DMF opened the Bulaga office in 2012, at Bulaga 9 Miles along Mityana Road, Wakiso District, and Ibanda office in the year 2013, with the primary vision of reaching the financially under served. By 31 st December 2021, DMF had reached a clientele base of 1,138, with outstanding portfolio of 669.2 million. The share capital reached UGX 339,950,000 (Three hundred thirty nine million nine hundred fifty thousand shillings) as at 31st December 2021, with twenty six share holders. The total assets reached UGX 769.5 million as at 31 st December 2021. The Covid-19 did not spare the institution as well. Our clients were greatly affected and to-date COVID-19 effects are still biting. However, given our model of lending small amounts ranging from UGX 100,000 up to UGX 5,000,000, this has kept us moving amidst the economic challenges. The fourteen (14) staff have always exhibited creativity, resilience and agility to keep the institution a float as guided by the seven (7) versatile board members.
DMF Background
DMF started as a community-based organisation in May 2010 with a long-term vision of reaching the economically active population of Uganda. DMF started as a “cash round” in February 2010, to which each member would contribute UGX 100,000 (one hundred thousand shillings) monthly. At the end of the month, one person would take the whole amount collected until the cycle was completed. In August 2010, members decided to transform the cash round into an NGO which was registered in the names of “Destiny is Wealth Association” and opened an account with Centenary Bank. Later, in addition to other services, members started taking loans at an interest rate of 18% per annum. In August 2011, it was decided to convert the association to a Company Limited by shares, and thus the birth of the current Destiny Microfinance Limited (DMF).