RUFI Wins European Microfinance Award, 2024

What you need to know

ORural Finance Initiative Limited (RUFI), a beacon of hope for refugees and forcibly displaced people (FDPs), has been named the winner of the prestigious European Microfinance Award 2024. The award, which focused on Advancing Financial Inclusion for Refugees and Forcibly Displaced People, recognized RUFI’s innovative and impactful work in transforming the lives of vulnerable communities in Uganda.

Selected from 49 organizations across 26 countries, RUFI emerged victorious among three exceptional finalists. The award was received by RUFI’s CEO, Mr. Yengi Edward Lokule, during a special ceremony held at the European Investment Bank headquarters in Luxembourg as part of European Microfinance Week 2024.

Pioneering Financial Inclusion for Refugees

Forced displacement is a growing global crisis, with over 108 million people uprooted due to conflict, persecution, and climate change. Uganda, home to Africa’s largest refugee population, provides a unique setting for transformative solutions. Against this backdrop, RUFI has risen as a leader in fostering resilience and self-reliance among refugees and FDPs through financial inclusion.

Originally founded in South Sudan in 2008, RUFI adapted to the realities of conflict by relocating to Uganda in 2016 to serve its displaced clients. Today, RUFI operates from six branches across five refugee settlements and remains a refugee led organization, with 80% of its staff comprising FDPs.

Innovative Programs That Make a Difference

RUFI’s holistic approach addresses both the immediate needs of FDPs and their long-term development through:

• Tailored Financial Products: Group loans, cross border collateralized loans, green energy loans, and agricultural loans designed for both refugees and host communities.

• Business Incubation: The REMEDY program, which provides business training and financing through the innovative LOG (Loan, Own Capital, Grant) model, empowering refugees to establish sustainable livelihoods.

• Advocacy and Integration: Collaborations with local governments to secure arable land and foster agreements for resource sharing between refugees and host communities, promoting harmony and mutual growth.

This integrated model has not only restored dignity and livelihoods for FDPs but also strengthen Celebrating the Spirit of Innovation and community cohesion, creating a foundation for inclusive development.

Celebrating the Spirit of Innovation

While RUFI takes home the top prize, the award also celebrated the remarkable initiatives of the other finalists—Al Majmoua from Lebanon and FATEN from the Occupied Palestinian Territories—each of whom received €10,000.

Additionally, the efforts of the seven semifinalists, including three from Uganda, were recognized. All ten semifinalists will be featured in the European Microfinance Platform’s (eMFP) annual Award publication, launched during European Microfinance Week 2024.

About the European Microfinance Award

Established in 2006 by the Luxembourg Ministry of Foreign and European Affairs, the European Microfinance Award celebrates innovative practices in the microfinance sector. This year’s theme highlighted the vital role of financial inclusion in addressing the urgent needs of refugees and FDPs, providing a platform for transformative initiatives like RUFI’s to shine.

A Win for RUFI, A Win for Refugees

RUFI’s win is more than an award; it is a beacon of hope for refugees and displaced people worldwide. By demonstrating the power of financial inclusion, RUFI is not just changing lives—it is building stronger, more inclusive communities, one step at a time.