Suruma to start micro-finance bank
Publish Date: Jul 12, 2011
Newvision Archive
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By Vision Reporter

Former finance minister Dr. Ezra Suruma and a group of seven other partners have applied to establish a micro-finance deposit-taking institution.

The group’s institution, under the name UGAFODE Micro Finance Limited, will be located in Kampala. It comprises mainly former partners in the National Bank of Commerce. Former National Social Security Fund board chief Edward Gaamuwa is one of the partners.

“In accordance with the micro-finance deposit-taking institution licensing regulations of 2004, this is to inform the public that a request to establish an institution has been submitted to the Bank of Uganda,” the statement published in New Vision on Friday read.

The statement calls on persons with reasonable objections against the new organisation or against any of the shareholders or the legal representative to submit them in writing to the Bank of Uganda within 15 working days after the announcement.

Ephraim Gensi, Emmanuel Kikoni, Lillian Kahenano, Bishop Edward Muhima, Ephrain Kwizera and Joyce Acigwa are the other partners in the new micro-finance group.

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