Institutional Savings Account

Institutions and their members who wish to access financial services to give their institutions a raise in terms of asset acquisition, managing operational expenses, renovations and construction, other developments.

Give your institution a raise

Target market: Institutions and their members who wish to access UGAFODE Microfinance Limited (MDI) financial services

FEATURES

  • Initial Deposit: UGX 50,000
  • Minimum Balance: 50,000
  • Monthly Fee: UGX 1,150
  • Interest rate & Calculation: 3.5% Credited monthly on the minimum balance during the month.
  • Transaction Fees: N/A
  • Funds Transfer: EFT
  • Statements: 1 free per month

Account Opening Requirements
  For partnerships

    1. Partnership deed.
    2. Statement of particulars.
    3. Certified copy of Registration certificate.
    4. Passport photos of the partners.
    5. Copies of National/ Refugee Identity Card for partners

For a Limited Company

    1. Certified copy of Certificate of incorporation.
    2. Memorandum and Articles of Association.
    3. Particulars of directors and company secretaries (Co. form 7)
    4. Duly certified resolution by the board of directors to open an account specifying the mode of operation.
    5. Directors’ personal details, copies of National/Refugee identity cards & passport photos.

For Clubs, Associations and Societies

    • Duly certified copies of the institution and by-laws.
    • Certified copy of Certificate of registration (in case of registered entities).
    • Resolution passed by the managing body to open an account including the mandate to operate it.
    • Signatories’ personal details, copies of National/Refugee identity cards & passport photos.

For trusts, Foundations, Churches, Hospitals and Schools

    1. Original trust deed (if applicable).
    2. Certified certificate of registration.
    3. Resolution to open an account and its mode of operation (where entity is owned by a company or group of people).
    4. A letter from the concerned ministry for schools and hospitals.
    5. Signatories’ personal details, copies of National/Refugee identity cards & passport photos.

For NGOs and Parastatals

    1. Certificate of registration from NGO board.
    2. Duly certified resolution to open an account and its mode of operation.
    3. Constitution/by laws.
    4. Signatories’ personal details, copies of National/Refugee VALID identity cards & passport photos.