Pride Microfinance Limited

Pride Microfinance Limited uganda
Company typePrivate
IndustryFinancial services
Founded1995 (1995)
Headquarters
Victoria Office Park
6-9 Ben Kiwanuka Okot Close
Bukoto, Kampala
,
Uganda
Key people
Charles Oleny Ojok
chairman
Veronicah Namagembe
managing director
ProductsLoans, savings
RevenueIncreaseAftertax:$4.5 million (UGX:11.7 billion) (2013)
Total assetsUS$56.84 million (UGX:147.4 billion) (2013)
Number of employees
1,585+ (2013)
Websitewww.pridemicrofinance.co.ug

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.

As of December 2013, 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

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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

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As of June 2014, the products offered included:

Deposit products

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  • 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

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

Other services

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Branch network

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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
  5. Buwenge Branch - Kamuli Road, Buwenge
  6. Kampala City Branch - Mukwano Arcade, Kampala
  7. Fort Portal Branch - Rukidi Road, Fort Portal
  8. Gulu Branch - Cemetery Road, Gulu
  9. Entebbe Road Branch - Metropole House, Entebbe Road, Kampala
  10. Hoima Branch - Old Tororo Road, Hoima
  11. Ibanda Branch - High Street, Ibanda
  12. Iganga Branch - Main Street, Iganga
  13. Ishaka Branch - Rukungiri Road, Ishaka
  14. Jinja Branch - Main Street, Jinja
  15. Kabalagala Branch - Muyenga Road, Kabalagala
  16. Kabale Branch - Kabale Road, Kabale
  17. Kabingo Branch - Kabingo Trading Center, Isingiro District
  18. Kabwohe Branch - Mbarara Road, Kabwohe
  19. Kagadi Branch - High Street, Kagadi
  20. Kasese Branch - Saad Building, Kasese
  21. Katwe Branch - Katwe Road, Katwe
  22. Kawempe Branch - Bombo Road, Kawempe
  23. Lira Branch - Oboe Avenue, Lira
  24. Lugazi Branch - Ntenga Road, Lugazi
  25. Masaka Branch - Kampala Road, Masaka
  26. Mbale Branch - Republic Street, Mbale
  27. Mbarara Branch - High Street, Mbarara
  28. Mukono Branch - Kampala-Jinja Highway, Mukono
  29. Nakawa Branch - UMA Show Ground, Nakawa
  30. Naakulabye Branch - Hoima Road, Basiriak Building, Naakulabye
  31. Nateete Branch - Masaka Road, Nateete
  32. Pader Branch - Main Street, Pader
  33. Rukungiri Branch - Rukungiri Road, Rukungiri
  34. Soroti Branch - Solot Avenue, Soroti
  35. Wandegeya Branch - Bombo-Gayaza Roundabout, Wandegeya

See also

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References

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  1. ^ BOU (March 2014). "List of Licensed Microfinance Deposit-Taking Institutions In Uganda". Bank of Uganda (BOU). Retrieved 30 June 2014.[permanent dead link‍]
  2. ^ PMFL (2014). "Audited December 2013 Annual Report". Pride Microfinance Limited (PMFL). Retrieved 30 June 2014.
  3. ^ Mbanga, Jeff (22 May 2008). "Pride Microfinance Limited Is On Sale". The Observer (Uganda). Retrieved 30 June 2014.
  4. ^ MixMarket. "AMFIU Networks: Membership Affiliations". MixMarket.org. Retrieved 30 June 2014.
  5. ^ 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.
  6. ^ "Over 10, 000 Pride Microfinance customers to lose their money". Sunday Vision. June 26, 2013.
  7. ^ PMFL. "The Branch Network of Pride Microfinance Limited". Pride Microfinance Limited (PMFL). Archived from the original on 24 March 2014. Retrieved 30 June 2014.
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00°20′41″N 32°35′40″E / 0.34472°N 32.59444°E / 0.34472; 32.59444

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