Uganda is known as the ‘Pearl of Africa’. When it became independent in 1962, it was one of the most vibrant and promising economies in Sub-Saharan Africa. However, since then it has faced economic mismanagement and civil wars, which have stifled the progress of this once promising country.
Since the liberalisation of the financial sector in the mid-1980s, Uganda’s microfinance industry has grown to become a key factor in the country’s plans for economic development. However, a 2010 FinScope survey showed that only 28% of adults in Uganda have access to formal financial services. Moreover, only 22% of people living in rural areas have access to credit, compared to 47% of the urban population.
Around 35 million people live in Uganda, a quarter of whom live in poverty. Uganda remains a very poor country and far from the middle income status it aspires to achieve.
We have planned the following short and medium term initiatives to meet the changing needs of our borrowers.
- Transform our MFI into a micro deposit-taking institution that provides savings services.
- Refine the cash disbursement method
- Promote the use of mobile money collection
- Mobile Money Banking
- Develop a marketing unit
- Make improvements based on customer satisfaction reviews
- Re branding All Branch Premises to VisionFund Uganda Brand
- Opening up field offices in all areas of operation
- Rolling out PPI to all branches
Sirim Kalungi 50 yrs a VisionFund Uganda client in Kasangombe ADP changed his well being with only 500 USD Loan which he invested in cattle farming and trade in cereals. He has managed to educate his three children and taken care of his family needs.
Fig. 1: Sirim With some of his Animals Fig. 2: Sirim weighing his Produce