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Northern Uganda’s economic landscape, driven largely by agriculture, has presented unique challenges and opportunities for financial inclusion. dfcu Bank has taken strategic steps to adapt its services and empower communities, with a special focus on women, youth, and rural populations. In this interview, Nancy Ocitti Acayo, dfcu’s Northern Regional Manager, discusses the bank’s efforts, challenges, and achievements in its quest to drive economic empowerment in the region.
How has dfcu Bank adapted its services to meet the needs of residents in Northern Uganda?
Agriculture is at the heart of Northern Uganda’s economy, so we’ve tailored products like agricultural loans with repayment terms aligned to harvest cycles. For women and youth, products like Sukuma and Baraka Loan empower them to take charge economically. Our mobile and digital banking services provide access even in rural areas, while initiatives like our Agribusiness Development Centre (ADC) integrate informal savings groups into formal banking, driving financial inclusion.
As the only bank in Abim district, what challenges have you faced, and how are they addressed?
Financial literacy is a key challenge. Many residents, especially women and youth, are unfamiliar with formal banking. We’ve tackled this with targeted financial education through workshops, radio programs, and partnerships with local NGOs. Another challenge is limited banking infrastructure. Expanding our agent banking network and leveraging mobile banking has allowed us to bridge these gaps, enabling even remote populations to access essential services.
How does dfcu Bank ensure accessibility for remote residents?
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Our agent banking model brings services to trading centers, reducing the need for long travel. Mobile banking complements this by allowing customers to manage accounts and transactions via basic phones. We’ve also partnered with mobile money providers to integrate services, making banking more convenient for rural communities.
What strategies has dfcu Bank implemented to educate residents about formal banking?
We focus on grassroots engagement through workshops, community meetings, and media campaigns in local languages. Success stories of customers who have benefited from our products inspire others to adopt formal banking. We also simplify our products, like the Sukuma Enterprise account, which has no minimum balance, encouraging participation from all demographics.
Through innovative strategies and a deep understanding of the region’s needs, dfcu Bank continues to champion financial inclusion and economic empowerment in Northern Uganda. By addressing challenges head-on and leveraging technology, the bank is not only fostering economic growth but also transforming lives.