UGAFODE Microfinance Limited

UGAFODE Microfinance Limited
Company type	Private company
Industry	Financial services
Founded	1994; 30 years ago (1994)
Headquarters	Kampala , Uganda
Key people	Ben Kiregyera chairman^[1] Wilson Twamuhabwa chief executive officer^[2]
Products	Loans, savings
Total assets	US$10.065 million (UGX:25.34 billion) (March 2014)
Number of employees	158 (March 2014)
Website	www.ugafode.co.ug

UGAFODE Microfinance Limited, commonly known as UGAFODE, is a microfinance institution in Uganda. It is registered and licensed as microfinance deposit-accepting 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

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^[update], 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

As of December 2013^[update], the institution maintained branches at the following locations, arranged alphabetically:^[10]

Bombo Road Branch - Silva Arcade, 62 Bombo Road, Kampala Main Branch
Ibanda Branch - Adam's Building, Main Street, Ibanda
Ishaka Branch - 33 Rukungiri Road, Ishaka
Kagadi Branch - 241-242 Isunga Road, Kagadi
Kyotera Branch - 184-753 Mutukula Road, Kyotera
Lira Branch - Plot 8A, Soroti Road, Lira
Lyantonde Branch - 215-76 Main Street, Lyantonde
Mbarara Branch - 23 Bananuka Drive, Mbarara
Mpigi Branch - Continental House, Mpigi
Nkrumah Road Branch - 11/13 Nkrumah Road, Kampala
Ntungamo Branch - 69A Kabale Road, Ntungamo
Rubaga Road Branch - 22 Namirembe Road, Kampala
Rukungiri Branch - 5 Rubabo Road, Rukungiri
Lira Branch - Plot 8A Soroti Road, Lira, Lira
Nakivale Refugees settlement Branch, Isingiro

References

^ UGAFODE. "Board of Directors". Kampala: UGAFODE Microfinance Limited. Retrieved 15 August 2016.
^ UGAFODE. "Management Team". Kampala: UGAFODE Microfinance Limited. Retrieved 15 August 2016.
^ BOU (31 March 2015). "List of Licensed Microfinance Deposit-Taking Institutions (MDIs)" (PDF). Kampala: Bank of Uganda (BOU). Retrieved 14 August 2016.
^ 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.
^ "Licensed Microfinace Deposit-Taking Institutions (MDIs)" (pdf). Bank of Uganda. June 30, 2022.
^ UGAFODE. "Profile of UGAFODE Microfinance Limited". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014.
^ "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.
^ Mbanga, Jeff (27 September 2012). "National Bank of Commerce closed". The Observer (Uganda). Retrieved 29 June 2014.
^ ↑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.
^ UGAFODE. "List of UGAFODE Branches". UGAFODE Microfinance Limited. Archived from the original on 3 November 2012. Retrieved 29 June 2014.