FINCA Uganda | Press Releases
Date: 9th March 2018
For immediate release!
FINCA UGANDA Awards Education Scholarships to 11 students.
Today, 9th March 2018, FINCA Uganda has awarded Scholarships to 11 students who exhibited the need for financial assistance through a competitive application process which lasted for 30 days.
The FINCA Uganda education scholarship programme targeted children of underprivileged clients at the tertiary level of education and was officially announced by the Board Chairman, Mr. James Semakadde on 19th January 2018. The announcement was followed by a call to all FINCA Uganda customers to pick or download application forms, fill and submit by 17th February 2018. A number of media channels both national and regional including Print, Radio, TV, Social media and the website was used to disseminate information regarding the application process.
In total, about 500 applications were received across all the regions of Uganda. The vetting process which lasted for 2 weeks was executed in 4 phases by an independent committee of professional consultants. The final phase included visiting all the homes of the 14 applicants (who had made it to the semifinal stage) to further ascertain the magnitude of the need for assistance, after which only 11 applications were recommended for the scholarships.
While awarding the scholarships at their Head Offices along Acacia Avenue in Kololo, Kampala this morning, the FINCA Uganda Board Chairman, Mr. James Semakadde expressed his gratitude to FINCA Uganda for fulfilling their promise and truly living their mission which is to improve standards of living of the people through financial and social services such as this scholarship scheme. He further challenged the beneficiaries to exploit such a golden opportunity by committing time and energy to their studies so that they can become useful people to their families, community and the country at large; in future.
At the same time, the FINCA Uganda Managing Director, Mr. James Onyutta congratulated the winners and thanked their parents for choosing FINCA as their financial services partner. He also expressed the company’s deliberate effort of putting their clients’ needs first, hence creating brighter futures for all the stakeholders.
About FINCA Uganda (MDI)
FINCA Uganda is the first Microfinance Deposit taking Institution (MDI) to be licensed by the Bank of Uganda in 2004 to offer life-changing financial solutions which include: Savings, Loans and Money Transfers. Having started operations in 1992, currently FINCA Uganda has a network of 27 branches that are well spread across the country.
FINCA Uganda is also part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions that provides socially responsible financial services and enables low-income entrepreneurs and small business owners to invest in the future. For more information visit: www.finca.ug.
About FINCA Impact Finance
FINCA Impact Finance is a network of 20 microfinance institutions and banks that provides socially responsible financial services and enables low-income individuals and communities to invest in the future. For more information, visit: www.FINCAImpact.com.
For more information about this Press Release, contact: Simon Ahimbisibwe via: E-mail: email@example.com or Mob. 0776650096.
Date: 19th January 2018
For immediate release!
FINCA UGANDA Launches An Education Scholarship Fund.
Today, 19th January 2018, FINCA Uganda has launched a perpetual scholarship fund for her customer’s children to be able to pursue or continue with education at tertiary institutions of learning. The FUND which has been named “+10 educational fund’ will cover tuition fees for 10 students throughout their entire campus period.
While launching the Fund at their Head Office on Acacia Avenue, Kololo – Kampala, this morning, the Chairman Board of Directors of FINCA Uganda, Mr. James Semakadde said: “In Uganda particularly, clients try their level best to educate their children for a better future albeit limited resources. However, most of the parents are not able to see their children complete school due to the high tuition costs especially at the tertiary levels of education. As a result, children end up dropping out of school at the most critical time and hence are not able to realize their dreams; let alone rendering the efforts and dreams of their parents hopeless. This is indeed very frustrating to both the parents and children hence explains the continued poverty cycle in families.”
In his remarks about the launch of the programme, The Managing Director, FINCA Uganda Mr. James Onyutta remarked thus: “Setting up a scholarship fund is a great way to give back to our communities and create a legacy that endows FINCA’s philosophies and beliefs into perpetuity.” “Therefore, in line with our Mission, we have set up an education trust/scholarship fund to support children of our less privileged clients at the tertiary levels (university and other institutions of higher learning) so they can improve their standards of living in the future.” He concluded.
The FINCA Uganda scholarships are competitive for all FINCA clients. The criteria of eligibility is clearly spelt out below and will be strictly followed.
