Pride Microfinance Limited
Encyclopedia
Pride Microfinance Limited (PML), is a Microfinance Deposit-taking Institution (MDI) in Uganda
.
of Kampala
, Uganda's capital and largest city
. This location is situated on the western slopes of Nakasero Hill
, close to the junction between Entebbe Road and Market Street. The coordinates of this location are:00 18 41N, 32 34 53E (Latitude:0.3113; Longitude:32.5814).
, Uganda's Central Bank
. It is a member of the Association of Microfinance Institutions in Uganda (AMFIU).
s. The institution also offers money transfer services through Western Union
. As an MDI, PML is a Tier III Financial Institution
. It is therefore prohibited from dealing in foreign exchange
and cannot issue checking accounts. As of December 2009, PML had 186,322 depositors with a total of US$13.5 million in deposits, averaging US$73 per depositor. There were 60,276 loan accounts, with an average loan amount of US$421 borrower, for a total loan book of US$25.4 million.
As of March 2010, the products offered include:
Deposit Products
Loan products
Other services
, Uganda's capital and largest city. The entire branch network of the company includes the following locations, as of March 2010:
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
.
Location
The headquarters of PML are located in Metropole House, on Entebbe Road, in the central business districtCentral business district
A central business district is the commercial and often geographic heart of a city. In North America this part of a city is commonly referred to as "downtown" or "city center"...
of Kampala
Kampala
Kampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
, Uganda's capital and largest city
City
A city is a relatively large and permanent settlement. Although there is no agreement on how a city is distinguished from a town within general English language meanings, many cities have a particular administrative, legal, or historical status based on local law.For example, in the U.S...
. This location is situated on the western slopes of Nakasero Hill
Nakasero
Nakasero is the hill where the central business district of Kampala is located. Kampala is Uganda's capital and largest city.-Location:Nakasero is bordered by Mulago to the north, Makerere to the northwest, Old Kampala to the west, Namirembe and Mengo to the southwest, Nsambya to the south, Kibuli...
, close to the junction between Entebbe Road and Market Street. The coordinates of this location are:00 18 41N, 32 34 53E (Latitude:0.3113; Longitude:32.5814).
History
PML was founded in 1995. 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 UgandaBank of Uganda
The Bank of Uganda is the Central Bank of the Republic of Uganda. Established in 1966, by Act of Parliament, BOU is 100% owned by the Government of Uganda, but is not a government department.-Organization and Governance:...
, Uganda's Central Bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
. It is a member of the Association of Microfinance Institutions in Uganda (AMFIU).
Overview
Pride Microfinance Limited 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. PML's focus are the micro, small and medium size entrepreneurEntrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
s. The institution also offers money transfer services through Western Union
Western Union
The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado. Up until 2006, Western Union was the best-known U.S...
. As an MDI, PML is a Tier III Financial Institution
Banking in Uganda
-The early years:Prior to Uganda’s independence in 1962, Government-owned institutions dominated most banking in Uganda. In 1966 the Bank of Uganda, which controlled the issue of currency and managed foreign exchange reserves, became the Central Bank. Uganda Commercial Bank, which had fifty...
. It is therefore prohibited from dealing in foreign exchange
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
and cannot issue checking accounts. As of December 2009, PML had 186,322 depositors with a total of US$13.5 million in deposits, averaging US$73 per depositor. There were 60,276 loan accounts, with an average loan amount of US$421 borrower, for a total loan book of US$25.4 million.
As of March 2010, the products offered include:
Deposit Products
- Pride Smart Savings Account
- Pride Akiba Savings Account
- Fixed Deposit Account
- Minor’s Savings Account
- Group Savings Account
- Loan Insurance Fund
Loan products
- Group Guaranteed Loans
- Individual Loans
- Salary Loans
- Asset Financing Loan
Other services
- Money Transfer Services - Through Western UnionWestern UnionThe Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado. Up until 2006, Western Union was the best-known U.S...
- Death, Disability and Catastrophe Insurance products to loan clients - Offered through Chartis InsuranceChartisChartis , is a division of AIG in the process of being spun off, formerly referred to as the 'Property Casualty Insurance' part of AIG...
