UGAFODE Microfinance Limited

UGAFODE Microfinance Limited, commonly known as UGAFODE, is a Ugandan microfinance institution licensed as a microfinance deposit-taking institution by the Bank of Uganda, the country's central bank and banking regulator. It operates as a domestic financial-services brand focused on providing accessible financial services through a network of branches and customer-service locations. The institution traces its origins to 1994, when it was established as the Uganda Agency for Development Limited, a non-governmental organization whose stated objective was to provide affordable financial services. This original development-oriented identity placed UGAFODE within Uganda's broader effort to expand formal financial access beyond the conventional commercial-banking sector. In September 2010, the organization was incorporated as UGAFODE Microfinance Limited in preparation for conversion into a regulated microfinance deposit-taking institution. The transition to regulated deposit-taking operations involved a change in ownership structure as well as licensing. In 2011, eight new shareholders joined the institution. Among them was Ezra Suruma, a former Ugandan minister of finance and senior presidential adviser for finance and planning. UGAFODE applied to the Bank of Uganda for an MDI banking licence, and in October 2011 it received a Tier III MDI licence. The institution began its microfinance deposit-taking operations on 10 October 2011 and became the fourth MDI registered in Uganda. UGAFODE's business model is built around regulated microfinance banking rather than a single consumer product. Its branch and service-centre network supports the delivery of financial services to customers in Kampala and a number of regional towns and settlements. Locations reported in 2024 included branches or offices in Kampala, Ibanda, Ishaka, Jinja, Kagadi, Kikuube, Kyotera, Lira, Lyantonde, Mbale, Mbarara, Mpigi, Nansana, Ntungamo, Rukungiri, Rushere, Sembabule and Nakivale refugee settlement, among others. The network also included sales and customer-service centres in Kitagwenda, Kyangwali, Rubaale and Rubondo. The institution's presence in both urban areas and regional communities reflects the practical distribution model of Ugandan microfinance providers: combining formal branches with more localized service points. UGAFODE's regulated status allows it to operate within Uganda's MDI framework, distinguishing it from informal lenders and non-deposit-taking microfinance organizations. It remains a Uganda-focused brand; no evidence in the supplied reference material establishes international operations, a parent multinational group, public listing or a separate international holding company.

UGAFODE began in 1994 as the Uganda Agency for Development Limited, a non-governmental organization created to provide affordable financial services. Its initial form was development-oriented rather than that of a regulated deposit-taking financial institution. The organization later pursued a formal corporate and regulatory structure so that it could operate within Uganda's microfinance banking framework. In September 2010, UGAFODE Microfinance Limited was incorporated as a limited company. The incorporation was part of the preparation for becoming a microfinance deposit-taking institution, a regulated category supervised by the Bank of Uganda. The corporate conversion created the structure needed for the organization to seek a banking licence and broaden its role beyond a non-governmental financial-services provider. The ownership structure expanded in 2011, when eight new shareholders joined the institution. One of the named shareholders was Ezra Suruma, who had served as Uganda's minister of finance from 2005 to 2009 and later worked as a senior adviser for finance and planning to the president. His involvement connected UGAFODE with a prominent figure in Uganda's public-finance and banking environment, although the supplied reference material does not provide a complete shareholder register or current ownership percentages. UGAFODE then applied to the Bank of Uganda for authorization to conduct microfinance deposit-taking activities. In October 2011, the regulator granted the institution a Tier III MDI licence. UGAFODE commenced its regulated MDI operations on 10 October 2011 and is identified as the fourth microfinance deposit-taking institution registered in Uganda. This licensing milestone marked the central transition in the organization's history, changing it from a development-focused non-governmental organization into a regulated financial institution. By March 2014, the institution was reported to have total assets of approximately US$10.07 million, equivalent to UGX 25.34 billion at the stated period's conversion, and shareholders' equity of approximately US$2.25 million, equivalent to UGX 5.66 billion. These figures are historical and should not be interpreted as current financial results. The supplied material does not provide later balance-sheet figures, profitability data or current capital information. UGAFODE subsequently developed a geographically distributed operating network. By October 2024, its reported footprint included branches in Kampala and multiple regional communities, including western, central, northern and eastern Ugandan locations. It also maintained sales and customer-service centres in several areas, including Kitagwenda, Kyangwali, Rubaale and Rubondo. The presence of a branch in the Nakivale refugee settlement indicates service coverage extending to a major refugee-hosting community, although the available material does not specify the products or programmes offered at that location. The available history presents UGAFODE as an active, Uganda-centred regulated microfinance institution. It does not document an international expansion, merger, acquisition, public listing, major scandal or change of corporate control. Current executive leadership, ownership details, official website and product-level financial information are not identified in the supplied sources.

