This study was entitled, “Corporate governance, financial risk management and sustainability of MFIs”. Over the last decade, sustainability of enterprises has proved a difficult task especially with the downfall of worldwide corporate giants such as Enron, Xerox, WorldCom and Parmalat, many suggesting that corporate governance and financial risk management could be the perfect solution. This study was established with objectives of examining the relationship between corporate governance and sustainability, financial risk management and sustainability as well as relationship between corporate governance and financial risk management within Jinja Municipal Council. Literature for different authors was reviewed and contrasted. The study was a cross sectional research design and adopted a quantitative research approach in a population of 125 MFIs in Jinja Municipal Council. The major findings were; corporate governance and sustainability had a significant positive relationship (r=0.958**, p<0.01) and that corporate governance was a significant predictor with regression results of (Beta =.017 sig =0.002). Components of corporate governance were also significant in sustainability including; CEO Duality (r=.401**, p<0.01), board independence (r=.901**, p<0.01), board composition (r=.413**, p<0.01) and audit committee (r=.885**, p<0.01). Much emphasis on board independence, internal controls regular updating and experienced board members were also highlighted. In relation to financial risk management and sustainability of research.miu.ac.ug/publications 236 METROPOLITAN JOURNAL OF SOCIAL AND EDUCATIONAL RESEARCH ISSN: 1813-4270 Vol. 2 Issue 3, June - 2023, Pages: 236-258 MFIs, a significant association (r = 0.291**, p<0.01) and regression results of (Beta =0.986, sig. =0.000). The study recommended board independence, sensitization of employees within MFIs about financial risk management, strengthening internal controls, board members emphasis on implementing recommendations from the audit team as well as appointment of experienced boards as ones that would improve sustainability of MFIs. The study also suggested that effect of employee turnover on sustainability of MFIs in Uganda and analysis of the different financial risks faced by MFIs in Uganda be conducted to give a more foundation for improving sustainability among MFIs.