An exclusive interview with FINCA Uganda’s Chief Operations Officer, Mamie KALONDA.

Qn. FINCA Uganda has been in the country for more than 20 years. What do you consider to be your biggest achievements?

Ans: First of all, we started our operations in Uganda in 1992 with one office located in Jinja. Today our network has grown to 27 full-fledged branches across the country. Secondly, we started as a microfinance institution mainly serving women but in 2004 we were licensed by Bank of Uganda to take customers’ deposits hence becoming the first Microfinance Deposit Taking Institution (MDI) in the country. These among others have been our major achievements.

Qn. Where do you see FINCA Uganda in the next 10 years?

Ans: The future for FINCA Uganda is bright! Not even the sky will limit our growth and innovation. Therefore, our matters. This has helped them to manage their finances better.

Qn. What do you find most challenging for you in the micro finance industry?

Ans: Just like any sector of the economy, competition is our main challenge in the financial industry. There is also uncertainty in this industry due to natural factors such as change in climate among others. This affects most businesses especially agricultural related business in addition to accelerating other macroeconomic issues such as inflation.

Qn. We have witnessed a remarkable growth in your client base, both savers and borrowers. What would you say is driving such growth?

Ans: Commitment to our mission, dedication of our staff, innovation through adoption of technology driven solutions such as Point of Sale machines, SMS alerts, money transfers and a multiplicity delivery system. Also our ability to tailor our products to meet our customers’ ever changing needs.

Qn. There has been a trend of MDIs developing into commercial banks. Is FINCA thinking about that and when do you think it can be actualized?

Ans: FINCA’s mission is to provide financial services to Uganda’s lowest income entrepreneurs so that they can create jobs, build assets and improve their standards of living. We believe that we are better placed to live our mission in our current status. Therefore, it is not about what other MDIs are doing but rather what we would like to achieve in line with our mission. May be time will tell. Otherwise, for now we are happy with our achievements and continue to focus on initiatives that will steer our institution to greater heights.

Interviewed by: Alon Mwesigwa