Dr Fred Muhumuza has taken over VisionFund Uganda (VFU) board leadership as the new chairperson, replacing Mr Fredrick Mwesigye, who led the microfinance institution for the past two years.
The new leadership has set an ambitious target of transitioning the organisation to Tier 3 status by 2028.
VFU, a subsidiary of VisionFund International, the microfinance arm of World Vision-operates a network of 26 branches across the country.
The leadership transition, held in Kampala on October 3, also marked the commissioning of VFU’s new head office in Kamwokya, relocated from Makerere-Kavule, both Kampala suburbs. The move was described as ‘a symbol of growth, renewal, and commitment to excellence.’
VFU chief executive officer, Ms Mercy Sande Ainomugisha, said the new office and board transition mark a pivotal moment in the organisation’s governance structure as it prepares to implement its 2026-2028 strategic plan.
‘These, among others, include sustainably impacting 469,592 children while aligning our footprint with World Vision Uganda area programmes, and transitioning into a Micro-Deposit Taking Institution (MDI) Tier 3 by 2028,’ she said.
Ms Ainomugisha added that VFU has been undergoing a brand refresh and introduced the company’s new brand mantra: ‘bold, innovative, financial inclusion.’
Outgoing chairman Mr Mwesigye, who heads into retirement, said VFU has long been working toward attaining MDI status. ‘I pray that the incoming leadership ensures this strategy is realised,’ he said.
Dr Muhumuza reaffirmed the organisation’s plans to transition to Tier 3 by 2028, saying it will depend on the team’s collective effort.
‘We want to expand our services to all Ugandans through innovation, digital transformation, and partnerships as key enablers for the journey ahead,’ he said.
MDIs value hits Shs10 trillion
Ms Edith Tusubira, the acting commissioner for Microfinance Regulation in the Ministry of Finance, Planning and Economic Development, said the ministry regulates over 2,000 MDIs across the country, with a combined portfolio of about Shs10 trillion.
‘Transitioning to Tier 3 means we shall be handing VFU over to another regulator, the Bank of Uganda, and we are sure you shall perform very well. The new head office is going to increase your visibility and take you places,’ she said.
About Dr Muhumuza
Dr Muhumuza holds a PhD from the University of Manchester and has been involved in development policy research, analysis, formulation, and review for over two decades. He has also pursued a parallel teaching career at Makerere University, Nkumba University, and African Bible University.
He has undertaken assignments in public policy as both researcher and practitioner, worked as an economic advisor to the Minister of Finance, Planning and Economic Development, and previously served as a Research Fellow at the Economic Policy Research Centre (EPRC). He has also held senior roles at KPMG Uganda and the Financial Sector Deepening Uganda (FSDU).