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Tag: Dfcu

  • dfcu Bank fuels business growth for Women in Eastern Uganda with New GROW Loan Program

    dfcu Bank fuels business growth for Women in Eastern Uganda with New GROW Loan Program

    Jinja: dfcu Bank has launched the GROW initiative in Eastern Uganda to support women entrepreneurs in the region with financial support and business training to scale their businesses.

    The event, held in Jinja, marks a significant step in dfcu Bank’s commitment to fostering economic growth and supporting women in business through access to affordable credit, tailored financial solutions, and capacity building.

    Hope Nakayenze, Ag. Chief Risk Officer dfcu bank, addressing women during the dfcu GROW launch and business training in Jinja City

    The GROW Loan is designed specifically for women in business who are looking to expand and strengthen their enterprises. The initiative addresses the unique challenges faced by women entrepreneurs, offering them not just financial assistance but also the mentorship and business development training necessary for long-term success.
    Speaking at the launch event, Hope Nakayenze, Chief Risk Officer dfcu Bank highlighted the importance of the GROW Loan in the region, “Today, we’re here to launch the GROW Loan to support women who want to grow their businesses. We’re not just going to give them money but we’re going to engage with them to understand their businesses and their challenges so that we’re supporting the businesses to succeed. Through our Women in Business (WiB) program, dfcu Bank is offering pre and post trainings to further support women and give full value for the money that they are borrowing.”

    dfcu GROW Launch and business training in Jinja

    The GROW loan at dfcu Bank is offered at a low interest rate of 10% per annum and it has a repayment period of up to 2 years. Women entrepreneurs can borrow from 4 million – 200 million UGX to grow their businesses and they can benefit from a GROW bonus from 5% to 10% with dfcu Bank if they consistently pay their loan for at least halfway the loan period.

    Hope Nakayenze, Acting Chief Risk Officer, dfcu Bank during the GROW launch in Jinja

    Eastern Uganda is home to a growing number of small and medium-sized enterprises (SMEs) led by enterprising women in key industries such as agriculture, trade, and manufacturing where they drive household and community economies. Major towns like Jinja, Mbale, and Iganga serve as commercial centers for businesses ranging from large-scale farming to small and medium enterprises (SMEs) involved in trading goods and services.

    Alton Kasoro, Mayor Jinja City speaking during the dfcu Bank GROW Launch

    “I am happy to be here with dfcu Bank to launch this important project in the Eastern region. Jinja City has long been a hub for industry and entrepreneurship, with women playing a key role in our local economy. The launch of dfcu Bank’s GROW Loan initiative here marks a big milestone in empowering our women entrepreneurs and supporting them to grow their businesses. This partnership with Government of Uganda, World Bank and dfcu Bank will undoubtedly contribute to the growth and prosperity of Jinja and the entire Eastern region,” Alton Peter Kasolo, Mayor of Jinja City noted at the event.

    dfcu Bank has disbursed 5.2 billion UGX to 113 women in the past month and trained 800 women entrepreneurs in risk management, business skills and business formalization.

  • dfcu Bank continues legacy of empowering women entrepreneurs as it launches GROW countrywide initiative

    dfcu Bank continues legacy of empowering women entrepreneurs as it launches GROW countrywide initiative

    Kampala: dfcu Bank has today announced its role as an implementing partner for the Government of Uganda’s GROW Project, a new initiative dedicated to supporting women entrepreneurs in scaling their businesses, sustaining self-employment, and creating more jobs across the country.

    This launch further solidifies dfcu Bank’s longstanding commitment to empowering women entrepreneurs through innovative financial solutions, training, and mentorship programs.

    The GROW Project aims to address the financial and developmental needs of women entrepreneurs, providing them with essential resources to expand their operations and achieve long-term sustainability. As an implementing partner, dfcu Bank will facilitate the disbursement of funds and provide comprehensive support through its well-established Women in Business (WiB) program, which has been at the forefront of empowering over 85,000 women across Uganda.

    Speaking at the launch, dfcu Bank’s Executive Director and Chief Financial Officer, Kate Kiiza emphasized the bank’s dedication to supporting women entrepreneurs. “dfcu Bank has a rich history of empowering Ugandan women, and today’s launch of the GROW Project is a significant milestone in our journey.”
    “Our Women in Business program, launched over a decade ago, has transformed the lives of many women entrepreneurs by providing not just financial support, but also the skills, mentorship, and networks needed to thrive. The GROW Project perfectly complements our ongoing efforts and will enable us to extend our impact even further.”

