Pride Microfinance Limited
Overview
As of December 2023, the institution's total assets were valued at UGX:455,557,125,000 (approx. US$125.56 million), with shareholders' equity of UGX:168,557,125,000 (US$46.46 million). During the 12 months ending 31 December 2023, the institution made an after-tax profit of UGX:7,687,853,000 (approx. $2.12 million).
History
PMFL was founded in 1995 as a non-governmental organization with the support of the Norwegian Agency for Development Cooperation. 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. The institution 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. PBL's focus are the micro, small, and medium size entrepreneurs. It is therefore prohibited from dealing in foreign exchange. 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 a Tier III (an MDI), according to the Banking Act of 2003.
In February 2016, Ugandan media reported that the government was planning to merge PMFL with PostBank Uganda, to form an agricultural bank.
Products
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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 and MoneyGram
- 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
- Bugiri Branch - Mivule Road, Bugiri
- Bukoto Branch - Victoria Office Park, 6-9 Ben Kiwanuka Okot Close, Bukoto, Kampala Main Branch
- Bushenyi Branch - High Street, Bushenyi
- Buwenge Branch - Kamuli Road, Buwenge
- Kampala City Branch - Mukwano Arcade, Kampala
- Fort Portal Branch - Rukidi Road, Fort Portal
- Gulu Branch - Cemetery Road, Gulu
- Entebbe Road Branch - Metropole House, Entebbe Road, Kampala
- Hoima Branch - Old Tororo Road, Hoima
- Ibanda Branch - High Street, Ibanda
- Iganga Branch - Main Street, Iganga
- Ishaka Branch - Rukungiri Road, Ishaka
- Jinja Branch - Main Street, Jinja
- Kabalagala Branch - Muyenga Road, Kabalagala
- Kabale Branch - Kabale Road, Kabale
- Kabingo Branch - Kabingo Trading Center, Isingiro District
- Kabwohe Branch - Mbarara Road, Kabwohe
- Kagadi Branch - High Street, Kagadi
- Kasese Branch - Saad Building, Kasese
- Katwe Branch - Katwe Road, Katwe
- Kawempe Branch - Bombo Road, Kawempe
- Lira Branch - Oboe Avenue, Lira
- Lugazi Branch - Ntenga Road, Lugazi
- Masaka Branch - Kampala Road, Masaka
- Mbale Branch - Republic Street, Mbale
- Mbarara Branch - High Street, Mbarara
- Mukono Branch - Kampala-Jinja Highway, Mukono
- Nakawa Branch - UMA Show Ground, Nakawa
- Naakulabye Branch - Hoima Road, Basiriak Building, Naakulabye
- Nateete Branch - Masaka Road, Nateete
- Pader Branch - Main Street, Pader
- Rukungiri Branch - Rukungiri Road, Rukungiri
- Soroti Branch - Solot Avenue, Soroti
- Wandegeya Branch - Bombo-Gayaza Roundabout, Wandegeya
See also
References
- ^ Ali Twaha (12 December 2024). "BOU Approves Name Change For Pride Microfinance". New Vision. Kampala, Uganda. Retrieved 14 December 2024.
- ^ "Audited Financial Statement For the Year Ended 31 December 2023" (PDF). Pride Microfinance Limited (MDI). Kampala. 20 March 2024. Retrieved 14 December 2024.
- ^ Jeff Mbanga (22 May 2008). "Pride Microfinance Limited Is On Sale". The Observer (Uganda). Kampala, Uganda. Retrieved 14 December 2024.
- ^ NZU (27 February 2016). "Government to merge Post Bank and Pride Microfinance to form an agricultural Bank". Kampala: Newz.ug (NZU). Archived from the original on 3 April 2016. Retrieved 3 April 2016.
- ^ "Over 10, 000 Pride Microfinance customers to lose their money". Sunday Vision. June 26, 2013.
- ^ PMFL. "The Branch Network of Pride Microfinance Limited". Pride Microfinance Limited (PMFL). Archived from the original on 24 March 2014. Retrieved 30 June 2014.
External links
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