UGAFODE Microfinance Limited
|Key people||Ephraim Gensi
Chief Executive Officer
|Revenue||Pretax:US$217,800 (UGX:530 million) (2011),|
|Total assets||US$4 million (UGX:9.73 billion) (2011)|
|Employees||96 (June 2011)|
UGAFODE Microfinance Limited (UML), commonly called UGAFODE, is a Microfinance Deposit-taking Institution (MDI) in Uganda.
UGAFODE is the fourth Microfinance Deopsit-taking Institution in Uganda. Application has been made to the Bank of Uganda, the national banking regulator, 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. UGAFODE joins three other existing Tier III institutions in the country. The following are the Tier III financial institutions in Uganda:
- FINCA Uganda Limited
- Pride Microfinance Limited
- Uganda Finance Trust Limited
- UGAFODE Microfinance Limited
UGAFODE was founded in 1994 as Uganda Agency for Development Limited, a NGO, whose primary objective was to provide affordable financial services to its customers. In September 2010, in preparation to become a Deposit-Taking Microfinance Institution (MDI), UGAFODE Microfinance Limited was incorporated as a Limited Company.
In 2011, the institution took on eight new shareholders, including Dr. Ezra Suruma, former Uganda's Minister of Finance from 2005 until 2009, and current senior adviser for Finance and Planning to the President of Uganda. Dr. Suruma also had ownership interest in National Bank of Commerce (Uganda), a Tier I commercial bank, which was closed in 2012.
The stock ownership of the institution is summarized in the table below: