MICROCAPITAL BRIEF: Microfinance Bank Uganda Finance Trust to Operate Automated Teller Machines (ATMs) in Uganda

Uganda Finance Trust Limited, a microfinance bank that was established in 1984, recently launched a network of automated teller machines (ATMs) called TRUSTCASH, reportedly making it the first microfinance bank in the country to operate ATMs. The initiative is intended to further the organization’s objective of providing affordable and convenient financial services while assisting with client retention.

Mathias Katamba, CEO of Uganda Finance Trust, said, “We want to leverage on technology and the first three branches that we have launched with ATM services are meant to offer payment options to our customers without the limitation of branch opening hours.” The bank has twenty-eight branches throughout Uganda. Mr Katamba also noted the possibility of the bank becoming a fully licensed commercial bank in the future, but with a focus on micro-, small and medium-sized entrepreneurs.

In 2009, Uganda Finance Trust reported to US-based data provider Microfinance Information Exchange (MIX) total assets of USD 19.7 million, a gross loan portfolio of USD 14.8 million, return on assets of 2.78 percent, return on equity of 13.63 percent and 20,200 active borrowers.

By Julie Moksim, Research Associate

About Uganda Finance Trust Limited: Uganda Finance Trust Limited is a microfinance institution based in Kampala that was formed in 1984 as Uganda Women’s Finance Trust. Uganda Finance Trust provides microinsurance and microcredit services to low-income groups. According to the Microfinance Information Exchange (MIX), the microfinance data provider, in 2009 the organization reported total assets of USD 19.7 million, a gross loan portfolio of USD 14.8 million, return on equity of 13.63 percent and 20,200 active borrowers.

Sources and Additional Resources;

East African Business Week: “Finance Trust Bank Launches Own ATMs” by Aggrey Nshekanabo, February 14, 2010, http://www.busiweek.com/11/index.php?option=com_content&view=article&id=429:finance-trust-bank-launches-own-atms&catid=104:uganda&Itemid=1314

MicroCapital.org Brief, October 28, 2010: MICROCAPITAL BRIEF: Norwegian Microfinance Initiative (NMI) Invests $4.5m in Kenya Women Finance Trust – Deposit Taking Microfinance (KWFT-DTM) and Uganda Finance Trust (UFT), https://www.microcapital.org/microcapital-brief-norwegian-microfinance-initiative-nmi-invests-4-5m-in-kenya-women-finance-trust-deposit-taking-microfinance-kwft-dtm-and-uganda-finance-trust-uft/

MicroCapital’s Microfinance Universe Profile: Uganda Finance Trust Limited

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uganda+Finance+Trust+%28UFT%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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