UGAFODE Microfinance Limited

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UGAFODE Microfinance Limited
Company typePrivate company
IndustryFinancial services
Founded1994; 30 years ago (1994)
Headquarters
Kampala
,
Uganda
Key people
Ben Kiregyera
chairman[1]
Wilson Twamuhabwa
chief executive officer[2]
ProductsLoans, savings
Total assetsUS$10.065 million (UGX:25.34 billion) (March 2014)
Number of employees
158 (March 2014)
Websitewww.ugafode.co.ug

UGAFODE Microfinance Limited, commonly known as UGAFODE, is a microfinance institution in Uganda. It is registered and licensed as microfinance deposit-accepting 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[edit]

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.

As of March 2014, 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[edit]

As of December 2013, the institution maintained branches at the following locations, arranged alphabetically:[10]

  1. Bombo Road Branch - Silva Arcade, 62 Bombo Road, Kampala Main Branch
  2. Ibanda Branch - Adam's Building, Main Street, Ibanda
  3. Ishaka Branch - 33 Rukungiri Road, Ishaka
  4. Kagadi Branch - 241-242 Isunga Road, Kagadi
  5. Kyotera Branch - 184-753 Mutukula Road, Kyotera
  6. Lira Branch - Plot 8A, Soroti Road, Lira
  7. Lyantonde Branch - 215-76 Main Street, Lyantonde
  8. Mbarara Branch - 23 Bananuka Drive, Mbarara
  9. Mpigi Branch - Continental House, Mpigi
  10. Nkrumah Road Branch - 11/13 Nkrumah Road, Kampala
  11. Ntungamo Branch - 69A Kabale Road, Ntungamo
  12. Rubaga Road Branch - 22 Namirembe Road, Kampala
  13. Rukungiri Branch - 5 Rubabo Road, Rukungiri
  14. Lira Branch - Plot 8A Soroti Road, Lira, Lira
  15. Nakivale Refugees settlement Branch, Isingiro

See also[edit]

References[edit]

  1. ^ UGAFODE. "Board of Directors". Kampala: UGAFODE Microfinance Limited. Retrieved 15 August 2016.
  2. ^ UGAFODE. "Management Team". Kampala: UGAFODE Microfinance Limited. Retrieved 15 August 2016.
  3. ^ BOU (31 March 2015). "List of Licensed Microfinance Deposit-Taking Institutions (MDIs)" (PDF). Kampala: Bank of Uganda (BOU). Retrieved 14 August 2016.
  4. ^ Vision, Reporter (12 July 2011). "Suruma To Start Micro-Finance Bank". New Vision. Archived from the original on 2 July 2014. Retrieved 29 June 2014.
  5. ^ "Licensed Microfinace Deposit-Taking Institutions (MDIs)" (pdf). Bank of Uganda. June 30, 2022.
  6. ^ UGAFODE. "Profile of UGAFODE Microfinance Limited". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014.
  7. ^ "Ezra Suruma, Former Ugandan Finance Minister, Joins Brookings". Brookings Institution. 23 April 2010. Archived from the original on 4 March 2016. Retrieved 29 June 2014.
  8. ^ Mbanga, Jeff (27 September 2012). "National Bank of Commerce closed". The Observer (Uganda). Retrieved 29 June 2014.
  9. ^ ↑MixMarket (31 March 2014). "MFI Report: UGAFODE Microfinance Limited (MDI) - 31 March 2014". MixMarket.org. Archived from the original on 7 April 2012. Retrieved 29 June 2014.
  10. ^ UGAFODE. "List of UGAFODE Branches". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014.
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