Africa-Press – Uganda. Pride Microfinance has announced its transition to a Tier II credit institution, now operating as Pride Bank Limited.
The announcement was made during an event held at Kampala Serena Hotel, Turaco Hall on Tuesday.
The transition follows the granting of a Credit Institution License (Class 5) by the Bank of Uganda on November 26th, 2024, a significant milestone in the institution’s journey of providing inclusive financial solutions to Ugandans.
“Having achieved Tier 2 banking license, we now stand ready to offer expanded financial solutions, including competitive savings products, enhanced credit faclines, and seamless digital banking” said Mr. Edward Nkangi, Executive Director, Pride Bank Limited.
“We shall continue to push for financial inclusion because this is a very important aspect of who we are as Pride and therefore we intend to reach more customers with banking solutions that positively impact their lives”
According to officials, with this transition, Pride Bank will expand its product offerings, including enhanced deposit and loan products, digital banking solutions, and other financial services tailored to meet the evolving needs of its customers.
Wilbrod Owor, the Executive Director of the Uganda Bankers Association, commended Pride on this achievement recognizing its preparedness and vision in attaining the Tier Two license.
He also lauded Pride’s focus on specific customer segments requiring financing in the shs60 million to shs200 million range.
He however stressed the paramount importance of security as Pride Bank embarks on its new journey, entrusted with safeguarding public savings and providing business growth capital.
Mackey Owumu, representing Bank of Uganda Governor Dr. Michael Atingi-Ego, highlighted the central bank’s tiered approach to the financial sector, positioning MDIs (Tier Three) and credit institutions (Tier Two) as crucial “nurseries for growth.”
He hailed Pride for the transition which he said means growth.
“This means Pride will be able to have many new products to roll out for its customers, including opening foreign exchange accounts among others. The bank will now be able to give bigger loan tickets because of bigger capital,” he said.
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