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As the dust settles on the first 4 months of 2024, dfcu bank is pivoting towards innovation using cutting edge technologies to drive efficient and seamless banking operations for the next 60 years.
dfcu hosted a stakeholder engagement with its key clients and partners at Sheraton Hotel last week, with the view of forging continuing partnerships as the bank reflects on the last 60 years since its establishment in 1964 as a financial institution.
Mr Charles Mudiwa, the Bank’s chief executive officer who was at the centre of the engagement took to the podium to peak into what the future holds for the next 60 years.
“While are proud of what we have achieved thus far, the importance of implementing new technologies simply cannot be overstated,” Mudiwa said, noting that, “dfcu has to remain agile in the development and use of Artificial Intelligence to ensure a hassle free and secure banking experience for our customers.”
He added that innovation must be the reason banking customers choose us over our competitors.
Human capital is another key area that the bank intends to invest in with the view that over the next few years, dfcu is positioning itself as the first-choice destination for all young graduates looking for a career in the banking sector.
“Our current male to female ratio differentiates us from all employers in Uganda and it is something we are proud and deliberate about. It is our intention to remain the yardstick of equal opportunity employment,” Mudiwa said.
The bank has also refreshed up its strategy, calling it “Fired-Up” which is a mission to position dfcu Bank as the financial institution of choice for Ugandans and their businesses.
On the business end, the bank has created eight economic sectors including; Agriculture, Manufacturing, Infrastructure & Energy, ICT, Trade & Business, Public Sector, Financial Institutions and Education & Health.
These sectors fit in with the Bank’s existing customer segments which are Corporate and Institutional Banking, Commercial Banking, Enterprise Banking and Personal Banking.
The goal is to meet its customers’ needs by first, marching them with Segment Heads and Relationship Managers who understand the core of their business.
“Our solutions are now more relevant and customised,” Mudiwa said.
Kate Kiiza, dfcu Chief Financial Officer and Executive Director said, their’s effort to further prioritise customers’ needs, create profitability for the shareholders, nurture talent, and become a digital-focused
organisation.
The bank is also retooling its work force to equally be motivated to deliver an unrivalled customer experience mirrored in all our branches and across all its engagement platforms.
In a panel discussion, the Doreen Byaruhanga, the dfcu Chief and Corporate Institutional Banking Officer said dfcu teams are being trained to understand the uniqueness of each sector especially their needs so as banking solutions are specifically tailor made for them.
“Do we clearly understand the full spectrums of our clients; who are their colleagues, suppliers, and employees? What are their needs, what does the distribution chain and their suppliers look like? we need to understand their full spectrum and value chain,” she emphasised.
Anette Kiconco, the dfcu Chief Retail Banking Officer noted that the biggest investment is offering the right level of service at every touch point in all corners of the country. .
“We have 1200 agents at different touch points, and what we want is our customers to get a seamless service. I look at our customers to look at us as dream builders, we want to bring personalisation and realise that dream for you,” Kiconco explained.
Margaret Karume, the dfcu Chief Credit Officer said the bank is aligning and reorganizing its credit offers to make sure the credit and financing meets the needs of the customer.
“We realised our processes were manual. We have embarked on a journey of automating and standardising our credit tasks and processes for the customer,” Karume said.
A sneek peek into the bank’s footprint
dfcu has maintained a strong financial position with its capital ratios at more than 12 percent which is above the regulatory thresholds, placing it firmly among the top five most capitalized banks.
The bank was also among the first to comply with the revised Bank of Uganda minimum core requirements of UGX 120 billion by 31st December, 2022.
The Group has strong shareholders, which include Arise BV, Danish Investment Fund (IFU), National Social Security Fund and Kimberlite, among others.
Geographically, dfcu has over 50 branches countrywide, allowing us to meet the needs of both existing and new customers in real time with its physical footprint bolstered by a digital reach; with over 70 Smart ATMs, more than 1,800 Agents and robust online banking channels for Personal and Business Banking.
Across Uganda, the bank serves over 130,000 Small and Medium Businesses with a range of products and solutions.
A subsidiary of dfcu Limited, dfcu Bank is a leading banking and financial services company domiciled in Uganda.
dfcu Limited was incorporated under the Laws of Uganda on the 14th of May 1964, as a Private Limited Liability Company. In 1999, dfcu acquired Uganda Leasing Company which became dfcu Leasing, to provide direct asset based finance.
In May 2000, following dfcu’s acquisition of Gold Trust Bank to extend universal banking services alongside the pre-existing equity finance; long term development finance; leasing and working capital finance.
dfcu Limited was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited.
Subsequent restructuring saw International Finance Corporation (IFC) and the German Development Corporation (DEG) invest resulting in an equal stake of 25% for the shareholders.
Its objective was to support long-term development projects whose financing needs and risk did not appeal to the then existing financial commercial lending institutions.
On 18th March 2004, dfcu Limited went public, subsequently being listed on the Uganda Securities Exchange on the 14th of October 2004.