Pride Microfinance Limited (PMFL), is a

microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...

deposit-taking institution (MDI) in

Uganda }), is a landlocked country in East Africa East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territor ...

. It is licensed by the

Bank of Uganda The Bank of Uganda ( sw, Benki Kuu ya Uganda) is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department. History In 1979 and again in 1987, the Ba ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and national banking regulator. PMFL provides financial services to that segment of the Ugandan population who are not served or are unable to access financial services through Ugandan commercial banks. PMFL's focus are the micro, small, and medium size

entrepreneur Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values th ...

s. As an MDI, PMFL is a Tier III Financial Institution. It is therefore prohibited from dealing in

foreign exchange The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all as ...

and cannot issue

checking account A transaction account, also called a checking account, chequing account, current account, demand deposit Demand deposits or checkbook money are funds held in demand accounts in commercial banks. These account balances are usually considered m ...

s. , the institution's total assets were valued at approximately US$56.84 million (UGX:147.4 billion), with shareholders' equity of approximately US$18.1 million (UGX:46.97 billion). As of December 2013, Pride Microfinance employed 585 people and served 373,667 customers.

History

PMFL was founded in 1995 as a

non-governmental organization A non-governmental organization (NGO) or non-governmental organisation (see spelling differences) is an organization that generally is formed independent from government. They are typically nonprofit entities, and many of them are active in h ...

with the support of the

Norwegian Agency for Development Cooperation The Norwegian Agency for Development Cooperation (Norad) is a directorate under the Norwegian Ministry of Foreign Affairs. In matters regarding Norway's International Climate and Forest Initiative (NICFI), Norad reports to the Norwegian Ministry ...

. Its major objective was to offer credit to the poor, targeting those in the agricultural sector. In 1999, it was incorporated as a limited company and changed its name to Pride Africa Uganda Limited. In 2003, the Uganda government acquired 100 percent shareholding in the enterprise, changing the name to Pride Microfinance Limited Uganda. In 2005, it attained the status of an MDI according to the Banking Act of 2003. It is a member of the Association of Microfinance Institutions In Uganda. In February 2016, Ugandan media reported that the government was planning to merge PMFL with

PostBank Uganda PostBank Uganda is a commercial bank in Uganda, licensed and supervised by the Bank of Uganda, the country's central bank and national banking regulator. The bank received her tier-1 banking license in December 2021. Before that, PostBank Uga ...

, to form an agricultural bank.

Products

As of June 2014, the products offered included:

Deposit products

* Pride Smart Savings Account * Pride Akiba Savings Account * Fixed Deposit Account * Minor’s Savings Account * Group Savings Account * Loan Insurance Fund * Save As You Earn (SAYE) Account

Loan products

* Group Guaranteed Loans * Individual Loans * Salary Loans * Mortgage and Asset Financing Loan * Agricultural Loan Scheme * School Fees Loan

Other services

* Money Transfer Services - Through

Western Union The Western Union Company is an American multinational financial services company, headquartered in Denver, Colorado. Founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company in Rochester, New York, the company chang ...

and

MoneyGram MoneyGram International, Inc. is an American cross-border Peer-to-peer, P2P payments and electronic funds transfer, money transfer company based in the United States with headquarters in Dallas, Dallas, Texas. It has an operations center in St. L ...

* Death, disability, and catastrophe insurance products to loan clients - Offered through AIG Insurance.

Branch network

The entire branch network of the company included the following locations, as of June 2014: # Arua Branch - Avenue Road,

Arua Arua is a city and commercial centre within the Arua District in the Northern Region of Uganda. Location Arua is approximately , by road, north-west of Kampala, the capital and largest city of Uganda, Arua is about , by road, west of Gulu, the ...

# Bugiri Branch - Mivule Road,

Bugiri Bugiri is a town in the Eastern Region of Uganda. It is the chief town of Bugiri District, and the district headquarters are located there. The town was elevated to Municipal Council status in 2019. Location Bugiri is located approximately , ...

# Bukoto Branch - Victoria Office Park, 6-9 Ben Kiwanuka Okot Close,

Bukoto Bukoto is a township within the city of Kampala, Uganda's capital and largest metropolitan area. Location Bukoto is bordered by Kisaasi to the north, Kigoowa to the north-east, Ntinda to the east, Naguru, Uganda, Naguru to the south-east, Kolol ...

Kampala Kampala (, ) is the capital and largest city of Uganda. The city proper has a population of 1,680,000 and is divided into the five political divisions of Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division, and Ruba ...

Main Branch # Bushenyi Branch - High Street,

Bushenyi Bushenyi is a town in Western Uganda. It is the 'chief town' of Bushenyi District and the district headquarters are located there. The district is named after the town, in keeping with the practice in most of the districts in the country. Locat ...

# Buwenge Branch - Kamuli Road,

Buwenge Buwenge is a town in the Eastern Region of Uganda. It was proposed as the headquarters of Jinja District in 2009 when local district leaders were lobbying government to grant Jinja city status. However, when the district headquarters were relo ...

# Kampala City Branch - Mukwano Arcade, Kampala # Fort Portal Branch - Rukidi Road,

Fort Portal Fort Portal or Kabarole is a city located in the Western Region of Uganda. It is the seat of both Kabarole District and historically of the Toro Kingdom. Location Fort Portal in Kabarole District is located approximately by road, west of Kampal ...

# Gulu Branch - Cemetery Road,

Gulu Gulu is a city in the Northern Region of Uganda. It is the commercial and administrative centre of Gulu District. The coordinates of the city of Gulu are 2°46'54.0"N 32°17'57.0"E. The distance from Gulu to Kampala, Uganda's capital and large ...

# Entebbe Road Branch - Metropole House, Entebbe Road, Kampala # Hoima Branch - Old Tororo Road,

Hoima Hoima is a city in the Western Region of Uganda. It is the main municipal, administrative, and commercial center of Hoima District. It is also the location of the palace of the Omukama of Bunyoro. Location Hoima is approximately , by road, nort ...

# Ibanda Branch - High Street,

Ibanda Ibanda is a town in the Western Region of Uganda. It is the main political, administrative, and commercial centre of Ibanda District and the site of the district headquarters. It started wayback in 1990s and was elevated from a trading centre ...

# Iganga Branch - Main Street,

Iganga Iganga is a town in the Eastern Region of Uganda. It is the main municipal, administrative, and commercial center of Iganga District. Location Iganga is located in Uganda's Busoga sub-region. It lies approximately , by road, northeast of the ...

# Ishaka Branch - Rukungiri Road,

Ishaka Ishaka is a town in the Western Region of Uganda. It is one of the municipalities in Bushenyi District. Location Ishaka is located in Igara County, in Bushenyi District, approximately , by road, west of Mbarara, the largest city in the sub-regio ...

# Jinja Branch - Main Street, Jinja # Kabalagala Branch - Muyenga Road,

Kabalagala Kabalagala is a neighbourhood in Kampala, the capital and largest city in Uganda. It houses some of the leading partygoers in the city. It is located next to Nsambya where the American Embassy in Uganda is found. Location Kabalagala is bordered b ...

# Kabale Branch - Kabale Road,

Kabale Kabale is a town in the Western Region, Uganda, Western Region of Uganda. It is the chief town of Kabale District, and the district headquarters are located there. Sometimes nicknamed “Kastone” as in the local language Rukiga, a “kabale” ...

# Kabingo Branch - Kabingo Trading Center,

Isingiro District Isingiro District is a district in the Western Region of Uganda. The town of Isingiro is the district's main municipal, administrative, and commercial center. Location Isingiro District is bordered by Kiruhura District to the north, Rakai Distr ...

# Kabwohe Branch - Mbarara Road,

Kabwohe Sheema, also Sheema Municipality, is an urban centre in the Western Region of Uganda. It is the largest municipality in Sheema District. Location Sheema lies on the Mbarara–Ishaka Road, approximately , by road, west of Mbarara, the largest ci ...

# Kagadi Branch - High Street,

Kagadi Kagadi is a town in the Western Region of Uganda. It is the commercial and administrative headquarters of Kagadi District. Location Kagadi is in Buyaga County, approximately south-west of Hoima, the largest town in the Bunyoro sub-region. This ...

# Kasese Branch - Saad Building,

Kasese Kasese is a town north of Lake George in the Western Region of Uganda. It originally grew around the copper mine at Kilembe, while attention later turned to cobalt mining. It is the chief town of Kasese District, and the district headquarters ...

# Katwe Branch - Katwe Road,

Katwe Katwe is an area in the city of Kampala, Uganda's capital. Location Katwe, located in Makindye Division, is bordered by Nakasero to the north, Nsambya to the east, Kibuye, Uganda, Kibuye and Makindye to the southeast, Ndeeba to the south and Meng ...

# Kawempe Branch - Bombo Road,

Kawempe Kawempe is an area in the city of Kampala, Uganda's capital. It is also the location of the headquarters of Kawempe Division, one of the five administrative divisions of Kampala. Location Kawempe is located on the northwestern edge of Kampala. ...

# Lira Branch - Oboe Avenue,

Lira Lira is the name of several currency units. It is the current currency of Turkey and also the local name of the currencies of Lebanon and of Syria. It is also the name of several former currencies, including those of Italy, Malta and Israe ...

# Lugazi Branch - Ntenga Road,

Lugazi Lugazi is a town in the Buikwe District of the Central Region, Uganda, Central Region of Uganda. The town is also called "Kawolo", and the two names are interchangeably used by the local inhabitants. Location The town is on the Kampala-Jinja Hig ...

# Masaka Branch - Kampala Road,

Masaka Masaka is a city in the Buganda Region of Uganda, west of Lake Victoria. The city is the headquarters of Masaka District. Location Masaka is approximately to the south-west of Kampala on the highway to Mbarara. The city is close to the Equator ...

# Mbale Branch - Republic Street,

Mbale Mbale is a city in the Eastern Region of Uganda. It is the main municipal, administrative, and commercial center of Mbale District and the surrounding sub-region. Location Mbale is approximately , by road, northeast of Kampala, Uganda's capita ...

# Mbarara Branch - High Street,

Mbarara Mbarara City is a city in the Western Region of Uganda and the second largest city in Uganda after Kampala. The city is divided into 6 boroughs of Kakoba Division, Kamukuzi Division, Nyamitanga Division, Biharwe Division, Kakiika Division, Nyakay ...

# Mukono Branch - Kampala-Jinja Highway,

Mukono Mukono Town is a municipality in Mukono District in the Central Region of Uganda. The town is administered by the Mukono Town Council. The district headquarters are located in this town. Location Mukono Municipality is 21 km east of ...

# Nakawa Branch - UMA Show Ground,

Nakawa Nakawa is an area in the city of Kampala, Uganda's capital. It is also the location of the headquarters of Nakawa Division, one of the five administrative divisions of Kampala. Location Nakawa is located on the eastern edge of the city of Kamp ...

# Naakulabye Branch - Hoima Road, Basiriak Building,

Naakulabye Naakulabye, also Nakulabye, is a neighborhood within the city of Kampala, the capital and largest city in Uganda. Location Naakulabye is located in Lubaga Division, in northwestern Kampala. It is bordered by Makerere Kikoni to the north, Makerer ...

# Nateete Branch - Masaka Road,

Nateete Nateete is a location in the city of Kampala, Uganda's capital. Location Nateete is located in Lubaga Division, on the southwestern edge of the city of Kampala. It is bordered by Busega to the north, Lungujja to the northeast, Lubaga to the nor ...

# Pader Branch - Main Street, Pader # Rukungiri Branch - Rukungiri Road,

Rukungiri Rukungiri is a town in Rukungiri District of the Western Region of Uganda. It is the site of the district headquarters. Location Rukungiri is approximately , by road, north of Kabale, the largest city in the Kigezi sub-region. This is about , ...

# Soroti Branch - Solot Avenue,

Soroti Soroti is a city in Eastern Region of Uganda. It is the main City, commercial, and administrative center in curved out of Soroti District, one of the nine administrative districts in the Teso sub-region. Soroti City was immediately approved f ...

# Wandegeya Branch - Bombo-Gayaza Roundabout,

Wandegeya Wandegeya is a neighborhood within the city of Kampala, Uganda's capital and largest metropolitan area. The name is derived from the weaver birds, (''Endegeya'' in Luganda), which used to inhabit the area prior to the 1990s. Location Wandegeya ...

References

External links

History of Pride Microfinance
{{Coord, 00, 20, 41, N, 32, 35, 40, E, display=title Banks of Uganda Companies based in Kampala Banks established in 1995 1995 establishments in Uganda Government-owned companies of Uganda