Very few people in Uganda understand serving the rural poor and the bottom of the financial chain like Mercy Sande Ainomugisha does.
She has spent most of her 18-year banking career working for some of Uganda’s leading financial institutions that focus on serving the financially vulnerable such as Finca Uganda, Finance Trust Bank, UGAFODE and most recently VisionFund Uganda where she is the Chief Executive Officer and Managing Director.
At VisionFund where she assumed leadership in June 2019, she has been at the forefront of transforming the organisation from a nearly rundown and loss-making institution to a dynamic, promising and profitable tier-4 financial services provider.
At a recent Board handover ceremony, where CPA Constant Othieno Mayende the outgoing Board Chairman, handed over to the new board leadership, led by Ms. Sarah Yvonne Byabazaire, speaker after speaker recognised Ms. Ainomugisha for her innovational, transformational and impeccable leadership.
Ms. Ainomugisha was also commended for her steadfast leadership that has steered VisionFund Uganda, especially during the Covid-19 crisis, as well as integrity and character that have not only stabilised VisionFund but also built it into a healthier and promising financial entity.
“I assume board leadership at a time when the institution has been able to turn around from loss-making to profit-making and thus charged with the duty of sustaining the new profitability position. This is attributed to the stellar leadership of the Board of Directors and the Management of the institution led by the Managing Director, Mercy Sande Ainomugisha,” remarked, Sarah, the incoming board chairperson.
Her leadership was also recognised by the regulator, the Executive Director, Uganda Micro-finance Regulatory Authority (UMRA), Ms. Edith Namugga Tusubira who thanked Ms. Ainomugisha for “holding the torch” of leadership and “remaining steadfast”.
“I am so happy to hear that the profit-making game of the institution is now on. Thank you so much, the leadership for the dedication, the courage and the hard work. Leadership is drawn from leaders of character. I would like to emphasize that VisionFund, you have done us well; you have done us proud,” Ms. Tusuubira remarked.
The regulator also lauded VisionFund, for being an exemplarily compliant financial institution.
“Over the years we’ve been licensing and supervising VisionFund Uganda, it has been a compliant institution,” she observed.
VisionFund started operations in Uganda in 1996 as MED-NET and later on was incorporated as VisionFund Uganda in 2012. Thanks to the great leadership, as of September 2022, the financial institution was serving over 50,000 clients, 95% of whom are rural-based and 60% women, across its 21 branches. The organisation’s services, directly impact over 200,000 children.
Following the turnaround, VisionFund, has now set its eyes on widening its impact to over 300,000 children in rural and vulnerable communities by 2025. The organisation also seeks to transform itself from a Tier 4 financial institution to a Microfinance Deposit-Taking Institution (MDI), also by 2025.
Prior to joining VisionFund, Ms. Ainomugisha was the Head of Credit at UGAFODE, one of five licensed Microfinance Deposit-taking Institutions. Between June 2014 and January 2018, she was the Regional Manager at Stanbic Bank and before that the Regional Manager for FINCA Uganda Limited for two years.
She also served as a Branch Manager at Finance Trust Bank and Business Growth & Development Manager at Equity Bank Limited.
Mercy holds two Masters degrees- one a Masters in Management Studies from the Uganda Management Institute (UMI) and an MBA in Strategic Planning from the Edinburgh Business School, Heriot-Watt University. She has also attended various Executive Education courses at Harvard University (Women in Leadership Professional Development Programme); The Wharton School (Leadership & Management) and the Strathmore Business School (Women Directors Leadership Programme).
Sheis currently pursuing The BoardRoom Africa Open Doors program at the Institute of Directors, UK leading to a Certified Director (CertIoD) award.