly Pride Microfinance (MDI), Pride Bank Limited is now a licensed Tier II banking institution in Uganda, committed to advancing financial inclusion. With a strong footprint across the country, the bank provides tailored financial products and services that foster economic empowerment and development.