• 2024

  Branch and service-centre network documented

  [1]UGAFODE Microfinance Limiteden.wikipedia.org

  The institution was reported to maintain branches and customer-service locations across Kampala and numerous Ugandan regional communities.

• 2014

  Historical asset and equity figures reported

  [1]UGAFODE Microfinance Limiteden.wikipedia.org

  As of March, UGAFODE was reported to have approximately US$10.07 million in assets and US$2.25 million in shareholders' equity.

• 2011

  New shareholders join the institution

  [1]UGAFODE Microfinance Limiteden.wikipedia.org

  Eight new shareholders joined UGAFODE, including former Ugandan finance minister Ezra Suruma.

• 2011

  Tier III microfinance deposit-taking licence granted

  [1]UGAFODE Microfinance Limiteden.wikipedia.org

  The Bank of Uganda granted UGAFODE a Tier III MDI licence in October, and regulated MDI operations began on 10 October.

• 2010

  UGAFODE Microfinance Limited incorporated

  [1]UGAFODE Microfinance Limiteden.wikipedia.org

  The organization was incorporated as a limited company in September as part of preparations to become a regulated microfinance deposit-taking institution.

• 1994

  Organization founded as Uganda Agency for Development Limited

  [1]UGAFODE Microfinance Limiteden.wikipedia.org

  UGAFODE was established as a non-governmental organization intended to provide affordable financial services.

A Uganda-focused, regulated microfinance deposit-taking institution positioned around affordable and accessible financial services delivered through a broad branch and customer-service network.

• Lending

  Microfinance lending

  Microfinance lending is part of UGAFODE's institutional role as a regulated Ugandan microfinance provider. The available reference material does not identify specific loan names, eligibility rules, interest rates, repayment schedules or sector specializations, so this entry describes the service category rather than a named product.

• Deposits · 2011

  Deposit-taking and savings services

  Following its 2011 Tier III MDI licence, UGAFODE operated as a microfinance deposit-taking institution. This regulatory status is associated with accepting deposits and providing related savings services, but the supplied material does not specify individual account products, balances, fees or current terms.

• Financial services access

  Branch and customer-service delivery

  UGAFODE delivers financial services through branches and sales or customer-service centres. The documented network spans Kampala and regional locations such as Mbarara, Lira, Mbale, Rukungiri, Ntungamo, Kyotera and Nakivale refugee settlement. The source does not provide a separate named product associated with each location.

• 2011

  Entry into regulated deposit-taking microfinanceStrategy

  Background

  UGAFODE sought authorization to expand from its earlier development-oriented financial-services role into regulated microfinance deposit-taking.

  Action taken

  The Bank of Uganda granted a Tier III MDI licence in October 2011, and UGAFODE began MDI operations on 10 October.

  Aftermath

  UGAFODE became the fourth MDI registered in Uganda and continued operating as a regulated microfinance institution.

  Source

• 2010

  Conversion to a limited-company structureStrategy

  Background

  UGAFODE's original non-governmental organization structure was not the final form intended for regulated microfinance deposit-taking operations.

  Action taken

  The organization was incorporated as UGAFODE Microfinance Limited in September 2010.

  Aftermath

  The incorporation prepared the institution to seek a Bank of Uganda licence and operate as a regulated MDI.

  Source

1. 1UGAFODE Microfinance Limiteden.wikipedia.org