UGAFODE Microfinance Limited
Encyclopedia
UGAFODE Microfinance Limited (UML), commonly called UGAFODE, is a Microfinance Deposit-taking Institution (MDI) in Uganda
.
, Uganda's capital and largest city.
, 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.
In 2011, the institution took on eight (8) 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
. Dr. Suruma also has ownership interest in National Bank of Commerce (Uganda)
, a Tier I commercial bank
.
, the national banking regulator, 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. UGAFODE joins three other existing Tier III institutions in the country. The following are the Tier III financial institutions in Uganda
:
{| style="font-size:100%;"
|-
| width="100%" align="center" | UGAFODE Microfinance Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |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||Others||
|-
| ||Total||100.0
|-
|}
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
.
Location
The headquarters of UGAFODE are located in KampalaKampala
Kampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
, Uganda's capital and largest city.
History
UGAFODE was founded in 1994 as Uganda Agency for Development Limited, a NGONon-governmental organization
A non-governmental organization is a legally constituted organization created by natural or legal persons that operates independently from any government. The term originated from the United Nations , and is normally used to refer to organizations that do not form part of the government and are...
, 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.
In 2011, the institution took on eight (8) new shareholders, including Dr. Ezra Suruma
Ezra Suruma
Dr. Ezra Suruma is a Ugandan economist and banker. He is a Visiting Fellow at the Brookings Institute, in Washington, DC, at the Africa Growth Initiative division of the Institute. He was appointed to that position in April 2010...
, former Uganda's Minister of Finance from 2005 until 2009, and current senior adviser for Finance and Planning to the President of Uganda
President of Uganda
-List of Presidents of Uganda:-Affiliations:-See also:*Uganda*Vice President of Uganda*Prime Minister of Uganda*Politics of Uganda*History of Uganda*Political parties of Uganda...
. Dr. Suruma also has ownership interest in National Bank of Commerce (Uganda)
National Bank of Commerce (Uganda)
National Bank of Commerce is a commercial bank in Uganda. The bank provides banking services to individuals and to small and medium business enterprises...
, a Tier I commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
.
Overview
UGAFODE is the fourth Microfinance Deopsit-taking Institution in Uganda. Application has been made to the Bank of UgandaBank of Uganda
The Bank of Uganda is the Central Bank of the Republic of Uganda. Established in 1966, by Act of Parliament, BOU is 100% owned by the Government of Uganda, but is not a government department.-Organization and Governance:...
, the national banking regulator, 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. UGAFODE joins three other existing Tier III institutions in the country. The following are the Tier III financial institutions in Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
:
- FINCA Uganda LimitedFINCA Uganda LimitedFINCA Uganda Limited, also known as FINCA Uganda, is a Microfinance Deposit-taking Institution in Uganda. It is a subsidiary and member organization of FINCA International, headquartered in the United States of America.-Location:...
- Pride Microfinance Limited
- Uganda Finance Trust LimitedUganda Finance Trust LimitedUganda Finance Trust Limited , commonly called Finance Trust, is a Microfinance Deposit-taking Institution in Uganda.-Location:...
- UGAFODE Microfinance Limited
Ownership
The stock ownership of the institution is summarized in the table below:{| style="font-size:100%;"
|-
| width="100%" align="center" | UGAFODE Microfinance Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Ezra Suruma
Ezra Suruma
Dr. Ezra Suruma is a Ugandan economist and banker. He is a Visiting Fellow at the Brookings Institute, in Washington, DC, at the Africa Growth Initiative division of the Institute. He was appointed to that position in April 2010...
||
|-
|2||Edward Gaamuwa||
|-
|3||Ephraim Gensi||
|-
|4||Emmanuel Kikoni||
|-
|5||Lillian Kahenano||
|-
|6||Bishop Edward Muhima||
|-
|7||Ephrain Kwizera ||
|-
|8||Joyce Acigwa||
|-
|9||Others||
|-
| ||Total||100.0
|-
|}
Branch Network
, the institution maintains branches at the following locations:- Main Branch - 11-13 Nkrumah Road, KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
- Lyantonde Branch - 215-76 Mai9n Street, LyantondeLyantondeLyantonde is a town in southern Central Uganda. It is the main municipal, administrative and commercial center of Lyantonde District. The district is named after the town.-Location:...
- Kyotera Branch - 184-753 Mutukula Road, KyoteraKyotera-Location:Kyotera is located approximately , by road, south of Masaka, the largest city in the sub-region. This location is approximately , by road, northeast of Rakai, where the district headquarters are located...
- Mbarara Branch - 23 Bananuka Drive, MbararaMbararaMbarara is a town in Western Uganda. It is the main municipal, administrative and commercial center of Mbarara District and the location of the district headquarters. It is also the largest urban centre in Western Uganda.-Location:...
- Ntungamo Branch - 69A Kabale Road, NtungamoNtungamoNtungamo is a town in Western Uganda. It is the largest town in Ntungamo District and the district headquarters are located there. The district is named after the town.-Location:...
- Mpigi Branch - Continental House, MpigiMpigiMpigi is a town in Mawokota County, Mpigi District, in Central Uganda. Mpigi is the municipal, administrative and commercial headquarters of Mpigi District. The district is named after the town.-Location:...
- Rukungiri Branch - 5 Rubabo Road, RukungiriRukungiriRukungiri is a town in Western Uganda. It is the 'chief town' of Rukungiri District and the district headquarters are located there. The district was named after the town in 1980.-Location:...
- Ishaka Branch - 33 Rukungiri Road, IshakaIshakaIshaka is a town in south-western Uganda. It is one of the municipalities in Bushenyi District.-Location:Ishaka is located in Igara County, Bushenyi District, in Western Uganda. It is located approximately , by road, west of Mbarara, the largest city in the sub-region...
- Ibanda Branch - Adam's Building, Main Street, IbandaIbandaIbanda is a town in Western Uganda. It is the 'chief town' of Ibanda District and the district headquarters are located there. The district was named after the town.-Location:...
See also
- Banking in UgandaBanking in Uganda-The early years:Prior to Uganda’s independence in 1962, Government-owned institutions dominated most banking in Uganda. In 1966 the Bank of Uganda, which controlled the issue of currency and managed foreign exchange reserves, became the Central Bank. Uganda Commercial Bank, which had fifty...
- List of banks in Africa
- List of banks in Uganda
- Pride Microfinance LimitedPride Microfinance LimitedPride Microfinance Limited , is a Microfinance Deposit-taking Institution in Uganda.-Location:The headquarters of PML are located in Metropole House, on Entebbe Road, in the central business district of Kampala, Uganda's capital and largest city...
- FINCA Uganda LimitedFINCA Uganda LimitedFINCA Uganda Limited, also known as FINCA Uganda, is a Microfinance Deposit-taking Institution in Uganda. It is a subsidiary and member organization of FINCA International, headquartered in the United States of America.-Location:...
- Uganda Finance Trust LimitedUganda Finance Trust LimitedUganda Finance Trust Limited , commonly called Finance Trust, is a Microfinance Deposit-taking Institution in Uganda.-Location:...