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]
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1994 |
| Headquarters | , |
Key people | Ms. Ruth Doreen Mutebe Nseko chairperson[1] Shafi Nambobi chief executive officer[2] |
| Products | Loans, savings, money transfer services, financial literacy training |
| Total assets | US$36.623 million (UGX:130.914 billion) (Oct 2024) |
Number of employees | 330 (October 2024) |
| Website | www |
History
editUGAFODE 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[update], 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
editAs of October 2024[update], the institution maintained branches at the following locations, arranged alphabetically:[10]
- Bombo Road Branch/ SME Suite - Silva Arcade, 62 Bombo Road, Kampala Head Office
- Ibanda Branch - Adam's Building, Main Street, Ibanda
- Ishaka Branch - 33 Rukungiri Road, Ishaka
- Jinja Branch - Jinja
- Kagadi Branch - 241-242 Isunga Road, Kagadi
- Kyarushesha Branch - Kikuube
- Kyotera Branch - 184-753 Mutukula Road, Kyotera
- Lira Branch - Plot 8A, Soroti Road, Lira
- Lyantonde Branch - 215-76 Main Street, Lyantonde
- Mbale Branch - Mbale
- Mbarara Branch - 23 Bananuka Drive, Mbarara
- Mpigi Branch - Continental House, Mpigi
- Nakasero Branch - Nakasero, Kampala
- Nansana Branch - 11/13 Nansana, Wakiso
- Ntungamo Branch - 69A Kabale Road, Ntungamo
- Rubaga Road Branch - 22 Namirembe Road, Kampala
- Rukungiri Branch - 5 Rubabo Road, Rukungiri
- Rushere Branch - Kiruhura
- Sembabule Branch - Sembabule
- Lira Branch - Plot 8A Soroti Road, Lira, Lira
- Nakivale Refugees settlement Branch, Isingiro
Sales and customer service centres
- Kitagwenda Sales and Customer Service Centre, Kitagwenda
- Kyangwali Sales and Customer Service Centre, Kikuube
- Rubaale Sales and Customer Service Centre, Ntungamo
- Rubondo Sales and Customer Service Centre, Isingiro
See also
editReferences
edit- ^ UGAFODE. "Board of Directors". Kampala: UGAFODE Microfinance Limited. Retrieved 15 August 2016.
- ^ UGAFODE. "Management Team". Kampala: UGAFODE Microfinance Limited. Retrieved 15 August 2016.
- ^ BOU (31 March 2015). "List of Licensed Microfinance Deposit-Taking Institutions (MDIs)" (PDF). Kampala: Bank of Uganda (BOU). Retrieved 14 August 2016.
- ^ 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.
- ^ "Licensed Microfinace Deposit-Taking Institutions (MDIs)" (PDF). Bank of Uganda. June 30, 2022.
- ^ UGAFODE. "Profile of UGAFODE Microfinance Limited". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014.
- ^ "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.
- ^ Mbanga, Jeff (27 September 2012). "National Bank of Commerce closed". The Observer (Uganda). Retrieved 29 June 2014.
- ^ ↑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.
- ^ UGAFODE. "List of UGAFODE Branches". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014.