Pride Microfinance Limited Explained

Pride Microfinance Limited uganda
Type:	Private
Location Country:	Uganda
Key People:	Charles Oleny Ojok chairman Veronicah Namagembe managing director
Num Employees:	1585+
Num Employees Year:	2013
Assets:	US$56.84 million (UGX:147.4 billion) (2013)
Revenue:	Aftertax:$4.5 million (UGX:11.7 billion) (2013)
Industry:	Financial services
Products:	Loans, savings

Pride Microfinance Limited (PMFL), is a microfinance deposit-taking institution (MDI) in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.^[1]

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 entrepreneurs. As an MDI, PMFL is a Tier III Financial Institution. It is therefore prohibited from dealing in foreign exchange and cannot issue checking accounts.

, 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.^[2]

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.

In 2003, the Uganda government acquired 100 percent shareholding in the enterprise, changing the name to Pride Microfinance Limited Uganda.^[3]

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.^[4]

In February 2016, Ugandan media reported that the government was planning to merge PMFL with PostBank Uganda, to form an agricultural bank.^[5]

Products

As of June 2014, the products offered included:

Deposit products

• Pride Smart Savings Account^[6]
• 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:^[7]

1. Arua Branch - Avenue Road, Arua
2. Bugiri Branch - Mivule Road, Bugiri
3. Bukoto Branch - Victoria Office Park, 6-9 Ben Kiwanuka Okot Close, Bukoto, Kampala Main Branch
4. Bushenyi Branch - High Street, Bushenyi
   1. Buwenge Branch - Kamuli Road, Buwenge Kampala City Branch - Mukwano Arcade, Kampala
5. Fort Portal Branch - Rukidi Road, Fort Portal
6. Gulu Branch - Cemetery Road, Gulu
7. Entebbe Road Branch - Metropole House, Entebbe Road, Kampala
8. Hoima Branch - Old Tororo Road, Hoima
9. Ibanda Branch - High Street, Ibanda
10. Iganga Branch - Main Street, Iganga
11. Ishaka Branch - Rukungiri Road, Ishaka
12. Jinja Branch - Main Street, Jinja
13. Kabalagala Branch - Muyenga Road, Kabalagala
14. Kabale Branch - Kabale Road, Kabale
15. Kabingo Branch - Kabingo Trading Center, Isingiro District
    1. Kabwohe Branch - Mbarara Road, Kabwohe Kagadi Branch - High Street, Kagadi
16. Kasese Branch - Saad Building, Kasese
17. Katwe Branch - Katwe Road, Katwe
    1. Kawempe Branch - Bombo Road, Kawempe Lira Branch - Oboe Avenue, Lira
       1. Lugazi Branch - Ntenga Road, Lugazi Masaka Branch - Kampala Road, Masaka Mbale Branch - Republic Street, Mbale
       2. Mbarara Branch - High Street, Mbarara Mukono Branch - Kampala-Jinja Highway, Mukono Nakawa Branch - UMA Show Ground, Nakawa
18. Naakulabye Branch - Hoima Road, Basiriak Building, Naakulabye
    1. Nateete Branch - Masaka Road, Nateete Pader Branch - Main Street, Pader
19. Rukungiri Branch - Rukungiri Road, Rukungiri
    1. Soroti Branch - Solot Avenue, Soroti Wandegeya Branch - Bombo-Gayaza Roundabout, Wandegeya

See also

• Banking in Uganda
• List of banks in Uganda
• FINCA Uganda Limited
• Finance Trust Bank

External links

• History of Pride Microfinance

Notes and References

1. Web site: 30 June 2014 . March 2014 . List of Licensed Microfinance Deposit-Taking Institutions In Uganda . BOU . Bank of Uganda (BOU) .
2. Web site: Pride Microfinance Limited (PMFL) . PMFL. 2014. 30 June 2014 . Audited December 2013 Annual Report.
3. Web site: Mbanga. Pride Microfinance Limited Is On Sale. Jeff . . 22 May 2008 . 30 June 2014 .
4. Web site: 30 June 2014 . AMFIU Networks: Membership Affiliations . MixMarket . MixMarket.org.
5. Web site: 3 April 2016 . Government to merge Post Bank and Pride Microfinance to form an agricultural Bank . 27 February 2016 . Newz.ug (NZU) . NZU . Kampala . https://web.archive.org/web/20160403061924/http://newz.ug/2016/02/27/government-to-merge-post-bank-and-pride-microfinance-to-form-an-agricultural-bank/ . 3 April 2016 . dead .
6. Web site: Over 10, 000 Pride Microfinance customers to lose their money . June 26, 2013 . Sunday Vision.
7. Web site: 30 June 2014 . The Branch Network of Pride Microfinance Limited . PMFL . Pride Microfinance Limited (PMFL) . https://web.archive.org/web/20140324022007/http://www.pridemicrofinance.co.ug/index.php/our-branch-network/ . 24 March 2014 . dead .