UGAFODE Microfinance Limited
|Key people||Ben Kiregyera
Chief Executive Officer
|Total assets||US$10,065,514 million (UGX:25.34 billion) (March 2014)|
|Employees||158 (March 2014)|
UGAFODE Microfinance Limited (UML), commonly called UGAFODE, is a Microfinance Deposit-taking Institution (MDI) in Uganda.
The headquarters of UGAFODE are located at 62 Silva Arcade, Bombo Road, in the central business district of Kampala, Uganda's capital and largest city. The coordinates of UGAFODE headquarters are:0°19'42.0"N, 32°34'26.0"E (Latitude:0.328322; Longitude:32.573889).
UGAFODE was the fourth Microfinance Deopsit-taking Institution in Uganda. Application was 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 joined three other existing Tier III institutions in the country at that time. In December 2013, one of those three, Uganda Finance Trust Limited was granted a Tier I Banking License, transforming into Finance Trust Bank. As of June 2014[update], there are only three Tier III institutions in Uganda, namely: 1. FINCA Uganda Limited 2. Pride Microfinance Limited and 3. UGAFODE Microfinance Limited. As of March 2014[update], the institution's total assets were valued at about US$10.07 million (UGX:25.34 billion), with shareholders' equity valued at about US$2.25 million (UGX:5.66 billion).
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: