Dr Wilberforce Kisamba Mugerwa yesterday assumed office as the new board chairman of the Microfinance Support Centre.
For the next three years, Mugerwa will work with four other members: Mayanja Gonzaga (Local Government), Ruth Musoke Biyinzika (Private Sector Foundation Uganda), Juma Walusimbi, and Robert Bariyo Barigye (assistant commissioner of Cooperative Development at the ministry of Trade and Cooperatives).
The new team was unveiled by the state minister for Microfinance, Huruna Kasolo, who urged the new team to utilize their wealth of experience to help spur development and financial inclusion.
Justine Byagenda, the outgoing board chairperson, asked the incoming team to take on from the five-year strategic plan initiated by her team in 2014.
“The pillars have guided the board to ensure that MSC delivers its mission of being the lead provider of affordable microfinance in Uganda,” she said.
“Under our stewardship at MSC, the clientele grew from 828 in 2010 to 1,974 in 2017. The loan portfolio also grew.”
Figures from the organization show that the MSC’s loan portfolio stood at 67 billion in 2017, up from 34 billion in 2010. Through MSC, Uganda received a loan of $10 million from the Islamic Development Bank to support Islamic finance products, especially in the area of agriculture.
Byagenda said MSC has so far funded 39 projects worth Shs 14 billion; MSC is the only government institution that is providing financing using the Islamic financing model.
One of the challenges faced by the previous board was inadequate funds and new board members feel there is need to recapitalize.
“MSC needs a strong capital base to be effective and efficient in service delivery and remain a competitive player in the financial sector,” said Mugerwa.
However, Kasolo said government will recapitalize MSC in the next financial year as requested by the board members.
“We understand the relevancy of MSC, and I can confirm that government will be injecting Shs 50 billion; so, we want more people to organize into cooperatives and Saccos and get this money to improve their incomes,” he said.