FINCA wins MDI category of FiRe Awards 2016

For Alejandro Jakubowicz, the interim chief executive officer of FINCA Uganda Limited, bagging an award is a fulfillment of two of our core values; “Innovation and continuously improving” as well as excelling at what we do,” he said.

At the recently held 2016 Financial Reporting (FiRe) awards held under the theme Building Stakeholder Confidence; the Power of Numbers, FINCA Uganda Limited topped the Microfinance Deposit Institutions (MDI) category, beating EFC Uganda Limited that won recognition for achievement. Justifying why the micro finance institution won the accolade, Jakubowicz said they have continuously emerged winners in the FiRe awards due to their consistency in working on areas that need improvement.

In 2014, FINCA also won the “most improved institution in the industry” in financial reporting.Established as a microfinance institution in Jinja district in 1992, the institution grew to be licensed as an MDI in 2004 thus becoming the first MDI to be regulated by Bank of Uganda under the MDI Act of 2003.

It is a subsidiary of FINCA International, which serves nearly two million clients in 22 countries across the world.Currently, the institution offers savings, loans and money transfer services to its clients across our 27 networked branches and Points of Service (POS) agencies countrywide through a technology-enabled multi-channel delivery system.

It also offers financial literacy, especially among the youth through the Smart Start programme, through which the youth are equipped with basic financial management skills, such as budgeting, saving and investment alongside other life skills, such as soap and candle making.“We offer a collection of life-changing financial products and services that are intended to serve the various needs of our customers in a fast, secure and transparent manner.

Our service delivery is further enhanced by our multi-channel system, which is technology driven to ensure effective turnaround time and convenience to the customer,” reads a statement released from the institution.“Stakeholders’ and more so, Investors’ trust, confidence and support is never a given.

It is earned,” Jakubowicz said. He explained that the award is indeed a manifestation of FINCA Uganda’s good financial reporting strength and weight since all stakeholders are now demanding more transparency in the entire reporting process. “We endeavour to comply with international financial reporting standards and regulatory reporting to strengthen existing and at the same time create new relationships,” he added.

Besides this, their 23-year experience in the Ugandan market puts the institution in a better position of understanding their clients more than any other microfinance institution and being able to provide relevant financial solutions that have a positive impact on the lives of those accessing them.

Jakubowicz said they shall further concentrate on building trust from their clients, something he says shall enable them build a sustainable business and extend better services to their clients, especially the low income entrepreneurs in the country. “In our quest, we have made adjustments to some of our products and services and we continue to innovate in order to remain relevant in the financial services sector,” he said.

FINCA Uganda Ltd (MDI) is a Microfinance Deposit Taking Institution regulated by Bank of Uganda under the MDI Act 2003.
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