Tugende in a Precarious Situation with its Investor, Goldfinch, After Breaching Terms of its Loan Agreement. 

Tugende, Uganda’s pioneering boda boda financing startup, has found itself in a precarious situation with its investor, Goldfinch. The startup, which holds the distinction of being Uganda’s most funded startup according to Digest Africa, has come under scrutiny for a financial transaction that appears to violate its loan agreement. The issue at hand involves a $1.9 million loan that was extended from Tugende Kenya to its Ugandan counterpart. This transaction, while seemingly innocuous, contravenes the stipulations of the loan agreement that Tugende has with Goldfinch. The startup operates through three entities: Tugende Global, their Mauritius-based holding company; Tugende Uganda, their…