FINCA Uganda's policies are clearly explained to clients
EDITOR: On April 12, New Vision published a letter entitled “Microfinance institutions need strict supervision†complaining about FINCA Uganda.
EDITOR: On April 12, New Vision published a letter entitled “Microfinance institutions need strict supervision†complaining about FINCA Uganda.
We would like to thank Mulumba Bwanika for his concerns over client protection in microfinance, as it is an area of concern for FINCA Uganda and all 21 affiliates across the FINCA International network. However, I would like to state very clearly that, contrary to the implications and allegations of Bwanika's letter, FINCA Uganda both respects and protects our clients.
FINCA Uganda is proud to have been the first regulated Micro Deposit Institution (MDI) in Uganda and is under the supervision of the Bank of Uganda. Thanks to its MDI status, FINCA can provide loans, savings, and money transfer services to over 100,000 clients to achieve our mission: to provide financial services to Uganda’s lowest income entrepreneurs so that they can create jobs, build assets and improve their standards of living.
Our loan clients are able to access loans either individually or in groups, depending on their borrowing capacity. Part of protecting our clients is ensuring that repayment policies and procedures are clearly explained to clients and are enforced so as to create opportunities to reach Uganda’s unbanked populations.
We would also like to inform our clients that the recent publication on June 2 about dormant accounts is in line with the provisions of the Microfinance deposit-taking Institutions Act and is in no way meant to threaten our clients.
Julius Omoding
Chief Executive Officer
FINCA Uganda Ltd
We would like to thank Mulumba Bwanika for his concerns over client protection in microfinance, as it is an area of concern for FINCA Uganda and all 21 affiliates across the FINCA International network. However, I would like to state very clearly that, contrary to the implications and allegations of Bwanika's letter, FINCA Uganda both respects and protects our clients.
FINCA Uganda is proud to have been the first regulated Micro Deposit Institution (MDI) in Uganda and is under the supervision of the Bank of Uganda. Thanks to its MDI status, FINCA can provide loans, savings, and money transfer services to over 100,000 clients to achieve our mission: to provide financial services to Uganda’s lowest income entrepreneurs so that they can create jobs, build assets and improve their standards of living.
Our loan clients are able to access loans either individually or in groups, depending on their borrowing capacity. Part of protecting our clients is ensuring that repayment policies and procedures are clearly explained to clients and are enforced so as to create opportunities to reach Uganda’s unbanked populations.
We would also like to inform our clients that the recent publication on June 2 about dormant accounts is in line with the provisions of the Microfinance deposit-taking Institutions Act and is in no way meant to threaten our clients.
Julius Omoding
Chief Executive Officer
FINCA Uganda Ltd