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]
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1995 |
| Headquarters | , |
Key people | Charles Oleny Ojok chairman Veronicah Namagembe managing director |
| Products | Loans, savings |
| Revenue |  Aftertax:$4.5 million (UGX:11.7 billion) (2013) |
| Total assets | US$56.84 million (UGX:147.4 billion) (2013) |
Number of employees | 1585+ (2013) |
| Website | www |
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[update], 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 edit
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 edit
As of June 2014, the products offered included:
Deposit products edit
- 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 edit
- Group Guaranteed Loans
- Individual Loans
- Salary Loans
- Mortgage and Asset Financing Loan
- Agricultural Loan Scheme
- School Fees Loan
Other services edit
- Money Transfer Services - Through Western Union and MoneyGram
- Death, disability, and catastrophe insurance products to loan clients - Offered through AIG Insurance.
Branch network edit
The entire branch network of the company included the following locations, as of June 2014:[7]
- 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 edit
References edit
- ^ BOU (March 2014). "List of Licensed Microfinance Deposit-Taking Institutions In Uganda". Bank of Uganda (BOU). Retrieved 30 June 2014.[permanent dead link]
- ^ PMFL (2014). "Audited December 2013 Annual Report". Pride Microfinance Limited (PMFL). Retrieved 30 June 2014.
- ^ Mbanga, Jeff (22 May 2008). "Pride Microfinance Limited Is On Sale". The Observer (Uganda). Retrieved 30 June 2014.
- ^ MixMarket. "AMFIU Networks: Membership Affiliations". MixMarket.org. Retrieved 30 June 2014.
- ^ 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.