UGAFODE Microfinance Limited explained

UGAFODE Microfinance Limited (MDI)
Type:Private company
Location City:Kampala
Key People:Ms. Ruth Doreen Mutebe Nseko
chairperson[1]
Shafi Nambobi
chief executive officer[2]
Num Employees:330
Num Employees Year:October 2024
Assets:US$36.623 million (UGX:130.914 billion) (Oct 2024)
Industry:Financial services
Products:Loans, savings, money transfer services, financial literacy training

UGAFODE Microfinance Limited (MDI), commonly known as UGAFODE, is a microfinance institution in Uganda. It is registered and licensed as microfinance deposit-taking institution (MDI) by the Bank of Uganda, the Central Bank and national banking regulator.[3] UGAFODE was the fourth MDI registered in Uganda.[4] [5]

History

UGAFODE was founded in 1994 as the Uganda Agency for Development Limited, a non-governmental organization whose primary objective was to provide affordable financial services to its customers. In September 2010, in preparation to become an MDI, UGAFODE Microfinance Limited was incorporated as a limited company.[6]

In 2011, the institution accepted eight new shareholders, including Ezra Suruma, Uganda minister of finance from 2005 until 2009 and senior adviser for finance and planning to the President of Uganda.[7] Suruma also had an ownership interest in the National Bank of Commerce (Uganda), a Tier I commercial bank, which was closed in 2012.[8]

An application was made to the Bank of Uganda for the issuance of an MDI banking license. In October 2011, a Tier III MDI licence was granted, and MDI operations began on 10 October 2011.

, the institution's total assets were about US$10.07 million (UGX:25.34 billion), with shareholders' equity of about US$2.25 million (UGX:5.66 billion).[9]

Branch network

, the institution maintained branches at the following locations, arranged alphabetically:[10]

  1. Bombo Road Branch/ SME Suite - Silva Arcade, 62 Bombo Road, Kampala Head Office
  2. Ibanda Branch - Adam's Building, Main Street, Ibanda
  3. Ishaka Branch - 33 Rukungiri Road, Ishaka
  4. Jinja Branch - Jinja
  5. Kagadi Branch - 241-242 Isunga Road, Kagadi
  6. Kyarushesha Branch - Kikuube
  7. Kyotera Branch - 184-753 Mutukula Road, Kyotera
  8. Lira Branch - Plot 8A, Soroti Road, Lira
  9. Lyantonde Branch - 215-76 Main Street, Lyantonde
  10. Mbale Branch - Mbale
  11. Mbarara Branch - 23 Bananuka Drive, Mbarara
  12. Mpigi Branch - Continental House, Mpigi
  13. Nakasero Branch - Nakasero, Kampala
  14. Nansana Branch - 11/13 Nansana, Wakiso
  15. Ntungamo Branch - 69A Kabale Road, Ntungamo
  16. Rubaga Road Branch - 22 Namirembe Road, Kampala
  17. Rukungiri Branch - 5 Rubabo Road, Rukungiri
  18. Rushere Branch - Kiruhura
  19. Sembabule Branch - Sembabule
  20. Lira Branch - Plot 8A Soroti Road, Lira, Lira
  21. Nakivale Refugees settlement Branch, Isingiro

Sales and customer service centres

  1. Kitagwenda Sales and Customer Service Centre, Kitagwenda
  2. Kyangwali Sales and Customer Service Centre, Kikuube
  3. Rubaale Sales and Customer Service Centre, Ntungamo
  4. Rubondo Sales and Customer Service Centre, Isingiro

See also

Notes and References

  1. Web site: Board of Directors . 15 August 2016 . UGAFODE Microfinance Limited . Kampala . UGAFODE.
  2. Web site: Management Team . 15 August 2016 . UGAFODE Microfinance Limited . Kampala . UGAFODE.
  3. Web site: List of Licensed Microfinance Deposit-Taking Institutions (MDIs) . 14 August 2016 . 31 March 2015 . BOU . Bank of Uganda (BOU) . Kampala.
  4. Web site: Suruma To Start Micro-Finance Bank . https://archive.today/20140702023931/http://www.newvision.co.ug/D/8/220/760059. dead. 2 July 2014. . 12 July 2011 . 29 June 2014 . Reporter . Vision.
  5. Web site: Licensed Microfinace Deposit-Taking Institutions (MDIs) . June 30, 2022 . .
  6. Web site: Profile of UGAFODE Microfinance Limited . https://web.archive.org/web/20121103102404/http://www.ugafode.co.ug/index.php?option=com_content&view=article&id=54&Itemid=34 . dead . 3 November 2012 . 29 June 2014 . UGAFODE . UGAFODE Microfinance Limited .
  7. Web site: Ezra Suruma, Former Ugandan Finance Minister, Joins Brookings . https://web.archive.org/web/20160304043605/http://www.brookings.edu/about/media-relations/news-releases/2010/0423-suruma . dead . 4 March 2016 . 23 April 2010 . 29 June 2014 . Brookings Institution.
  8. Web site: National Bank of Commerce closed . Jeff . Mbanga . 27 September 2012 . 29 June 2014 . The Observer (Uganda).
  9. Web site: MFI Report: UGAFODE Microfinance Limited (MDI) - 31 March 2014 . https://web.archive.org/web/20120407062737/http://www.mixmarket.org/mfi/ugafode/report . dead . 7 April 2012 . ↑MixMarket. MixMarket.org . 31 March 2014 . 29 June 2014.
  10. Web site: List of UGAFODE Branches . https://web.archive.org/web/20121103102324/http://www.ugafode.co.ug/index.php?option=com_contact&view=category&catid=12&Itemid=63 . dead . 3 November 2012 . UGAFODE . 29 June 2014 . UGAFODE Microfinance Limited .

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