pride microfinance limited (mdi) · the highest ethical standards by keeping up with the best...

1 Pride MicroFinance Limited Annual Report

PRIDE MICROFINANCE LIMITED (MDI)

2 Pride MicroFinance Limited Annual Report Con

tent

s

Co

nten

ts Who we are, Mission and Strategy 3

Your Growth is our Pride (Customers’ testimonies) 6

Board of Directors 7

Senior Management 8

Directors’ Report 9

Chairman’s Statement 11

Statement of Directors’ responsibilities 14

Financial Highlights 16

Report of the Independent Auditor 17

Financial Statements 19

Contact Information 23

PML Branch Network 24

Abbreviations / Acronyms

PML Pride Microfinance Limited

MDI Microfinance Deposit-taking Institution

CSR Corporate Social Responsibilities

IT Information Technology

CORPORATE PROFILE


WHO WE AREPride Microfinance Limited (MDI) (PML) is a Microfinance Deposit Taking Institution regulated and supervised by Bank of Uganda. Since 1995 PML has been a cutting-edge financial services provider to hundreds of thousands of Ugandans in the field of Microfinance.

VISIONTo be the leading Micro Finance Deposit-Taking Institution with the largest branch network, best portfolio quality and customer service in Uganda.

MISSIONTo provide financial services to small, medium and upscale entrepreneurs through profitable operations that foster growth of both internal and external customers.

CORE VALUESResponsive and Responsible governance• Honesty, Integrity and Accountability• Excellency and Transparency• Efficiency and Effectiveness• Team Work and Customer Sensitivity• Equal Opportunity Employer•

OWNERSHIPPML is 100% owned by Government of Uganda.

CORPORATE STRATEGYThe focus for the next five years will be growth that will mainly come from consolidation and increased penetration within the targeted market segments for PML’s core product lines as stated below:

Intensive portfolio growth with limited product menu.• Aggressive mobilization of deposits which will be intermediated to provide funding • for the growing portfolio.Obtaining more long-term loan funds from various lenders to finance portfolio • growth and have a diversified source of funding.Research, product innovations and modifications of the existing products and • services so that they are more tailored and custom designed to fit the ever changing needs and requirements of PML’s clientele.Ploughing back all profits to finance portfolio growth.• Acquiring a new centralized software package to enable PML provide networked • banking to its clients and move to the next level.Training staff to ensure maximum productivity, efficiency and effectiveness.• Review individual performance targets for staff to enhance maximum productivity.•

CORPORATE PROFILECORPORATE PROFILE


WHAT WE DOAs a Microfinance Deposit-taking Institution, we have a range of both deposit and loan products designed to cater for financial needs of people in Uganda especially the micro, small and medium entrepreneurs. We also have money transfer services through Western Union. These products include:

Deposit Products Pride Smart Savings Account• Pride Akiba Savings Account • Fixed Deposit Account• Minor’s Savings Account• Group Savings Account• LIF ( Loan Insurance Fund)•

Loan productsGroup Guaranteed Loans • Individual Loans • Salary Loans•

Proposed productsAsset Financing Loan •

Other servicesWestern Union Money Transfer• Insurance against death, disability and catastrophies for all loan clients.•

CORPORATE PROFILE

A customer being served at PML using the biometric finger print reader

The biometric finger print reader is a system that reads your finger-print in order to access personal information on your account.

With this system our customers do not have to write deposit and withdrawal slips. This has made banking easy, faster and secure for them hence encouraging them to save.


MAKING BANKING EASYMAKING BANKING EASY


Ms. Kyomugisha Margaret, Head Office Branch Customer

“I had always stood in queues for hours waiting to either withdraw or bank my money

which made me very uneasy. But since I joined Pride Microfinance Ltd I usually take less than two minutes in the banking hall which gives me more time to be in my business and plan for it. This speed of work also extends to their loan’s department because the first time I applied for a loan at Pride, I was not their customer at that time but it only took 4 days to process my loan. I have acquired more loans from them since then which have helped me to grow my business and my self. I recently bought a plot of land using the loan I got from Pride.”

