UGAFODE Microfinance Limited

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]

UGAFODE Microfinance Limited
TypePrivate
IndustryFinancial services
Founded1994
HeadquartersKampala, Uganda
Key people
Ben Kiregyera
chairman[1]
Wilson Twamuhabwa
chief executive officer[2]
ProductsLoans, savings
Total assetsUS$10,065,514 million (UGX:25.34 billion) (March 2014)
Number of employees
158 (March 2014)
WebsiteHomepage

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.[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

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

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

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

References
  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.
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