UGAFODE Microfinance Limited

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UGAFODE Microfinance Limited
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)
Number of employees
 158 (March 2014)
Website Homepage

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

Location

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

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

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

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 Access Fund LLC 29.51
10 Fonds European Pour Le Solidaire - FEFISOL 26.49
11 Uganda Agency For Development (UGAFODE) NGO 29.98
12 Others - Individual Shareholders (1-8) 14.02
Total 100.0

Branch Network

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. 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

See also

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References

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External links

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