    Kiiza further noted that the GROW Project provides a holistic approach to women’s entrepreneurship. “This holistic approach ensures that the women we support are not only equipped with financial resources but also with the knowledge, skills, and confidence to build sustainable and resilient businesses.”

    Commenting on the initiative, Margaret Karume, the Chief Credit Officer at dfcu Bank committed a fast turnaround time for customers’ financial requests as the Bank executes the project around the country.

    “By integrating the GROW Project with our dfcu Women in Business Program, we are creating a robust ecosystem that supports every aspect of a woman entrepreneur’s journey,” dfcu Bank Women Business Advisory Council Member, Belinda Namutebi said.
    The GROW Project is expected to have a transformative impact on Uganda’s economy by empowering women entrepreneurs to scale their businesses, create jobs, and contribute to the country’s broader economic growth.

    “We are looking forward to working with dfcu Bank as an implementing financial institution to make this project a success. Owing to dfcu Bank’s extensive experience in supporting Ugandan women entrepreneurs and SMEs, we believe that the bank’s involvement will ensure that the project’s impact goes beyond financial support, focusing on real, measurable outcomes such as business expansion, job creation, and the economic empowerment of women,” Paul Nuwagaba, Project Manager, GROW, PSFU, commented.

  • dfcu unveils Business Loans campaign with financing solutions for entrepreneurs

    dfcu unveils Business Loans campaign with financing solutions for entrepreneurs

    Kampala: dfcu Bank, a cornerstone of Uganda’s financial landscape with a 60-year legacy rooted in development finance, has launched its latest business lending campaign aimed at empowering small and medium enterprises (SMEs) across the country.

    This initiative is a clear demonstration of dfcu Bank’s unwavering commitment to transforming lives, businesses, and communities through tailored financial solutions that cater to the unique needs of various business sectors.

    Speaking about the campaign, Annette Kiconco – dfcu’s Chief Retail Banking Officer remarked, “At dfcu Bank, we recognize the pivotal role that SMEs play in driving Uganda’s economic growth and creating jobs. Our business lending campaign is a testament to our commitment to providing these enterprises with the financial tools they need to succeed. By empowering SMEs, we are not just supporting businesses—we are investing in the prosperity of the communities they serve.”

    Annette Kiconco

    The campaign features a broad array of financing solutions under dfcu Bank’s Enterprise and Commercial Banking segments, including:

    Working Capital Finance: Tailored loans such as Baraka Loans, Business Growth Loans, and Commercial Loans designed to fuel business expansion.
    Trade Finance: Options like Invoice Discounting and LPO Financing to help businesses effectively manage their cash flow.

    Commercial Property Finance: Solutions for businesses looking to invest in or expand their commercial real estate holdings.

    Asset Finance: Favorable terms for purchasing new and used vehicles, as well as equipment, with minimal contribution requirements.
    Insurance Premium Finance: Complementary financing with highly discounted rates through dfcu Bank’s Bancassurance services.

    dfcu Bank is also offering its customers several incentives, including reduced arrangement fees—zero fees for buyouts, and as low as 0.5% for amounts above UGX 1 billion. The bank also promises swift turnaround times, with credit decisions made within four days for new customers and two days for repeat or top-up borrowers. Additionally, the campaign includes attractive asset finance sweeteners, such as low contribution requirements for new and used vehicles and zero arrangement fees for insurance premium financing.

    The business lending campaign will support businesses by providing them with affordable business loans to finance short and long-term business needs – in line with the company’s purpose of Transforming Lives and Businesses in Uganda.

  • dfcu Bank partners with MTN Uganda Partner to Advance Women Entrepreneurship

    dfcu Bank partners with MTN Uganda Partner to Advance Women Entrepreneurship

    Women entrepreneurs specializing in IT, network services, digital solutions, facility management, and commercial products and services are encouraged to apply

    The initiative aims to empower women entrepreneurs, promote diversity, and strengthen Uganda’s technology sector while fostering opportunities for all

    Kampala: dfcu Bank, a leading financial institution in Uganda, has partnered with MTN Uganda to launch the “MTN@25 Advancing Women Entrepreneurs” (AWE project), a three-year program aimed at empowering women entrepreneurs across the country.

