FINCA Uganda launched in 1992 to support small business development through the village banking model. Primarily serving rural communities, clients were able to obtain credit to expand their businesses through membership in a credit group.
Adapting to the needs of a growing market, FINCA Uganda has continued to expand and improve its offering. It became licensed to take deposits in 2004, the first microfinance organization in Uganda to do so. Also in 2004, the organization launched individual lending and by 2018 individual borrowers accounted for nearly half of its total loan portfolio.
FINCA Uganda now has a loan portfolio of roughly USD 27 million and total deposits of more than USD 20 million. It offers a wide range of products and services. Clients can choose from loan products including village banking, business, agriculture, solar and education loans. The institution also offers savings products for businesses and individuals that allow depositors to earn high interest rates. Moreover, FINCA Uganda clients benefit from money transfer services and 24/7 access to funds via the FINCA Access card, which is accepted at more than 500 ATM locations around the country.
FINCA Uganda now serves nearly 100,000 clients from a network of 27 branches located in various regions and from branchless channels including mobile banking and ATM machines. The institution’s vast geographic reach means clients can conduct their banking without having to travel long distances. In 2016 FINCA Uganda further digitized its operations by launching credit scoring, a method of analyzing loan applications that enables faster loan processing times and more efficient outcomes for clients.
Throughout 25 years of operations, FINCA Uganda has fulfilled the FINCA Impact Finance purpose of profitably and responsibly providing innovative and impactful financial services to enable low-income individuals and communities to invest in their futures.