By Sam Mwesigye

Last week, a Tier IV microfinance non-deposit-taking financial institution, Goldmine Finance Limited, opened its third branch in Kabalagala in Makindye, Kampala. 

The previous year, it opened its second branch in Ntinda, Nakawa Division, Kampala. 

However, their journey is interesting. 

Goldmine Finance Limited started in 2011 as a non-deposit-taking money-lending business. This was in a room at Akamwesi Hostel in Nakawa. According to a source at Gold Finance, the founder of the institution, Allan Tayebwa, borrowed Shs 2 million from a female friend. He started lending to friends while taking laptops, among others, as collateral. 

However, in 2015, the financial institution was given a Tier IV microfinance non-deposit-taking institution status. In 2023, it launched its second branch in Ntinda, and last week, it opened another branch in Kabalagala. 

Today, Gold Finance Limited has the capacity to lend between Shs 2 million and Shs 300 million with a land title and a car log book, among others, as collateral. It also currently has a customer pool of 1,500 customers. Currently, the financial institution employs 40 people. 

While presiding over the expansion as chief guest, Finance Minister Matia Kasaija asked Goldmine Finance Limited to be honest with their customers and appealed to them to consider opening up branches upcountry. 

Speaking before Kasaija, Tayebwa said the institution plans to have its 10th branch in 5 years and serve 100,000 clients. 

Tayebwa said that expanding to Kabalagala is intended to bring access to finance closer to the people.