    This collaboration is designed to increase the participation of women-owned businesses within MTN Uganda’s supply chain, with a specific focus on the technology sector. Other partners of the initiative include, MTN Mobile Money (MOMO), The American Tower Corporation (ATC), UN Women, The Private Sector Foundation Uganda (PSFU), Innovation Village, NSSF Hi Innovators and Outbox.

    dfcu Bank has been a champion of advancing women’s entrepreneurship in Uganda since 2007, and the AWE project aligns perfectly with the bank’s purpose of “Transforming Lives and Businesses in Uganda.” The AWE initiative aims to create an enabling environment for women entrepreneurs to thrive by providing them with access to financing and essential business development skills.

    Charles Mudiwa, CEO of dfcu Bank, expressed his enthusiasm for the project at the launch event: “dfcu has embarked on a dedicated journey to support women entrepreneurs since 2007. Our guiding principle has been the recognition that many women exert tremendous effort, yet opportunities for them to secure financing were scarce. Over the years, our journey has yielded exponential growth. Today, we express our sincere gratitude to MTN Uganda and all our valued partners who have played an instrumental role in making this endeavor possible.”

    At the launch of the AWE Initiative, Sylvia Mulinge, MTN Uganda Chief Executive Officer aptly stated, “As part of our commitment to this cause, we are determined to increase the local spend on women entrepreneurs participating in the top spend categories in the telecom industry and build an inclusive market-oriented platform that supports and attracts women entrepreneurs.”

    Charles M. Mudiwa, CEO dfcu Bank Uganda at the launch of the MTN@25 AWE Project

    Within the framework of the AWE program, dfcu Bank will extend tailored financial solutions, encompassing contract finance/LPO to empower AWE participants with essential capital for technology projects and other categories. Additionally, female contractors enrolled in AWE will benefit from dfcu’s working capital financing, featuring subsidized interest rates to address their day-to-day operational needs.

    Furthermore, dfcu Bank will provide a broad spectrum of financial instruments, including Asset Financing, Insurance Premium Financing, and Trade Finance solutions such as Letters of Credit and Guarantees, as necessitated by the participants. Complementing these offerings, dfcu Bank’s dedicated Women in Business Program boasts a proficient team of Relationship Managers, uniquely positioned to provide valuable guidance and support to women entrepreneurs throughout their journey.

    Historically, dfcu Bank has empowered women in business, with over 30,000 women-owned enterprises actively enrolled in the dfcu Women in Business program. The Program serves as a well-placed platform for Ugandan women entrepreneurs to access resources, including capacity-building programs such as business advisory services, business acceleration skills, and value-enhancing networking opportunities through the Agribusiness Development Centre.

    dfcu Bank’s flagship program, “Rising Woman,” also offers vital support in the form of seed funding, mentorship, extensive networking platforms, regional exposure programs, and comprehensive business profiling to further nurture women-led enterprises across Uganda.

  • Creating Intergenerational wealth in turbulent times – dfcu Bank tips customers on creation and stewardship of legacies

    Creating Intergenerational wealth in turbulent times – dfcu Bank tips customers on creation and stewardship of legacies

    Kampala: In 2012, dfcu Bank was one of the first local banks to develop personalised banking services for individual affluent customers in a bid to protect and increase their individual and business assets.

    It’s upon this background that dfcu Bank hosted a selection of customers to a learning and networking event under the theme ‘Enabling Intergenerational Wealth creation in Turbulent Times’, held last week.

    The event was held at the Kampala Serena Hotel and featured Patrick Ayota, the Managing Director of the National Social Security Fund as the keynote speaker.

    Various speakers including the CEO of dfcu Bank, Charles Mudiwa expounded on the strategies required for safeguarding and expanding wealth across generations amidst ongoing global uncertainties.

    Mary Kansiime, Head- Pinnacle Banking at dfcu Bank, noted that the Bank is equipped to guide customers in making informed investment decisions through its diverse range of products, designed to provide a comprehensive suite of short and long-term financial solutions.

    Julius Kateera, Head of Financial Markets at dfcu addressed the impact of regional and global developments on wealth creation and management.

    In particular, he pointed to opportunities for investment such as the projected growth of Uganda’s economy (between 5.5 and 6.5% in FY 2023/2024 up from 5.3% in FY 2022/2023), bolstered by investments in Oil & Gas, manufacturing, and construction.

    Charles Mudiwa, the CEO of dfcu Bank, shared his insights on achieving intergenerational wealth continuity. He emphasized the dual nature of wealth transfer which requires the passing on of values as well as material assets. He highlighted some of the Bank’s such as its Bancassurance offering which reflects dfcu’s commitment to safeguarding and managing wealth across generations.

