UGAFODE Microfinance Limited
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| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1994 |
| Headquarters | , |
Key people | Ms. Ruth Doreen Mutebe Nseko chairperson[1] Shafi Nambobi chief executive officer[2] |
| Products | Loans, savings, money transfer services, financial literacy training |
| Total assets | US$36.623 million (UGX:130.914 billion) (Oct 2024) |
Number of employees | 330 (October 2024) |
| Website | www |
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]
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]
