Six decades of impact: Reflections from Derek Charles, former General Manager at dfcu Bank (1994–1997)

My first encounter with dfcu was in the early 1970s, a period when the Uganda Development Corporation (UDC) and dfcu were pivotal players in the nation’s development finance sector. It was in 1972 when I joined dfcu as a Junior Executive, reporting directly to the General Manager.

 At the time it was known as the Development Finance Company Uganda.  However, shortly after this, Uganda experienced a significant economic setback due to Idi Amin’s expulsion of the Asian community, a decision that, in my view, derailed the country’s economy for many years.

Despite these challenging times, dfcu has shown remarkable resilience and commitment to Uganda’s economic recovery. It wasn’t until the late 1980s that dfcu began to reassert itself during a period I refer to as Uganda’s ‘economic dormancy.’ 

The bank played a crucial role in reigniting economic growth and confidence in the nation’s financial future. A notable testament to this was the construction of Rwenzori House, the first entirely new multi-story office block in Kampala in many years, symbolizing a renewed optimism and forward-looking vision.

The turn of the century marked another significant milestone with the establishment of dfcu Bank. dfcu Ltd emerged as a major shareholder and leading promoter of this new financial institution. 

During this transformative period, I had the honor of serving as the General Manager of dfcu Bank from July 1994 until my retirement in December 1997. Under my leadership, we focused on reinforcing the bank’s foundations and expanding its influence in Uganda’s financial landscape.

Over the past six decades, dfcu has consistently been a cornerstone of Uganda’s financial health. The bank has not only survived but thrived, contributing significantly to the country’s economic development. Its role in providing financial solutions and supporting business growth has been invaluable, particularly during times of economic recovery and expansion.

Reflecting on my tenure and the bank’s journey, I am filled with pride for having played a part in this remarkable institution’s history. dfcu’s enduring legacy is a testament to the dedication and vision of its management and staff over the years. 

As dfcu Bank celebrates its 60th anniversary, I extend my heartfelt congratulations to the current management and all those who have contributed to its success. Here’s to many more years of fostering economic growth and prosperity in Uganda.