    The keynote speaker at the breakfast event, Patrick Ayota, the NSSF Managing Director, shed light on the principles of wealth accumulation, stressing the importance of converting cash into income-generating assets and advising guests against accumulating debt. Ayota also highlighted the need for diversification while making investment choices. Overall, he underscored the value of legacy planning and the role it plays in ensuring smooth wealth transition and minimization of family conflicts.

    Guided by its purpose to ‘Transform Lives and Businesses in Uganda’, dfcu Bank is committed to being an enabler of the conversations and activities that will ensure the continuity, increase and responsible management and once again passed on to even more future generations.

  • dfcu Limited announces 2023 Half Year Results

    dfcu Limited announces 2023 Half Year Results

    Kampala: dfcu Limited has today announced its interim 2023 half year results with strong institutional capabilities propelling the business to thrive and deliver improved performance.

    Highlights
    Profit after tax grew by 56% compared to same period last year.
    Portfolio quality improved and loan impairments reduced by 33%.
    Customer deposits grew by 2% to Ugx 2.48 trillion.
    Liquid assets grew by 20%.
    Earnings per share grew by 56%.
    Number of customers increased by 10%.
    An 11% growth in the number of borrowing customers.
    Maintained a very strong capital base, well above the statutory requirements.

    Charles M. Mudiwa – CEO and Managing Director_ dfcu Bank

    Following the results release, a statement from the Board of Directors of dfcu Limited underpinned the Company’s commitment to delivering shareholder value as demonstrated by the dividends pay out following the recently concluded Annual General Meeting (AGM).

    Kate K. Kiiza – Chief Finacial Officer and Executive Director – dfcu Bank

    “Besides financing large players in key economic sectors, dfcu continues to support Uganda’s economic transformation through support of national programs such as the Parish Development Model to drive economic growth at the household level. We remain a strong player in the agri-business space through strategic partnerships with key players such as Rabo Foundation, MasterCard and our Agribusiness Development Centre (ADC). Through these partnerships, we have provided access to finance for smallholder farmers, supported Women in Business and accelerated small and medium enterprise growth,” the statement adds.

    Commenting on the results, Charles M. Mudiwa, CEO of dfcu Bank, the trading subsidiary of dfcu Limited said:

    “Our institutional capabilities enabled the business to thrive and deliver improved performance overall. Strong committed shareholders, a competent staff team, robust digital capabilities, a loyal customer base and adequate capital ratios, significantly higher than the regulatory minimum were the underpinnings that drove our performance.”

    “We have a solid base that anchors us for growth going forward and our strategy is hinged on our purpose which is to transform lives and businesses in Uganda. We shall play in key sectors of the economy and win in these areas through sector specialization, customer relationships, being digital and data driven and most importantly driving a performance culture. We will deliver greater customer and employee engagement, manage business risks, and ultimately deliver sustained financial performance.” Mr. Mudiwa concluded.

  • dfcu Bank unveils 6th Season of the Rising Woman Initiative

    dfcu Bank unveils 6th Season of the Rising Woman Initiative

    Winners will be identified from different categories of: Agribusiness Value addition, Manufacturing & Consumer services, Digital Innovation & E-commerce
    The top ten (10) winners will qualify for a one-week all-expenses-paid study program in 2024 to an exciting destination which will be announced later
    Initiative to be held in partnership with Monitor Publications, Uganda Investment Authority and Uganda Airlines
    Kampala; For the sixth year running, dfcu Bank in partnership with Monitor Publications Limited and Uganda Investment Authority, have launched ‘Rising Woman’ – an initiative that aims to recognize, celebrate, and promote a culture of mentorship among women in the business space in Uganda.
    This year, Uganda Airlines was unveiled as the fourth sponsor of the program that profiles and funds women-led businesses across the country.
    Hon. Ntabaazi Harriet, the State Minister for Trade, Industry and Co-operatives was the Guest of Honor at the launch ceremony.
    Hon. Ntabaazi Harriet, the State Minister for Trade, Industry and Co-operatives was the Guest of Honor at the launch ceremony

    Rising Woman falls under dfcu’s Women in Business Program which aims to create a business enabling environment for women entrepreneurs, with a special focus on Small and Medium Enterprises (SMEs).

