This monograph tells the story of Uganda Microfinance Union (UMU), and its years preparing for licensing to become a regulated deposit-taking institution, Uganda Microfinance LimitedUganda Microfinance Union. It highlights the unique aspects of UMU’s transformation process, including the operational, structural, and financial challenges it faced as it evolved from a young entrepreneurial NGO to one of the first licensed microfinance deposit-taking institutions in Uganda.