Mr. Lubulwa Ibrahim, Owino Market

“Before Pride Microfinance Ltd came to us, I did not think that a businessman like me from Owino

market could benefit anything from formal financial institutions. However through their Group Guaranteed Loan Scheme, I got my first loan without pledging any formal security which opened doors for me. These loans have helped me grow my business, acquire land and build a house where I live now. I have also purchased a second plot of land and life is now much better. Pride Microfinance Ltd is very reliable and responsive to our needs. The idea of not writing deposit or withdrawal slips

is very convenient because it saves time.”

BOARD OF DIRECTORS“YOUR GROWTHIS OUR PRIDE”“YOUR GROWTH IS OUR PRIDE”

CUSTOMER’S TESTIMONIES

BOARD OF DIRECTORS

Enoch Rukidi Board Chairman

Monica K. Mugenyi Chairperson Risk and Credit Committee

Maris Wanyera Chairperson Human Resource Development & Administration Committee

Peter Gachuba Chairman Finance & Procurement Committee

Paul K. Musoke Managing Director

Constance Makosya Chairperson Audit & ALCO Committees

BOARD OF DIRECTORS“YOUR GROWTHIS OUR PRIDE”


SENIOR MANAGEMENT


SENIOR MANAGEMENT

Paul K. Musoke Managing Director

Veronicah Gladys Namagembe Ag. Deputy Managing Director and Head of Operations

Gerald Kikambi Head of Finance

Rehema N . S Mutazindwa Head of Human Capital Management

Peter Okwakol Head of Audit

Samuel Baguma Head of ICT


DIRECTORS’ REPORT DIRECTORS’ REPORT

1. PRINCIPAL ACTIVITIESThe Company takes deposits from the public and various Institutions and provides advances to customers.

2. MARKET RISKMarket risk exists wherever PML has taken credit extension, banking and investment positions. Banking and investment limits are set by the Board to contain the risk of losses within a prescribed amount in the event of adverse price movements.

3. CAPITAL ADEQUACYThe company monitors the adequacy of its capital using ratios advised by Bank of Uganda. These ratios measure capital adequacy by comparing the company’s eligible capital with its balance sheet assets, off-balance-sheet commitments and market and other risk positions at a weighted amount to reflect their relative risk.

Capital Requirement Basis:Core capital required is 15% of the total risk weighted assets including the risk weighted contingent claims.

Total capital required is 20% of the total risk weighted assets including the risk weighted contingent claims.

PML Capital Ratios:

Balance SheetRisk

Weighted Balance SheetRisk

Weighted

Nominal Amount

(UGX ‘000) Amount

Nominal Amount

(UGX ‘000) Amount

2008 2008 2007 2007

Capital Ratios Capital Ratio Capital Ratio

Core Capital 10,809,972 23% 9,507,018 25%

Total Capital 15,516,204 33% 14,049,421 36%

The above computation indicates that PML complies with the capital adequacy requirements under Sections 15 and 16 of the Micro Finance Deposit Taking Institutions Act, 2003.


4. RESULTSThe results for the year are set out on page 19.

5. DIVIDENDSThe directors do not recommend payment of any dividend for the current year. (2008: Nil)

6. RESERVESThe reserves of the company are set out on page 21.

7. DIRECTORSThe directors who served during the year and to the date of this report were: -Mr. Enoch Rukidi - Chairman Mrs. Monica Mugenyi - DirectorMrs. Constance Makosya - DirectorMr. Peter Gachuba - DirectorMs. Maris Wanyera - DirectorMr. Paul K. Musoke - Managing Director

8. AUDITORSKPMG who were appointed during the year have expressed their willingness to continue in office in accordance with section 159 (2) of the Companies Act. This is also in accordance with the MDI Act, 2003.

9. APPROVAL OF FINANCIAL STATEMENTSThe financial statements were approved by the directors at a meeting held on......................................2009

By order of the Board

Signed………………………………… Date: ……………………………SECRETARY

DIRECTORS’ REPORT


CHAIRMAN’S STATEMENT

Enoch RukidiBoard Chairman

As Pride Microfinance Limited (MDI) (PML) looks ahead to the challenges caused by the Global Economic Crisis, it is encouraging

to report that it faces the future from a strong and solid point. During 2008, the institution realized satisfactory results overall, with profit before tax being UGX 3.42 Billion. Our loan and savings portfolios grew by 23% and 33% respectively.