    The campaign was announced yesterday at Kampala Serena Hotel and will for the next three months run under the theme ‘Empowering entrepreneurs to Succeed’. The event was attended by past winners of previous Rising Woman seasons, customers from dfcu’s Women in Business Program and representatives from each of the partner companies.
    Speaking at the launch as the Chief Guest, Hon. Ntabaazi Harriet, the State Minister for Trade, Industry and Co-operatives applauded the Rising Woman Initiative and called for countrywide participation from women entrepreneurs, noting that this participation was in line with the President’s Ten Point program of Building an integrated, sustaining economy.
    Charles Mudiwa, dfcu Bank CEO addressing guests at the Rising Woman Launch at Serena
    Charles Mudiwa, the CEO of dfcu Bank reinforced the Banks commitment to continue supporting the Rising Woman Initiative, noting that dfcu Bank was formed to create economic development in Uganda and has done so for over 50 years. Advising the Women Entrepreneurs, he urged them to learn how to convert their passions and dreams into feasible businesses that generate income.
    He further highlighted the importance of building relationships. He urged the Rising Women to focus on establishing networks and build relationships that would serve their businesses in the short and long term.
    Ms. Rosemary Mutyabule, a member of dfcu Bank’s Women Business Advisory Counsel, expressed her excitement for yet another season of Rising Woman. She said that dfcu’s Women in Business Program is a platform that allows women to connect with and inspire one another in their quest to meet their business objectives.
    “Since its inception in 2018, Rising Woman has had a profound impact on woman across Uganda directly impacting over 65,000 women and over 1 million indirectly with our different programs. We continue to seek for partnership opportunities that enable us to reach more women with skill empowerment to see them thrive in their business. The testimonies from the past winners are a testament to what more we can do if we continue to persist and support more women,” said Ruth Asasira, Manager – Women in Business and Special Programs, dfcu Bank.
    Interested businesswomen should visit www.dfcugroup.com to download a form with guidelines on proposal writing and then submit the proposals at any dfcu Bank branch, Daily Monitor offices country wide and UIA offices or district commercial officers in the respective districts. Or Email: womeninbusiness@dfcugroup.com
    The trainings / Power talks will be conducted across the regions of Uganda which include Northern – Gulu & Lira, Western – Mbarara & Hoima, East -Mbale & Jinja and Central – Kampala.
  • dfcu Bank launches ‘Make Big Moves’ Campaign, Empowering Customers with Asset Financing Solutions

    dfcu Bank launches ‘Make Big Moves’ Campaign, Empowering Customers with Asset Financing Solutions

    Under its ‘Reach for More’ thematic campaign, dfcu Bank has unveiled a 5-months-long Asset Financing Campaign designed to offer financing for movable assets for its customers in Corporate, Personal & Business Banking Segments.

    The Bank has a long history of providing Asset Financing products to customers across the country. providing tailored financial solutions to various segments in the market. The campaign, in partnership with specific asset vendors, promises to offer customers the best deals in the market over the next five months.

    Dubbed ‘Make Big Moves’, both existing and new customers of the Bank stand to gain access to a range of products, including Finance Leases and Consumer Asset Finance facilities. The financing solution allows customers to retain the use of their assets while making convenient instalment payments to the bank.

    Additionally, the financed amounts cater to various needs, starting from UGX 50M to over UGX 15BN or its USD equivalent for a minimum period of 12 months to maximum 60 months. Repayment options are flexible, designed to match the cash flow of businesses, with payment varying from monthly, quarterly, termly, semi-annually, to annually.

    Sandra Kaggwa, dfcu Bank’s Manager – Asset Finance noted that the ‘Make Big Moves’ campaign targets regular income earners, established businesses, sole proprietors, companies, and investment clubs with steady cash flow to meet their instalment payments. “As part of the Asset Finance solution from dfcu, the primary security is the asset being financed, with dfcu Bank offering up to 90% financing, depending on the age and type of the asset,” she said.

    “Customers under the ‘Make Big Moves’ campaign will start making repayments after receiving the financed asset from the supplier. During the delivery period, a pre-delivery interest will be charged, which can either be paid upon receipt of the asset or capitalized as part of the principal facility amount,” Kaggwa added.
    To further facilitate the financing process, dfcu Bank is able to grant customers an Insurance Premium Finance (IPF) facility to cover the upfront Insurance premium payment.
    Concluding her remarks, Kaggwa added that, “With ‘Make Big Moves,’ we are empowering our customers to realize their aspirations and grow their businesses with the support of dfcu Bank. We take pride in our long-standing legacy of offering Asset Finance products, and this campaign reflects our commitment to providing flexible financing solutions for our valued customers. We have also partnered with various asset vendors to make the aspirations of our clients a reality.”
    In its quest to Transform Lives and Businesses, dfcu Bank’s continues to create solutions which meet the unique needs and challenges faced by individuals and businesses. By tailoring flexible repayment options and with a diverse range of asset financing options, the Bank hopes to inspire its customers to Make Big Moves, in their personal and business finances.

