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Pride Microfinance Limited (PMFL), is a Microfinance Deposit-taking Institution (MDI) in Uganda. It is licensed by Bank of Uganda, the central bank and national banking regulator.[1]
The headquarters of PMFL are located in Victoria Business Park, in Bukoto, a northeastern neighborhood in Nakawa Division, an administrative area within Kampala, Uganda's capital and largest city. This location is situated approximately 6.5 kilometres (4.0 mi), by road, outside the city's central business district.[2] The coordinates of this location are:+0° 20' 41.00"N, +32° 35' 40.00"E (Latitude:0.344723; Longitude:32.594445).[3]
Pride Microfinance was founded in 1995, as a Non-governmental organization (NGO), with the support of the Norwegian Agency for Development Cooperation (NORAD). 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 names to Pride Africa Uganda Limited. In 2003, the Uganda government acquired 100% shareholding in the enterprise, changing the name to Pride Microfinance Limited.[4] In 2005, it attained the status of an MDI according to the Banking Act of 2003. It is licensed and supervised by the Bank of Uganda, Uganda's Central Bank. It is a member of the Association of Microfinance Institutions In Uganda (AMFIU).[5]
PMFL is a Microfinance Deposit-taking Institution (MDI). It provides financial services to that segment of the Ugandan population who are not served or are unable to access financial services through the Ugandan commercial banks. PMFL's focus are the micro, small and medium size entrepreneurs. The institution also offers money transfer services through Western Union and MoneyGram. 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.[6]
As of June 2014, the products offered include:
Pride Microfinance Limited is owned 100% by the Ugandan Government.
Pride Microfinance Limited maintains its headquarters in Metropole House on Entebbe Road, in the central business district of Kampala, Uganda's capital and largest city. The entire branch network of the company includes the following locations, as of June 2014:[7]
Jinja District, Uganda, White Nile, Madhvani Group, Eastern Region, Uganda
Lira District, Uganda, Northern Region, Uganda, Mpigi District, Barclays
Soroti District, Uganda, Eastern Region, Uganda, Anglicanism, Tanzania
Mbale District, Uganda, Eastern Region, Uganda, Islamic University in Uganda, CURE Children's Hospital of Uganda