The Criteria will be:
• Children of the existing less privileged clients of FINCA Uganda.
• Children who have shown consistent academic achievement in their past grades.
• Parents must prove their incapacity to fund their children’s school fees. I.e. applications will be properly analyzed to avoid abuse.
• Only one child per family at any given time qualifies for the scholarship.
• Children must be able to complete their courses within the allowable duration. I.e. one or two years for diploma and three years for degree courses.
• Initially only three year courses will be funded (the initial duration of the scholarship fund). However, exceptions will be dealt with by the selection/vetting committee.
• Applicants should have proof of admission to the respective tertiary institutions of learning.
• School fees will be directly remitted to the beneficiary institutions on a semester/termly basis.
• Beneficiaries will be continuing students or those who have been out of school for a maximum period of one year; e.g. due to lack of school fees.
• Parents of the beneficiary students must continue to bank with FINCA for the entire scholarship period.
• Winners of the scholarships will be announced in the media and in all FINCA Uganda locations countrywide.
How to apply
• Applications forms will be picked from our 27 branches across the country and also returned to the same addresses with in the application and submission timelines. Forms can also be downloaded from our website and returned to the nearest branch.
About FINCA Uganda (MDI)
FINCA Uganda is the first Microfinance Deposit taking Institution (MDI) to be licensed by the Bank of Uganda in 2004 to offer life-changing financial solutions which include: Savings, Loans and Money Transfers. Currently, FINCA Uganda has a network of 27 branches that are well spread across the country.
FINCA Uganda is part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions that provides socially responsible financial services and enables low-income entrepreneurs and small business owners to invest in the future.
The majority owner of the network is FINCA International, a microfinance and social enterprise not-for-profit leader dedicated to creating economic inclusion for the poor. For more information, visit www.FINCAImpact.com
For more information about this Press Release, contact:
Simon Ahimbisibwe via: E-mail: firstname.lastname@example.org or Mob. 0776650096.
“The business of business should not always be about money. It should be about responsibility and support to social causes too.” These were the words of FINCA Uganda’s Managing Director – Mr. James Onyutta as he flagged off Corporate Social…
Press Release – For immediate release: 1st June 2016
Financial Sector initiative on credit scoring (A case study of FINCA Uganda)
Today, 1st June 2016, FINCA Uganda and Compuscan Credit Reference Bureau jointly have the pleasure to reveal a case study on the successful implementation of a credit bureau scoring pilot study that was carried out at FINCA Uganda during 2015/2016.
FINCA Uganda embarked on this journey with Compuscan to address some of the challenges related to over indebtness and financial inclusion to the bottom-of-the-pyramid in an effective and efficient way.
Compuscan responded by delivering a cross- sectional market based credit scoring solution that was customized to FINCA‘s credit risk appetite; and it is this process that we are here to share with key stakeholders in this market especially, financial institutions.
During the pilot period, FINCA also worked with a team from Kfw Development Bank’s who joined the project as an independent evaluation team to analyze the process.
During the launch of the Credit Scoring pilot results at Serena Hotel Kampala, the Managing Director FINCA Uganda, Mr. Julius Omoding remarked: “The use of Data is increasingly becoming helpful in creating confidence in the financial services sector. While the initial benefits are a much improved turnaround time with less inconveniences to the customer, a better customer experience for loyal, good paying customers and an instant decline for high risk customers, all these parameters provide the financial institution with an ability to better provide advisory and relationship management services tailored to a client’s need/behavior.”
FINCA believes that the above will ultimately improve the perception most people have towards the financial service providers and as a result improve the need to act responsibly; and whilst consumer protection has been tagged a lot towards the customer, now the customer and the Bank both have a mutual role to play.
“Therefore, as we add more data sources to our analysis of clients’ ability to manage credit through items like Water, telecoms, electricity payments, etc., this will improve on the credit rating process as a wholesome analysis and not just financial as has been the case before. Indeed, this is a huge change we bring to the financial services sector and we are proud to have led the way on this very important journey.” Mr. Omoding concluded.
