Minister Kasolo, UGAFODE Microfinance hold meeting on COVID-19 recovery plan

Hon Haruna Kyeyune Kasolo, the State Minister of Microfinance has resumed his duties after taking up his office for the second term.

While doing his fieldwork, he visited the top management of UGAFODE Microfinance at their head offices on Bombo Road.

During the meeting, Shafi Nambobi, the C.E.O UGAFODE was pleased that Hon Kasolo accepted his invitation to visit their offices and discuss matters to do with microfinance business in Uganda.

 “I want to congratulate you Hon Minister for your second term in office as the State Minister for Microfinance,” Nambobi said.

He went on and addressed some of the challenges that UGAFODE is facing and one of them is that COVID-19 came with restrictions which have affected most of their biggest contributors who are in Agriculture among other sectors.

The lockdown has seen farmers not saving with Microfinance institutions like UGAFODE because there is no mode of transporting their goods, schools that would purchase farm products are also closed and markets are partly closed among other things.

The other challenge Nambobi addressed was the amendment of the Micro Deposit Taking Institution Act (MDI Act) since it has taken about 10 years without being looked at in the parliament of Uganda. The Act provides for the licensing, regulation and supervision of microfinance business in Uganda.

According to Hon Kasolo, the bill is in Parliament and very soon, he will make sure it is passed because he has overheard many Microfinance Institutions like Pride Microfinance wanting to be called Banks.

“This second term in office is going to be better than the first time because I want to work with Microfinance Institutional to growing into bigger financial institutions,” Hon Kasolo said.

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