Ownership
Pride Microfinance Limited is owned 100% by the Ugandan Government.Branch Network
Pride Microfinance Limited maintains its headquarters in Metropole House on Entebbe Road, in the center of KampalaKampala
Kampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
, Uganda's capital and largest city. The entire branch network of the company includes the following locations, as of March 2010:
- Arua Branch - Avenue Road, AruaAruaArua is a town in Arua District, Northern Uganda. An important local commercial centre, it is a base for a large refugee population from Southern Sudan and the Democratic Republic of the Congo and is an aid distribution centre for those nations.-Location:...
- Bugiri Branch - Mivule Road, BugiriBugiriBugiri is a town in Eastern Uganda. It is the 'chief town' of Bugiri District and the district headquarters are located there. The district is named after the town.-Location:...
- Bushenyi Branch - High Street, BushenyiBushenyiBushenyi is a town in Western Uganda. It is the 'chief town' of Bushenyi District and the district headquarters are located there. The district is named after the town, in keeping with the practice in most of the districts in the country.-Location:...
- Buwenge Branch - Kamuli Road, BuwengeBuwengeBuwenge is a town in Jinja District in Eastern Uganda. The headquarters of Jinja District will be relocated to Buwenge when Jinja attains city status in 2011.-Location:...
- Kampala City Branch - Mukwano Arcade, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
- Fortportal Branch - Rukidi Road, Fort PortalFort PortalFort Portal is a town in Western Uganda. It is the seat of both Kabarole District and Toro Kingdom.-Location:Fort Portal is located approximately by road, west of Kampala, Uganda's capital and largest city, on an all-tarmac two-lane highway...
- Head Office - Entebbe Road, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
- Hoima Branch - Old Tororo Road, HoimaHoimaHoima is a town in Western Uganda. It is main municipal, administrative and commercial center of Hoima District in Uganda. It is also the location of the palace of the Omukama of Bunyoro.-Location:...
- Iganga Branch - Main Street, IgangaIganga.Iganga is a town in Eastern Uganda. It is the main municipal, administrative and commercial center of Iganga District and the district headquarters are located there. The district is named after the town.-Location:...
- Ishaka Branch - Rukungiri Road, IshakaIshakaIshaka is a town in south-western Uganda. It is one of the municipalities in Bushenyi District.-Location:Ishaka is located in Igara County, Bushenyi District, in Western Uganda. It is located approximately , by road, west of Mbarara, the largest city in the sub-region...
- Jinja Branch - Main Street, JinjaJinja, UgandaJinja is the largest town in Uganda, Africa. It is the second busiest commercial center in the country, after Kampala, Uganda's capital and only city. Jinja was established in 1907.-Location:...
- Kabalagala Branch - Muyenga Road, KabalagalaKabalagalaKabalagala is a neighborhood in the city of Kampala, the capital city of Uganda. The name Kabalagala comes from a local type of pancake made from cassava flour and sweet bananas and is spiced with local peppers. Hawkers of this food variety would pull up to motorists as they were waiting to turn...
- Kabale Branch - Kabale Road, KabaleKabaleKabale is a city in Western Uganda. It is the 'chief town' of Kabale District and the district headquarters are located there. The district is named after the town.-Location:...
- Kabwohe Branch - Mbarara Road, KabwoheKabwoheKabwohe is a town in Western Uganda. It is one of the municipalities in Bushenyi District.-Location:Kabwohe lies on the main highway between Mbarara and Bushenyi. It is located approximately , by road, west of Mbarara, the largest city in the sub-region. This location is approximately , by road,...
- Kasese Branch - Saad Building, KaseseKaseseKasese is a town in Western Uganda, lying north of Lake George. It originally grew around the copper mine at Kilembe, while attention later turned to cobalt mining. It is the 'chief town' of Kasese District and the district headquarters are located there...
- Katwe Branch - Katwe Road, KatweKatwe-Location:Katwe, located in Makindye Division, is bordered by Nakasero to the north, Nsambya to the east, Kibuye and Makindye to the southeast, Ndeeba to the south and Mengo to the west. The road distance between Kampala's central business district and Katwe is approximately...
- Kawempe Branch - Bombo Road, KawempeKawempeKawempe is an area in the city of Kampala, Uganda's capital. It is also the location of the headquarters of Kawempe Division, one of the five administrative divisions of Kampala. The five divisions are:* Kampala Central Division* Lubaga Division...
