Uganda’s Tugende, which specializes in leases for motorcycle taxis known as boda-bodas, recently raised USD 13 million from undisclosed sources with the support of Verdant Capital. Of this total, USD 2 million has been disbursed so far. Tugende has 14,000 active leases and a loan book of USD 13.7 million as of September 2019, up four-fold since January 2018. Its 30-day portfolio-at-risk ratio remains below 1 percent, and Verdant calls the firm “robustly profitable.”
Tugende, which translates as “let’s go,” has 16 branches in Uganda and recently received a license to expand to Kenya. The firm also recently earned a social rating of BB- and a financial rating of BB Stable from Microfinanza Rating (MFR) of Italy.
Verdant Capital, which has offices in the Democratic Republic of Congo, Ghana, Mauritius and South Africa, provides capital raising and financial advisory services as well as assisting in mergers and acquisitions.
Sources and Additional Resources
Verdant news item
https://verdant-cap.com/tugende-microfinanzas-financial-and-social-rating-affirmation/
Tugende homepage
https://www.gotugende.com/
MFR homepage
https://www.mf-rating.com/
Verdant homepage
http://verdant-cap.com/
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