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dfcu Limited is celebrating 60 years of operation and impactful service towards fulfilling its purpose of ‘Transforming Lives and Businesses in Uganda’. dfcu was established in 1964 as a development finance institution and since then, has contributed to national socio-economic transformation, growing together with Uganda since her independence.
Serving as an international commercial bank with a deep-rooted commitment to Uganda over the past six decades, the Bank has played a pivotal role in financing the establishment and growth of local businesses and supporting the country’s economic growth and development.
With a bank network of 54 branches spread across Uganda and over 20,000 agent banking outlets, dfcu Bank has established itself as a trusted partner for individuals and businesses. The Bank continues to contribute to communities by empowering individuals and businesses to achieve their financial goals through its wide distribution network and programs including Women in Business, Rising Woman and the SME Business Accelerator for Small and Medium Enterprises.
Reflecting on the Bank’s milestone, Charles M. Mudiwa, CEO, dfcu Bank said, “Our future starts with a sense of gratitude for this achievement. We have stood the test of time and solidified our presence. As we mark 60 years of offering transformative financial services, we remain indebted to the confidence of our customers, the long-term trust from our regulators and the effective leadership of the Government of the Republic of Uganda.”
Some of the bank’s key milestones include:
dfcu Bank has played a critical role in the Agricultural sector in Uganda through the Agribusiness Development Centre (ADC). The centre has strengthened the overall national agriculture value chain, fostering the bankability of farmer-based organisations (FBOs), Small and Medium Enterprises (SMEs) and Savings and Credit Cooperatives (SACCOs). ADC’s initiatives have positively impacted over 28,000 individuals and entities actively supporting empowering farmers and agribusiness stakeholders, fostering growth and sustainability in this vital sector.
Additionally, over the years, the Bank has consistently championed for women-led causes, with a series of products, services and partnerships that focus on improving the financial standing of women across Uganda. In 2007, the bank launched its ground-breaking Women in Business Program, currently serving over 80,000 women-owned businesses, innovating to address the unique needs of Ugandan women entrepreneurs.
Dr. Winifred Mary Tarinyeba Kiryabwire, Chairperson, Board of Directors, dfcu Bank attributes the Bank’s success to its culture of accountability and leadership. “The Bank’s commemoration of its 60-year journey is a testament to a culture deeply rooted in accountability and visionary leadership,” she said.
As part of dfcu Bank’s long-term commitment to serving all regions across Uganda, the Bank’s Executive Team is hosting a series of customer engagements led by CEO, Charles M. Mudiwa across various towns and cities across Uganda.
These engagements emphasize the Bank’s commitment to understanding and serving customer needs to foster a mutually beneficial and thriving relationship.
Jimmy D. Mugerwa, Chairman, Board of Directors, dfcu Limited commented on the growth of the Bank 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 funders and shareholders and our formidable investors who over the years have directly enabled our growth and expansion.”
About dfcu and key milestones
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.
Some of the bank’s key milestones include:
- 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).