- Lira Branch - Oboe Avenue, LiraLira, UgandaLira is a city in Northern Uganda. It is the main municipal, administrative and commercial centre of Lira District. Lira was the main metropolitan center of the now defunct Lango District ....
- Lugazi Branch - Ntenga Road, LugaziLugaziLugazi is a town in Buikwe District, in Central Uganda. The town is also called Kawolo, and the two names are interchangeably used by the local inhabitants.-Location:...
- Masaka Branch - Kampala Road, MasakaMasakaMasaka is a town in Central Uganda, lying west of Lake Victoria. It is the chief town of Masaka District. Besides being the headquarters of Masaka District, the town is the regional headquarters and largest metropolitan area in Lyantonde District, Sembabule District, Lwengo District, Bukomansimbi...
- Mbale Branch - Republic Street, MbaleMbaleMbale is a city in Eastern Uganda. It is the main municiplal, administrative and commercial center of Mbale District and the surrounding sub-region. The district is named after the town.-Location:...
- Mbarara Branch - High Street, MbararaMbararaMbarara is a town in Western Uganda. It is the main municipal, administrative and commercial center of Mbarara District and the location of the district headquarters. It is also the largest urban centre in Western Uganda.-Location:...
- Mukono Branch - Kampala-Jinja HighwayKampala-Jinja HighwayKampala-Jinja Highway is a road in Uganda, connecting the cities of Kampala and Jinja. Sometimes referred to as Kampala-Jinja Road, it is a busy road, with several towns, trading centers and other landmarks along the way.-Location:...
, Mukono - Nakawa Branch - UMA Show Ground, NakawaNakawaNakawa is an area in the city of Kampala, Uganda's capital. It is also the location of the headquarters of Nakawa Division, one of the five administrative divisions of Kampala.-Location:Nakawa is located on the eastern edge of the city of Kampala...
- Naakulabye Branch - Hoima Road, Basiriak Building, NaakulabyeNaakulabyeNaakulabye is a neighborhood within the city of Kampala, the capital of Uganda and its largest metropolitan area.-Location:Naakulabye is located in Lubaga Division, in northwestern Kampala...
- Nateete Branch - Masaka Road, NateeteNateeteNateete is a location in the city of Kampala, Uganda's capital. The correct spelling is with two "e"'s. Unfortunately the location is often misspelled with one "e".-Location:Nateete is located on the southwestern edge of the city of Kampala...
- Rukungiri Branch - Rukungiri Road, RukungiriRukungiriRukungiri is a town in Western Uganda. It is the 'chief town' of Rukungiri District and the district headquarters are located there. The district was named after the town in 1980.-Location:...
- Soroti Branch - Solot Avenue, SorotiSorotiSoroti is the main municipal, commercial and administrative centre of Soroti District in Eastern Uganda, lying near Lake Kyoga. It is known for the rock formation near the town as well as a variety of Muslim mosques, Hindu temples, Sikh gurdwaras as well as several churches that meet in various...
- Wandegeya Branch - Bombo-Gayaza Roundabout, WandegeyaWandegeyaWandegeya is a neighborhood within the city of Kampala, Uganda's capital and largest metropolitan area.The name is derived from the weaver birds, , which used to inhabit the area prior to the 1990s.-Location:...
See also
- Banking in UgandaBanking in Uganda-The early years:Prior to Uganda’s independence in 1962, Government-owned institutions dominated most banking in Uganda. In 1966 the Bank of Uganda, which controlled the issue of currency and managed foreign exchange reserves, became the Central Bank. Uganda Commercial Bank, which had fifty...
- List of banks in Africa
- List of banks in Uganda
- Uganda Finance Trust LimitedUganda Finance Trust LimitedUganda Finance Trust Limited , commonly called Finance Trust, is a Microfinance Deposit-taking Institution in Uganda.-Location:...
- FINCA Uganda LimitedFINCA Uganda LimitedFINCA Uganda Limited, also known as FINCA Uganda, is a Microfinance Deposit-taking Institution in Uganda. It is a subsidiary and member organization of FINCA International, headquartered in the United States of America.-Location:...