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UGAFODE Microfinance Limited

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UGAFODE Microfinance Limited (MDI)
Company typePrivate company
IndustryFinancial services
Founded1994; 30 years ago (1994)
Headquarters
Kampala
,
Uganda
Key people
Ms. Ruth Doreen Mutebe Nseko
chairperson[1]
Shafi Nambobi
chief executive officer[2]
ProductsLoans, savings, money transfer services, financial literacy training
Total assetsUS$36.623 million (UGX:130.914 billion) (Oct 2024)
Number of employees
330 (October 2024)
Websitewww.ugafode.co.ug

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

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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

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As of October 2024, 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

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References

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  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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