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COVID-19: Asset financing firm Tugende cushions clients with over UGX575 million in cash grants; suspends late repayment penalties for 2 months

Muhereza Kyamutetera

Tugende has enabled over 30,000 customers, mainly the youth, in Uganda and Kenya to own income generating assets, mainly motorcycles. The company has since grown beyond motorcycles into new types of asset products--like cars and retail shop equipment, remains true to their core focus: enabling driven entrepreneurs to own their futures.

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In one of a kind move, Tugende, a Ugandan social enterprise that provides asset financing to informal sector entrepreneurs and MSMEs, has suspended, for two months, penalties on late repayments for it’s over 23,000 active customers in Uganda and Kenya. This is to ease cash flow pressures on their mainly boda-boda riding customers caused by Covid-19 related travel restrictions that have been i

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