MACRO ECONOMIC ENVIRONMENTFor 2008, the cost of doing business in Uganda increased with the increase in interest rates. This situation has been worsened by increasing fuel costs and inflation rates that have generally affected our clients’ business growth. The volatility in the Interest rates was mainly caused by the “credit crunch” that originated from USA and is a key example of the effects of globalization.

This has consequently resulted into changes in the financial services, at least in the short-run. Many financial institutions worldwide have become more risk averse in an attempt to improve their financial statements, which have been infected with “toxic” assets, resulting into significant asset write-downs. The effects of this economic crisis have spread far deep into our economy and have had an impact on PML as it largely relies on borrowed funds for its Business Growth. PML will vigilantly monitor market conditions in order to get the best available sources of funding and increase its prudence in asset management to minimize asset write-downs.


“PML’s financial results show that success was scored in a number of areas. Over the past year, voluntary savings grew

by 33% from UGX 8.5 Billion to UGX 11.3 Billion whereas our loan portfolio grew by 23% from UGX 35.2 billion to UGX 43.3 billion. This growth could be attributed among other factors to the increase in active clients that PML recruited in 2008. We registered profit of UGX 3.42 Billion before tax. ”


FINANCIAL PERFORMANCE PML’s financial results show that success was scored in a number of areas. Over the past year, voluntary savings grew by 33% from UGX 8.5 Billion to UGX 11.3 Billion whereas our loan portfolio grew by 23% from UGX 35.2 billion to UGX 43.3 billion. This growth could be attributed among other factors to the increase in active clients that PML recruited in 2008. We registered profit of UGX 3.42 Billion before tax.

CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITYThe PML board is aware that a robust governance structure is necessary for both the survival and a healthy working environment within the institution. It has therefore fostered a culture throughout the organisation that values responsive and responsible governance, honesty, integrity and accountability, excellence and transparency, efficiency and effectiveness, teamwork and customer sensitivity. Our Managing Director has given real leadership to the institution. He and his senior management staff have driven growth of PML through an ethical code of conduct.

The Board has various committees to ensure that the institution complies with the rules and codes of the industry. These committees also require the institution’s management to bear the highest ethical standards by keeping up with the best practices in microfinance.

Corporate Social Responsibility (CSR) is part of our daily lives through our mechanism of operation. We are committed to improving the lives of the people who live in communities we operate in. We are proud of the success we have achieved in our CSR programs and we will continue to give back to these communities.

CUSTOMER FOCUSWe are truly grateful for the unwavering support that our customers give us. Our focus is to become more sensitive to our customers’ divergent needs. We want to identify and appreciate the new challenges facing them and be able to develop suitable products and services to respond to these needs. Most importantly, we focus on improving customer service, to make sure that our customers have a pleasant experience whenever doing business with us.

OUR PEOPLEI would like to thank the management and staff for their efforts towards the success achieved last year. It is the commitment and dedication of every one of them that makes a difference. I must say, they are a force to reckon with. I look forward to continuing our journey together in the years ahead. The year 2009 and beyond present the prospect of declining economic activity and the scale of changes caused by the economic challenges in our own economy will demand a great deal from all the people who work in the institution. However, the dedication and vigor already manifested from the institution’s own leaders and staff confirms my belief that PML should continue to progress throughout 2009.



THE OUTLOOK From an economic perspective, 2009 looks murky particularly given the events of the first months of the year which have exhibited that the financial system of Uganda is not immune to the global economic crisis. Interest rates are on the increase and certainly, with this situation in the financial sector, credit will be less easy to come by and undoubtedly more expensive.

The financial sector of Uganda is increasingly becoming very competitive with the entry of more banks and change in their respective strategies to tap into the microfinance sector. However, the success scored in the past years show that we stand in a strong position to overcome the challenges in the coming year. This, coupled with our corporate strategy that is customer centric should enable us to grow further in 2009.

