The Agribusiness Initiative (aBi) Trust, a nonprofit in Uganda that supports private-sector agriculture, has contributed UGX 149 million (USD 60,000) to Masaka Microfinance Development Cooperative (MAMIDECOT), a Ugandan microfinance institution (MFI), for the establishment of a new branch in the Bukunda trading centre in Rakai, the district that neighbors Masaka to the west. “This [support] is geared at enhancing the spread of financial services to increase rural savings capacity,” aBi Trust detailed in a press statement. MAMIDECOT also intends to increase awareness of the potential of using loans for business expansion.
The aBi Trust, which was founded in 2007, is sustained by donors including the EU, the US Agency for International Development and the governments of Denmark, Belgium and Sweden. In addition to agriculture, MAMIDECOT disburses loans for school fees, commercial purposes and solar equipment [1]. MAMIDECOT, which was established in 2000 to expand the availability of financial services in the district of Masaka and surrounding areas, reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.1 million and loans outstanding USD 776,877 as of December 31, 2008. More recent financial information is not available.
By Jaime Fellers, Research Associate
About Masaka Microfinance Development Cooperative (MAMIDECOT):
Established in 2000, Masaka Microfinance Development Cooperative (MAMIDECOT) is a Ugandan MFI (Microfinance Institution) that provides loans in local currency to both rural and urban residents of the district Masaka. As of 2012, MAMIDECOT was in the process of expanding to the neighboring district of Rakai. The primary focus of the organization is expanding agriculture, however MAMIDECOT also provides loans to students and commercial entrepreneurs in amounts ranging from UGX 500,000 (USD 200) to UGX 20 million (USD 8,100). The MFI reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.1 million and loans outstanding USD 776,877 as of December 31, 2008.
Sources and Additional Resources:
[1] The Observer: “ABI Trust aids Masaka Microfinance” by Alon Mwesigwa, July 10, 2012, http://www.observer.ug/index.php?option=com_content&view=article&id=19763:abi-trust-aids-masaka-microfinance&catid=38:business&Itemid=68
MicroCapital.org story, May 7, 2012, “MICROCAPITAL BRIEF: Uganda Revenue Authority (URA) Introduces Mobile Tax Payment Scheme”, https://www.microcapital.org/microcapital-brief-uganda-revenue-authority-ura-introduces-mobile-tax-payment-scheme/
MicroCapital.org story, March 29, 2012, “MICROCAPITAL BRIEF: Western Union, MTN Launch Mobile Money Transfer Service in Uganda”, https://www.microcapital.org/microcapital-brief-western-union-mtn-launch-mobile-money-transfer-service-in-uganda/
MicroCapital Universe Profile: Masaka Microfinance Development Cooperative (MAMIDECOT) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Development+Cooperative+%28MAMIDECOT%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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