The Financial Sector Deepening Uganda (FSDU) hosted a Learn and Share event highlighting the achievements and learnings from the Micro and Small Enterprises (MSE) Recovery Fund. Attended by consortium partners ASIGMA, gnuGrid, Microsave and various implementing financial institutions, the session showcased how the fund has supported micro, small and medium enterprises (MSMEs) to rebuild and thrive post-pandemic.
Key Highlights
ASIGMA leads panel on financial institution learnings from the fund implementation
ASIGMA facilitated a panel discussion with representatives from participating financial institutions, including FINCA, Pride Microfinance, Lyamujungu SACCO, EBO SACCO and Nile Microfinance. The panelists shared how they tailored their operations to meet the Recovery Fund’s requirements, driving impactful outcomes.
Joseph Wandinda, Pride Microfinance. Pride Microfinance surpassed the fund’s target of 40% women beneficiaries, achieving 56%. They tailored diverse loan products, implemented enhanced reporting structures, and are planning a digital loan solution that enables borrowers access loans digitally. Notably, they have successfully repaid their original grant of funding and are set to receive additional funding from this Fund.
StoneWilly, Nile Microfinance (West Nile). StoneWilly emphasised that the Fund has played a role in increased use of credit referencing checks within their loan appraisal process. By integrating credit referencing into Nile’s loan management system, there has been reduced turn around time for loan processing from three weeks to just three days, improved portfolio at risk, and expanded their customer base in rural areas.
Moses Nkwatsibwe, Lyamujungu SACCO. Lyamujungu SACCO leveraged CRB checks to address challenges in assessing creditworthiness, ensuring better financial management and loan appraisal processes.
Elias Byaruhanga, EBO SACCO. EBO SACCO shared how they adapted member engagement strategies to meet the MSE Recovery Fund’s requirements. These included stakeholder engagement, needs assessments, and product refinement. EBO SACCO also introduced group lending models to support underserved groups, including refugees, PWDs and women.
Sofia Kihumuro, FINCA Uganda. Sofia spoke on the fund’s impact metrics, highlighting support for businesses that traditionally lacked access to finance due to the effects of Covid-19. They refined data collection processes to track client demographics, including gender and employment statistics, ensuring alignment with Fund goals.
Transforming Small Business Lending
The MSE Recovery Fund has played a pivotal role in enabling financial institutions to support youth- and women-owned businesses with affordable and tailored loan products. Through enhanced reporting, data systems, and product innovations, financial institutions have demonstrated resilience and a commitment to sustaining growth for MSMEs beyond recovery.
Looking Ahead
The MSE Recovery Fund, sponsored by the Mastercard Foundation, continues to drive impactful changes in Uganda’s financial ecosystem. As the lead partner, FSDU, alongside ASIGMA as the Facility Manager, and gnuGrid and Microsave as service providers, remains dedicated to empowering small businesses, enabling them to transition from recovery to resilience.
The event underscored a collective commitment to fostering sustainable growth and inclusion in the financial sector.
