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, etc.

Give your institution a raise

Target market: Institutions and their members who wish to access UGAFODE Microfinance Limited (MDI) financial services
Initial Deposit: UGX 20,000
Minimum Balance: NIL
Monthly Fee: UGX 1,100
Interest rate & Calculation: 3.5% Credited monthly on the minimum balance during the month.Transaction Fees: N/A
Funds Transfer: EFT

Account Opening Requirements
  For a partnerships

    • Partnership deed.
    • Statement of particulars.
    • Certified copy of Registration certificate.
    • Passport photos of the partners.
    • Copies of VALID identity cards (options as for OSA).

For a Limited Company

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

For trusts, Foundations, Churches, Hospitals and Schools

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

For NGOs and Parastatals

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

Statements: 1 free per month