VisionFund Uganda appoints Dr Fred Muhumuza as new board chair

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VisionFund Uganda (VFU) has appointed Dr Fred Muhumuza as its new board chairman, succeeding Fredrick Mwesigye, who led the microfinance institution for the past two years.

Dr Muhumuza unveiled on Friday at Golden Tulip Hotel in Kampala, immediately set a strategic target for VFU to transition into a Tier 3 Micro-Deposit Taking Institution (MDI) by 2028, a move expected to expand its capacity to provide financial services under the Bank of Uganda’s regulations.

The announcement coincided with the official commissioning of VFU’s new headquarters in Kamwokya, Kampala, moving from its previous office in Makerere Kavule.

CEO Mercy Sande Ainomugisha described the office and leadership transition as pivotal, underscoring the institution’s ambition to sustainably impact over 469,000 children and align its operations with World Vision Uganda’s area programs.

“This transition, alongside our brand refresh and new mantra — ‘bold, innovative, financial inclusion’ — positions VFU to strengthen financial inclusion across Uganda,” said Ainomugisha.

During his acceptance, Dr Muhumuza pledged to uphold VisionFund’s values of integrity, stewardship, and service to vulnerable communities.

“Our focus will remain on empowering families, particularly women and youth, through innovation, digital transformation, and partnerships to ensure financial inclusion translates into tangible community impact,” he said.

Outgoing chairman Mwesigye thanked the board, management, and staff for their support and expressed confidence in the incoming leadership to advance VFU’s mission.

Ainomugisha lauded Mwesigye’s tenure, noting that under his guidance, VFU expanded access to affordable financial services while pioneering refugee microfinance in West Nile, reaching Moyo, Yumbe, Lamwo, Agago, and soon Adjumani, in collaboration with UNHCR and the Office of the Prime Minister.

“Our mission is to financially include vulnerable communities. Through partnerships, we have reached nearly 80,000 clients — 95% rural-based and 63% women — impacting close to 400,000 children,” Ainomugisha added.

Dr Muhumuza, currently a Senior Lecturer at the Makerere University Business School (MUBS) and the Director of the MUBS Economic Forum, is a PhD holder in Development Economics from the University of Manchester, bringing over 20 years of experience in policy research, economic analysis, and advisory roles.

He has lectured at Makerere University, Nkumba University, and African Bible University, and previously served as Economic Advisor to the finance minister.

His career also spans senior positions at KPMG Uganda and Financial Sector Deepening Uganda (FSDU).

The board transition reflects VFU’s commitment to growth, innovation, and enhanced financial inclusion. With 26 branches nationwide, VFU continues to provide microloans, savings, and insurance services, empowering underserved populations and reinforcing its role as a key driver of socio-economic transformation in Uganda.