UNGUKA microfinance net profit increased by 57.6 percent to Rwf230m in 2010 from Rwf146m in 2009 on account of increased customers with good track records in loan servicing.
“Our profits have been gradually improving and we noticed that it can even be more provided our service improves in terms of quality,” Faustin Byakunda, the Director General of UNGUKA said, Sunday, during the MFI’s annual general meeting.
The microfinance, which has been in business for five years, has eight branches with plans to open more across the country.
“Next month, we shall open branches in Musanze, Muhanga, Ngororero, Kibuye and Gakenke in part to increase national presence,” Byakunda said.
Shareholders decided to reinvent the profits earned in the last five years in the institution in order to further boost its operations.
UNGUKA has accumulated Rwf500m in profits in the last five years while its working capital grew to Rwf1.1 billion in 2010 from Rwf320m in 2005.