At the same event, the Managing Director Compuscan, Mr. Mike Malan said:
“Compuscan’s Credit Bureau Scoring Solution is a first in Uganda bringing a combination of a two tiered approach to credit decision making. The solution evaluates the credit bureau information and introduces a layer of intelligence that is delivered through on-line systems bringing automation to how credit has previously been granted. Compuscan’s Credit Bureau scoring solutions make credit granting safer, more structured, ensuring that accountability and control are easier to manage.
“Being able to control risk by using Compuscore and CODIX helps banks to reduce NPL’s and grant more credit to known better risk customers. This solution also helps significantly improve the customer experience by turning the decision around so much faster.” He added.
Malan concluded by thanking FINCA for their willingness to share the findings of the credit scoring implementation with the financial sector at large and recognized the view by FINCA that access to improvements in lending technology should be a win for the entire country.
About FINCA Uganda (MDI)
FINCA Uganda is the first MDI to be licensed by Bank of Uganda and offers life-changing financial solutions which include: Savings, Loans and Money Transfers across a network of 27 branches countrywide.
FINCA Uganda is a subsidiary of FINCA International based in Washington DC, United States of America, which serves more than 1,800,000 customers in 23 countries across 5 continents.
For more information, contact: Simon Ahimbisibwe – Head of marketing FINCA Uganda on 0776650096.
About Compuscan CRB LTD
Since establishment in 1994, Compuscan has emerged as a reputable and trustworthy credit bureau, committed to providing total credit reporting and risk management solutions throughout the credit life-cycle. Compuscan have experienced rapid growth and have evolved from being a local credit information agency to a full service credit bureau delivering solutions to a range of institutions in markets across Africa, providing a range of comprehensive datasets which offer a holistic view of consumer and business information to assist businesses to make the most informed decisions.
Compuscan has headquarters in Stellenbosch South Africa and employs 350 people in 8 countries.
For more information about Compuscan, contact: Mike Malan – Managing Director on 0706200001.
Today, FINCA Uganda has launched a campaign dubbed “TUKULE FFENA.”
‘Tukule Ffena’ is a Luganda phrase that is literally translated to mean Let’s Grow Together.
While launching the campaign at their new Head Office located along Acacia Avenue in Kampala today, FINCA Uganda’s Managing Director, Mr. Julius Omoding remarked: “Through this campaign we would like to reinforce our commitment of providing financial services to our customers so they can build assets, create employment and raise their standard of living – which is our ultimate mission.” “We are certain these changes will reinforce our commitment to serving our customers with relevant and affordable financial solutions and at the same time provide a great path for growth for FINCA Uganda.” He concluded.
The campaign which will run till 31st December 2015 is intended to communicate the new changes and benefits that FINCA customers will enjoy and hence are able to grow their businesses a lot easier and more profitably.
The following are some of the benefits that come with this campaign:
- Flexible loan repayment periods to allow for longer loan amounts and a less burden on repayment amounts.
- Increased loan amounts which will result into increased operational cash flows or investments in businesses.
- Improved turnaround time for loan processing, and
- Competitive interest rates for people intending to save for longer and to invest in the future.
The campaign will run at all FINCA Uganda’s 28 branches for a period of five months ending 31st December 2015.
About FINCA Uganda
FINCA Uganda is a subsidiary of FINCA International- a Global Microfinance institution founded and headquartered in Washington DC, USA. Currently, FINCA International serves over 1.8 million clients through its 23 subsidiaries in Africa, Eurasia, the Middle East and South Asia and
Latin America; this makes the company to have one of the broadest and most comprehensive networks of today’s microfinance institutions.
In Uganda, FINCA started in 1992 and over the past 22 years has been engaged mainly in the rural areas across the country, providing and increasing access to financial services to Uganda’s low income entrepreneurs so they can build assets, create jobs and raise their standards of living.
FINCA Uganda is regulated by Bank of Uganda and was the very first Microfinance deposit taking institution (MDI) in Uganda to be licensed in 2004, following the MDI Act of 2003 and currently operates a network of 28 branches across the country.
For more information contact: email@example.com, Tel: +256 772429904.
FINCA Uganda is committed to offering customized financial services to the youth so as to be able to weather difficult times in the future.