The Rural Finance Initiative Limited (RUFI), a Ugandan and South Sudanese NGO, has won the 2024 European Microfinance Award, securing a €100,000 prize. This prestigious award, established by the Luxembourg government in 2005, recognizes RUFI’s decade-long efforts to advance financial inclusion for refugees and forcibly displaced persons.
Founded in 2008 in South Sudan, RUFI was forced to relocate to Uganda in 2017 due to the South Sudanese Civil War. Notably, 80% of its staff are themselves forcibly displaced. The NGO provides a range of financial services aimed at uplifting the living standards of refugees, refugee-owned businesses, and host communities. These services include group loans, individual loans, farmer loans, and green energy financing. RUFI’s REMEDY incubator program further supports refugee businesses with training and funding.
“This award is very important because it’s the first time we’ve received such international recognition,” said Yengi Lokule, CEO of RUFI, in an interview with The Luxembourg Times.
The award ceremony, held at the European Investment Bank, was attended by Grand Duchess Maria Teresa, a member of the jury that selected the winner. RUFI triumphed over 49 applicants from 26 countries, impressing the jury with its innovative efforts to empower refugee populations.
Luxembourg’s Minister for Development Cooperation, Xavier Bettel, emphasized the importance of the award, noting it underscores the urgent need for financial inclusion for refugees and displaced persons. He highlighted Luxembourg’s commitment to breaking down barriers and fostering resilience, dignity, and opportunity for those most affected.
The Grand Duchess also praised the work of all three finalists, acknowledging their innovative approaches to using microfinance to assist displaced persons.
The other two finalists were Al Majmoua, Lebanon’s largest microfinance institution, which offers financial products like nano-loans and business loans to displaced persons, and Palestine for Credit and Development (FATEN), which provides a variety of loans and services in the Palestinian territories, including emergency loans and clean energy financing.
The selection process involved an evaluation by financial inclusion experts, narrowing down the applicants to ten semi-finalists, before the top three were chosen by a grand jury. The European Microfinance Award is organized jointly by Luxembourg’s Foreign Ministry, the Inclusive Finance Network Luxembourg (InFiNe), and the European Microfinance Platform (e-MFP).
