Company type | Private company |
---|---|
Industry | Financial services |
Founded | 1994 |
Headquarters | , |
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 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]
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]
As of December 2013 [update], the institution maintained branches at the following locations, arranged alphabetically: [10]