UGAFODE Microfinance Limited

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UGAFODE Microfinance Limited
Private
Industry Financial services
Founded 1994
Headquarters Kampala, Uganda
Key people
Ben Kiregyera
chairman[1]
Wilson Twamuhabwa
chief executive officer[2]
Products Loans, savings
Total assets US$10,065,514 million (UGX:25.34 billion) (March 2014)
Number of employees
158 (March 2014)
Website Homepage

UGAFODE Microfinance Limited, commonly called UGAFODE, is a microfinance deposit-accepting institution (MDI) in Uganda. It is licensed and supervised by the Bank of Uganda, the central bank and national banking regulator.[3]

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.[4] The coordinates of UGAFODE headquarters are:0°19'42.0"N, 32°34'26.0"E (Latitude:0.328322; Longitude:32.573889).[5]

Overview[edit]

UGAFODE was the fourth MDI in Uganda. Application was made to the Bank of Uganda for the issuance of an MDI banking license.[6] 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).[7]

History[edit]

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.[8]

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.[9] Suruma also had an ownership interest in the National Bank of Commerce (Uganda), a Tier I commercial bank, which was closed in 2012.[10]

Branch network[edit]

As of December 2013, the institution maintained branches at the following locations, arranged alphabetically:[11]

  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. Lira Branch - Plot 8A, Soroti Road, Lira
  7. Lyantonde Branch - 215-76 Main Street, Lyantonde
  8. Mbarara Branch - 23 Bananuka Drive, Mbarara
  9. Mpigi Branch - Continental House, Mpigi
  10. Nkrumah Road Branch - 11/13 Nkrumah Road, Kampala
  11. Ntungamo Branch - 69A Kabale Road, Ntungamo
  12. Rubaga Road Branch - 22 Namirembe Road, Kampala
  13. Rukungiri Branch - 5 Rubabo Road, Rukungiri
  14. Lira Branch - Plot 8A Soroti Road, Lira, Lira

See also[edit]

References[edit]

  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. ^ Rwothungeyo, Billy (18 June 2014). "Make account opening easier, banker advises peers". New Vision. Retrieved 29 June 2014. 
  5. ^ Google. "Location of UGAFODE Head Office At Google Maps". Google Maps. Retrieved 29 June 2014. 
  6. ^ 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. 
  7. ^ ↑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. 
  8. ^ UGAFODE. "Profile of UGAFODE Microfinance Limited". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014. 
  9. ^ News, Release (23 April 2010). "Ezra Suruma, Former Ugandan Finance Minister, Joins Brookings". Brookings Institution. Archived from the original on 4 March 2016. Retrieved 29 June 2014. 
  10. ^ Mbanga, Jeff (27 September 2012). "National Bank of Commerce closed". The Observer (Uganda). Retrieved 29 June 2014. 
  11. ^ UGAFODE. "List of UGAFODE Branches". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014. 

External links[edit]