dfcu Bank marked its 60th anniversary at a grand gala, celebrating six decades of operation and impactful service towards fulfilling its purpose of ‘Transforming Lives and Businesses. The Diamond anniversary event, hosted at Mestil Hotel, Kampala, brought together distinguished guests, including government officials, business leaders, clients, and partners, to commemorate the Bank’s remarkable journey and legacy in Uganda.
The night was marked by impact stories of businesses that have been transformed through their partnership with dfcu Bank and stories of the deep-rooted legacy that the Bank has entrenched in Uganda.
Having started as a development finance institution in 1964, the Bank has evolved over the years into a Tier I commercial bank with a network of 54 branches spread across Uganda and over 2,000 agent banking outlets.
“From the very beginning, our purpose was deeply rooted in the aspiration to empower Ugandans and contribute to the prosperity of our country. Over the past six decades, the business has grown together with our nation, and we have been partners of growth and development with Uganda and to ensure that we support industrialization, businesses and other opportunities that come in Uganda,” Charles M. Mudiwa, CEO dfcu Bank remarked.
dfcu Limited Chairman Board of Directors, Jimmy D. Mugerwa remarked on the Bank’s growth saying: “Our transition from a Development Finance Company to one of the largest Commercial Banks in Uganda was made possible by the vision of our founders, shareholders and our formidable investors who over the years have directly enabled our growth and expansion.”
In the past six decades, the bank has been a champion for women-led enterprises and initiatives through its Women in Business (WIB) program which has supported over 80,000 women-owned businesses. One of the WIB beneficiaries; Linette Akol, commended the Bank for helping her improve the governance of her business, Krystal Ice Limited, by guiding her in instituting a Board of Directors.
The 60-year anniversary gala also highlighted transformative partnerships fostered by dfcu Bank.
In particular, the Bank’s partnership with the Agribusiness Development Centre (ADC) was celebrated. This strategic partnership has established dfcu as a key player within Uganda’s agricultural sector, positively impacting over 28,000 individuals and entities.
Through this collaboration, dfcu actively supports and empowers farmers and agribusiness stakeholders, contributing to positive change across the industry.
“In the soil, we found a diamond! The Best Farmers Competition, which we sponsor underscores our commitment to growing Uganda’s agribusiness. For 60 years, we have focused on enhancing the agricultural sector, recognising Uganda as a global food basket and playing our part to make the sector even more productive,” Dr. Winifred Tarinyeba Kiryabwire, Chairperson, Board of Directors, dfcu Bank said.
The Bank of Uganda Director Supervision, Dr. Tumubweinee Twinemanzi congratulated dfcu Bank upon such an important milestone.
“Celebrating 60 years is truly remarkable, especially when many companies do not survive beyond their first year! I commend the bank for its incredible journey from a Development Finance Company in 1964 to now being a domestically and systematically important bank today. It is an era of growth for dfcu and we believe that the bank is well-positioned to make even more impact in the coming years,” Twinemanzi said, toasting to more years of success.
The Attorney Geberal of Uganda, Hon. Kiwanuka Kiryowa, who was the Guest of Honor at the celebratory gala spoke of his relationship with dfcu Bank, which spans years.
“I am privileged to be here this evening, to celebrate this milestone achievement of a Ugandan institution which has defied both time and odds to get to this day. This is a celebration of innovation, resilience and above all, patriotism.”
Hon. Kiryowa thanked dfcu for the role it has played in advancing Uganda’s socioeconomic transformation through its services, people, commitment to local development and focus on demographics such as women, the youth and SMEs which typically find it strenuous to access favourable banking services.
“As you mark your diamond jubilee, it is our sincere hope that the next years will bear more fruit and that you will continue to live true to your purpose of transforming lives and businesses in Uganda,” the Attorney General concluded.
The night was marked by entertainment from Ugandan artistes and deejays including Afrigo Band and Joseph Sax.
A sneak into dfcu Bank illustrious history
dfcu was established in 1964 as a development finance institution. Over the years dfcu has been associated with many success stories in Uganda’s economy in various sectors including agribusiness, communication, education, health, manufacturing, tourism, real estate, mining, construction, transport, trade and commerce, among others.
Key Milestones
1999: Bought Uganda Leasing Company, renamed it dfcu Leasing.
2000: Bought Global Trust Bank, renamed it dfcu Bank, and started commercial banking.
2004: dfcu Limited was listed on the Uganda Securities Exchange.
2008: Merged its two businesses (Development Finance and dfcu Bank) to create a “one-stop shop “under dfcu Bank.
2013: Realignment of shareholders bringing on board a strategic partner – Rabobank, with significant experience in agribusiness
2014: Consolidated business operations into our Head Office – dfcu Towers.
2014: dfcu Bank acquired some assets and took over some liabilities of Global Trust Bank (In Liquidation)
2016: Aligned shareholding with Rabobank, Norfund and FMO combining to form Arise which is committed to strengthening and developing effective, inclusive financial systems in Africa with a long-term perspective.
2017: Acquisition of certain assets and assumptions of some liabilities of Crane Bank Limited (In Receivership).