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UGAFODE Microfinance Limited

UGAFODE Microfinance Limited (MDI), commonly known as UGAFODE, is a microfinance institution in Uganda. It is registered and licensed as microfinance deposit-taking 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, 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, the institution maintained branches at the following locations, arranged alphabetically:[10]

Sales and customer service centres

  • 1) Bombo Road Branch/ SME Suite - Silva Arcade, 62 Bombo Road, Kampala Head Office
  • 2) Ibanda Branch - Adam's Building, Main Street, Ibanda
  • 3) Ishaka Branch - 33 Rukungiri Road, Ishaka
  • 4) Jinja Branch - Jinja
  • 5) Kagadi Branch - 241-242 Isunga Road, Kagadi
  • 6) Kyarushesha Branch - Kikuube
  • 7) Kyotera Branch - 184-753 Mutukula Road, Kyotera
  • 8) Lira Branch - Plot 8A, Soroti Road, Lira
  • 9) Lyantonde Branch - 215-76 Main Street, Lyantonde
  • 10) Mbale Branch - Mbale
  • 11) Mbarara Branch - 23 Bananuka Drive, Mbarara
  • 12) Mpigi Branch - Continental House, Mpigi
  • 13) Nakasero Branch - Nakasero, Kampala
  • 14) Nansana Branch - 11/13 Nansana, Wakiso
  • 15) Ntungamo Branch - 69A Kabale Road, Ntungamo
  • 16) Rubaga Road Branch - 22 Namirembe Road, Kampala
  • 17) Rukungiri Branch - 5 Rubabo Road, Rukungiri
  • 18) Rushere Branch - Kiruhura
  • 19) Sembabule Branch - Sembabule
  • 20) Lira Branch - Plot 8A Soroti Road, Lira, Lira
  • 21) Nakivale Refugees settlement Branch, Isingiro
  • 1) Kitagwenda Sales and Customer Service Centre, Kitagwenda
  • 2) Kyangwali Sales and Customer Service Centre, Kikuube
  • 3) Rubaale Sales and Customer Service Centre, Ntungamo
  • 4) Rubondo Sales and Customer Service Centre, Isingiro

See also

References

  1. UGAFODE. Board of Directors UGAFODE Microfinance Limited, retrieved 15 August 2016^
  2. UGAFODE. Management Team UGAFODE Microfinance Limited, retrieved 15 August 2016^
  3. BOU. List of Licensed Microfinance Deposit-Taking Institutions (MDIs) Bank of Uganda (BOU), 31 March 2015, retrieved 14 August 2016^
  4. Reporter Vision. Suruma To Start Micro-Finance Bank New Vision, 12 July 2011, retrieved 29 June 2014^
  5. Licensed Microfinace Deposit-Taking Institutions (MDIs) Bank of Uganda, June 30, 2022^
  6. UGAFODE. Profile of UGAFODE Microfinance Limited UGAFODE Microfinance Limited, retrieved 29 June 2014^
  7. Ezra Suruma, Former Ugandan Finance Minister, Joins Brookings Brookings Institution, 23 April 2010, retrieved 29 June 2014^
  8. Jeff Mbanga. National Bank of Commerce closed The Observer (Uganda), 27 September 2012, retrieved 29 June 2014^
  9. ↑MixMarket. MFI Report: UGAFODE Microfinance Limited (MDI) - 31 March 2014 MixMarket.org, 31 March 2014, retrieved 29 June 2014^
  10. UGAFODE. List of UGAFODE Branches UGAFODE Microfinance Limited, retrieved 29 June 2014^