UGAFODE Microfinance Limited

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UGAFODE Microfinance Limited
Type Private
Industry Financial Services
Founded 1994
Headquarters Kampala, Uganda
Key people Ben Kiregyera
Chairman
Wilson Twamuhabwa
Chief Executive Officer[1]
Products Loans, Savings
Total assets US$10,065,514 million (UGX:25.34 billion) (March 2014)
Employees 158 (March 2014)
Website Homepage

UGAFODE Microfinance Limited (UML), commonly called UGAFODE, is a Microfinance Deposit-taking Institution (MDI) in Uganda.

Location[edit]

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.[2] The coordinates of UGAFODE headquarters are:0°19'42.0"N, 32°34'26.0"E (Latitude:0.328322; Longitude:32.573889).[3]

Overview[edit]

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.[4] 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.[5] As of June 2014, 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, 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).[6]

History[edit]

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.[7]

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.[8] Dr. Suruma also had ownership interest in National Bank of Commerce (Uganda), a Tier I commercial bank, which was closed in 2012.[9]

Ownership[edit]

The stock ownership of the institution is summarized in the table below:[citation needed]

UGAFODE Microfinance Stock Ownership
Rank Name of Owner Percentage Ownership
1 Ezra Suruma
2 Edward Gaamuwa
3 Ephraim Gensi
4 Emmanuel Kikoni
5 Lillian Kahenano
6 Bishop Edward Muhima
7 Ephrain Kwizera
8 Joyce Acigwa
9 Others
Total 100.0

Branch Network[edit]

As of December 2013, the institution maintains 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. Lyantonde Branch - 215-76 Main Street, Lyantonde
  7. Mbarara Branch - 23 Bananuka Drive, Mbarara
  8. Mpigi Branch - Continental House, Mpigi
  9. Nkrumah Road Branch - 11/13 Nkrumah Road, Kampala
  10. Ntungamo Branch - 69A Kabale Road, Ntungamo
  11. Rubaga Road Branch - 22 Namirembe Road, Kampala
  12. Rukungiri Branch - 5 Rubabo Road, Rukungiri

See also[edit]

References[edit]

  1. ^ UGAFODE, . "UGAFODE Board of Directors". UGAFODE Microfinance Limited. Retrieved 29 June 2014. 
  2. ^ Rwothungeyo, Billy (18 June 2018). "Make Account Opening Easier, Banker Advises Peers". New Vision. Retrieved 29 June 2014. 
  3. ^ Google, . "Location of UGAFODE Head Office At Google Maps". Google Maps. Retrieved 29 June 2014. 
  4. ^ Vision, Reporter (12 July 2011). "Suruma To Start Micro-Finance Bank". New Vision. Retrieved 29 June 2014. 
  5. ^ Sanya, Samuel (17 January 2014). "First Women’s Commercial Bank Launched In Uganda". New Vision. Retrieved 29 June 2014. 
  6. ^ ↑MixMarket, . (31 March 2014). "MFI Report: UGAFODE Microfinance Limited (MDI) - 31 March 2014". MixMarket.org. Retrieved 29 June 2014. 
  7. ^ UGAFODE, . "Profile of UGAFODE Microfinance Limited". UGAFODE Microfinance Limited. Retrieved 29 June 2014. 
  8. ^ News, Release (23 April 2010). "Ezra Suruma, Former Ugandan Finance Minister, Joins Brookings". Brookings Institution. Retrieved 29 June 2014. 
  9. ^ Mbanga, Jeff (27 September 2012). "National Bank of Commerce Closed". The Observer (Uganda). Retrieved 29 June 2014. 
  10. ^ UGAFODE, . "List of UGAFODE Branches". UGAFODE Microfinance Limited. Retrieved 29 June 2014. 

External links[edit]