CONCLUSIONI would like to thank all the board members for the contribution they have made towards last year’s success. For it is under their guidance that PML managed to go yet another milestone. We do appreciate the support from our various partners most notable are our customers, the government of Uganda and the government of the Kingdom of Norway. We pledge to continue providing appropriate microfinance solutions to people of Uganda in order to enhance growth and general development of the country.

Enoch RukidiBoard Chairman



The company’s directors are responsible for the preparation and fair presentation of the financial statements, comprising the balance sheet as at 31 December 2008, the income statement, the statement of changes in equity and cash flow statement for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards, the MDI Act, 2003 and the Ugandan Companies Act.

The directors’ responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. They are also responsible for safeguarding the assets of the company.

The directors accept responsibility for the financial statements set out on pages 7 to 40 which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with International Financial Reporting Standards, the reporting requirements of the MDI Act, 2003 and Ugandan Companies Act. The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs and the profit for the year ended 31 December 2008. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

The directors have made an assessment of the company’s ability to continue as a going concern and have no reason to believe the business will not be a going concern for the next twelve months from the date of this statement.

Director: Mrs. Monica Mugenyi Signed: .......................................................

Director: Mr. Paul K. Musoke Signed: .......................................................

Director: Mr. Peter Gachuba Signed: .......................................................

Date: ................................................... 2009

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

Financing the sector for Trade and Commerce


FINANCING THE SECTORFOR TRADE AND COMMERCE


FINANCIAL HIGHLIGHTS PROFITSPML continued to make commendable profits year on year. PML registered profits of UGX 3.42 billion before tax in the year 2008.

PROFIT BEFORE TAX

0

1,000,000

2,000,000

3,000,000

4,000,000

2006 2007 2008

Year

Prof

it in

UG

X '0

00

Profit Before Tax

LOAN PORTFOLIO

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

2006 2007 2008Year

Por

tfol

io in

UG

X '0

00

Outstanding Loan Portfolio

SAVINGS DEPOSITS

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

2006 2007 2008Year

Vol

unta

ry S

avin

gs (U

GX

'0

00)

Deposit Balances

LOAN PORTFOLIOPML’s loan portfolio grew by 23%. Net outstanding portfolio increased to UGX 43.3 billion in 2008 from UGX 35.2 billion in 2007

PROFIT BEFORE TAX

0

1,000,000

2,000,000

3,000,000

4,000,000

2006 2007 2008

Year

Prof

it in

UG

X '0

00

Profit Before Tax

LOAN PORTFOLIO

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

2006 2007 2008Year

Por

tfol

io in

UG

X '0

00


SAVINGS DEPOSITS

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

2006 2007 2008Year

Vol

unta

ry S

avin

gs (U

GX

'0

00)

Deposit Balances

SAVINGS DEPOSITSPML’s savings deposits have continued to grow steadily. Voluntary savings grew from UGX 8.5 billion in 2007 to UGX 11.3 billion in 2008

PROFIT BEFORE TAX

0

1,000,000

2,000,000

3,000,000

4,000,000

2006 2007 2008

Year

Prof

it in

UG

X '0

00

Profit Before Tax

LOAN PORTFOLIO

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

2006 2007 2008Year

Por

tfol

io in

UG

X '0

00


SAVINGS DEPOSITS

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

2006 2007 2008Year

Vol

unta

ry S

avin

gs (U

GX

'0

00)

Deposit Balances


REPORT ON THE FINANCIAL STATEMENTSWe have audited the accompanying financial statements of Pride Microfinance Limited (MDI), set out on pages 19 to 22, which comprise the balance sheet as at 31 December 2008, income statement, statement of changes in equity and cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory notes.

DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTSThe directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, Microfinance Deposit-taking Institution (MDI) Act 2003 and in the manner required by the Ugandan Companies Act. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

AUDITOR’S RESPONSIBILITYOur responsibility is to express an independent opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION In our opinion, the financial statements give a true and fair view of the state of financial affairs of Pride Microfinance Limited as at 31 December 2008 and of its profit and cash flows for the year then ended in accordance with International Financial Reporting Standards, the requirements of the Microfinance Deposit-taking Institution (MDI) Act 2003 and the Ugandan Companies Act.

REPORT OF THE INDEPENDENT AUDITORS

REPORT ON OTHER LEGAL REQUIREMENTSAs required by the Ugandan Companies Act, we report to you, based on our audit, that:

we have obtained all the information and explanations which, to the best of our knowledge i) and belief, were considered necessary for the purposes of our audit;in our opinion, proper books of account have been kept by the Company, so far as appears ii) from our examination of those books; andthe Company’s balance sheet and income statement are in agreement with the books of iii) account.

KPMGCertified Public Accountants P O Box 3509 Kampala, Uganda

Date: ……………………… 2009



FINANCIAL STATEMENTS

Income statement for the year ended 31 December 2008

2008 Ushs ‘000

2007 Ushs ‘000 (Restated)

Interest income 20,032,506 15,508,990

Interest expense (3,586,408) (2,768,997)

Net interest income 16,446,098 12,739,993

Fee and commission income 2,342,852 1,692,593

Fee and commission expense (18,754) (27,897)

Net fee and commission 2,324,098 1,664,696

Other operating income 746,634 668,831

Net operating income 19,516,830 15,073,520

Impairment loss on loans and advances (877,605) (129,295)

Personnel costs (9,324,808) (6,704,414)

Depreciation and amortisation (742,544) (648,109)

Other operating expenses (5,151,128) (4,092,645)

Total operating expenses (16,096,085) (11,574,463)

Profit before income tax 3,420,745 3,499,057

Income tax expense (835,935) (425,983)

Profit for the year 2,584,810 3,073,074

FINANCIALSTATEMENTS


Balance sheet as at 31 December 2008

2008 2007

AssetsUshs ‘000 Ushs ‘000

RestatedCash 1,720,565 2,724,510Investments Securities- available for sale 13,699,144 10,227,215Loans and advances to customers 43,374,469 35,219,698Other assets 1,568,989 1,426,999Deferred tax asset 210,077 51,220

Property and equipment 2,137,311 1,818,763

Intangible assets 41,987 49,173

Total assets 62,752,542 51,517,578LiabilitiesBank overdraft 824,680 49,470

Customer deposits 11,385,599 8,505,482

Loan insurance fund 11,390,106 8,993,247Other liabilities 3,991,236 3,074,703Amount due to related company 371,640 371,640Debenture 4,281,663 4,281,663Borrowed funds 17,593,500 16,031,000Deferred grants 66,970 82,413Current tax liability 242,860 95,395Total liabilities 50,148,254 41,485,013Shareholder’s equityShare capital 6,001,750 6,001,750Retained earnings 6,136,918 3,770,076Revaluation of available for sale assets (145,274) (132,187)Regulatory reserves 610,894 392,926Total Equity 12,604,288 10,032,565Total liabilities and equity 62,752,542 51,517,578

The financial statements set out on pages 19 to 22 were approved by the Board of Directors on …… 2009 and signed on its behalf by:- Director ……………….....…… Director ……..............…...… Secretary ……............…………

FINANCIALSTATEMENTS FINANCIAL

STATEMENTS


Statement of changes in equity for the year ended 31 December 2008

For the year ended 31 December 2007

Ordinary share

capital

Retained earnings

Available for sale reserve

Statutory reserves

Total equity

Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000At 1st January 2007 6,001,750 796,441 (169,249) 178,293 6,807,235Effect of reversal of profit share incentive - 115,194 - - 115,194

Transfer to Regulatory reserve - (214,633) - 214,633 -

Available for sale reserve - - (19,590) - (19,590)

Deferred tax effect on available for sale reserve - - 56,652 - 56,652

Net profit for the year - 3,073,074 - - 3,073,074As at 31st December 2007 6,001,750 3,770,076 (132,187) 392,926 10,032,565

For the year ended 31 December 2008

Ordinary share

capital

Retained earnings

Available for sale reserve

Statutory reserves

Total equity

Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000At 1st January 2008 6,001,750 3,770,076 (132,187) 392,926 10,032,565Transfer to Regulatory reserve

- (217,968) - 217,968 -

Available for sale reserve - - (75,348) - (75,348)Deferred tax effect on available for sale reserve

- - 62,261 - 62,261

Net profit for the year - 2,584,810 - - 2,584,810At 31 December 2008 6,001,750 6,136,918 (145,274) 610,894 12,604,288

FINANCIALSTATEMENTS

Cashflow statement for the year ended 31 December 2008

2008 Ushs ‘000

2007 Ushs ‘000

Cash flow from operating activities (2,282,866) 4,531,543

Cash flow from Investing activitiesAvailable for sale reserve (18,696) (19,590)

Proceeds from disposal of assets 28,841 20,976

Purchase of property and equipment (1,055,158) (736,447)

Acquisition of intangible assets (13,776) (270)

Net cash flow from investing activities (1,058,789) (735,331)

Cash flow from financing activatesLoans repaid (3,437,500) (3,250,000)

Long term loans 5,000,000 17,281,000

Net cash flow from investing activities 1,562,500 14,031,000

Net (decrease)/increase in cash and cash equivalents (1,779,155) 17,827,212

Cash and cash equivalents at beginning of the year 2,675,040 (15,152,172)

Cash and cash equivalents at end of the year 895,885 2,675,040


FINANCIALSTATEMENTS


CONTACT INFORMATIONPRINCIPAL PLACE OF BUSINESS: Metropole House Plot 8-10 Entebbe Road P O Box 7566 Kampala

REGISTERED OFFICE: Metropole House Plot 8-10 Entebbe Road P O Box 7566 Kampala

SOLICITORS AND COMPANY SECRETARY: Sebalu & Lule Advocates and Legal ConsultantsEADB BuildingPlot 4 Nile AvenueP. O. Box 2255Kampala

AUDITORS: KPMG 3rd Floor, Rwenzori CourtsPlot 2 & 4A, Nakasero RoadP.O. Box 3509 Kampala

Bankers:Stanbic Bank Uganda Limited17 Hannington Road Crested Towers P. O. Box 7131KampalaUganda

Barclays Bank Uganda LimitedKampala RoadP.O.Box 7101Kampala Uganda

Centenary Rural Development Bank LtdP.O. Box 137Bugiri

Citibank Uganda LimitedCentre Court, Ternan AvenueNakasero Plot No 4P O Box 7505Kampala Uganda

Crane Bank LimitedP.O. Box 2572Kampala


PML BRANCH NETWORK

Rwanda

Tanzania

Kenya

Sudan

DRC

N Adjumani

MoyoYumbe

Arua

NebbiPakwach

Gulu

Kitgum

PaderKotido

Katakwi

Moroto

Nakapiripirit

Kumi

MbalePallisa

Tororo

MalabaBusia

Bugiri

Iganga

Buwenge

Mayuge

Jinja

Lugazi

KamuliNakasongola

Luweero

Mukono

Mpigi

Mityana

Mubende

Kiboga

Sembabule

Masaka

Kyotera

KalangalaRakai

Lyantonde

Ibanda

Mbarara

Kabwohe

Kasese

Bundibugyo

Hoima

Masindi

ApacLira

Kaberamaido

Soroti

FortPortal

Kyenjojo

Bushenyi

Ishaka

Rukungiri

Kihihi

KabaleKisoro

Ntungamo

Lake Victoria

Wakiso

Kampala

Key

PML Branch

Head Office Branch1. Katwe 2. Iganga 3. Kasese4. Nakawa 5. Mukono 6. Bugiri 7. Fortpotal8. Kabalagala 9. Lugazi 10.

Masaka 11. Hoima 12. City Centre 13. Jinja 14. Mbarara 15. Kabale16. Kasubi 17. Buwenge 18. Bushenyi 19. Arua20.

Kawempe 21. Lira 22. Ishaka23. Wandegeya 24. Soroti25. Rukungiri26. Natete 27. Mbale28. Kabwohe29.


Pride Microfinance Limited (MDI). Metropole House, Plot 8-10, Entebbe Rd P.O Box 7566 Kampala-UGANDA. Tel: +256-414 346 930/346 279/258 150 Fax +256-414 346 147 Email: [email protected] Website: www.pridemicrofinance.co.ug “Your Growth is Our Pride”

pride microfinance limited (mdi) · the highest ethical standards by keeping up with the best...

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