  • Shaping the Future of Women in Business: A Conversation with Dr. Gudula Naiga Basaza, Chairperson – dfcu Women in Business Advisory Council

    Shaping the Future of Women in Business: A Conversation with Dr. Gudula Naiga Basaza, Chairperson – dfcu Women in Business Advisory Council

    In an exclusive Q&A session, we had the privilege to sit down with Dr. Gudula Naiga Basaza, the chairperson of dfcu Bank’s Women in Business Advisory Council (WBAC).

    This week marked the commissioning of the council, and Dr. Basaza shared valuable insights and what we can expect in the future.

    At dfcu Bank, the WBAC has a crucial role in providing strategic advice to the Bank’s management, ensuring that the dfcu Women in Business program remains relevant and impactful amidst today’s dynamic business landscape.

    What excites you about serving on the dfcu’s Women Business Advisory Council?
    I’m excited to join dfcu Bank’s Women Business Advisory Council for several reasons. Firstly, dfcu’s commitment to innovative solutions for financial inclusion, especially for women, aligns with my values. As an indigenous bank, dfcu empowers women entrepreneurs and has a remarkable legacy of supporting Ugandan businesses that spans more than 50. dfcu sets an inspiring example for other institutions by investing in women-owned businesses through designing suitable financing instruments and fostering economic growth. I look forward to contributing my expertise to further empower women entrepreneurs and foster an inclusive business environment in Uganda.

    What have been some of your greatest accomplishments as a council to Ugandan women entrepreneurs?

    As a council dedicated to empowering Ugandan women entrepreneurs, we take immense pride in our accomplishments, which have significantly raised the profile of women in business and provided them with the necessary support to thrive. Some of our greatest achievements include:

    The Women in Business Expo, the Rising Woman Initiative, and regular Networking Activities. We have organized impactful events which provide a platform for women entrepreneurs to showcase their products and services, network with potential partners and customers, and gain visibility in the business community. Through these events, we foster a supportive ecosystem that celebrates the achievements of women entrepreneurs and encourages collaboration.

    Establishment of the Women in Business Advisory Centre: One of our most significant achievements is the establishment of the first-ever Women in Business Advisory Centre. This unique facility provides women entrepreneurs with a dedicated space to seek professional, legal, and business advice from reputable partners. It serves as a valuable resource for women seeking guidance on various aspects of their businesses, helping them make informed decisions and overcome challenges.

    Support for Business Development: We have taken deliberate steps to empower women in business by providing them with essential tools for growth. Mentorship programs, exposure to new opportunities, training workshops, networking sessions, and coaching sessions have been instrumental in enhancing the capacity and skills of women entrepreneurs. By equipping them with these resources, we have helped women build strong and sustainable businesses.

    What is the most challenge faced by women in business today?
    The most significant challenges faced by women in business today include limited knowledge, resources, and networks, hindering their growth and decision-making. Financial constraints and small profit margins restrict their ability to expand and invest in opportunities. Non-compliance with regulations and governance standards poses barriers to formal market access. Additionally, limited competitiveness in the value chain affects their market positioning and opportunities.

    Addressing these challenges requires collaboration between stakeholders, including government agencies, financial institutions, and development partners. Empowering women with knowledge, training, and financial resources is crucial to enhancing their growth prospects and driving sustainable economic growth.

    The business environment has been very volatile and unpredictable recently, what is your advice to Women entrepreneurs in this regard? 

    In the face of uncertainty, women entrepreneurs are advised to stay resilient and focused on their long-term vision. Streamlining business operations, optimizing resources, and adapting to changing market conditions are important practices.

    It’s also important to utilize the support and resources from programs such as the dfcu Women in Business Advisory Center which practically empowers women entrepreneurs to navigate challenges.

    Collaboration and networking with other women entrepreneurs offer new prospects and emotional support. With these strategies, women entrepreneurs can thrive in a dynamic business environment and secure long-term success.

    The dfcu Women in Business was launched in 2007 with the primary objective of creating an enabling environment for Small and Medium Entrepreneurs owners.
    It endeavours to create a business enabling environment for women entrepreneurs, with a special focus on Small and Medium Enterprises (SMEs).
    To learn more, email: womeninbusiness@dfcugroup.com

  • Unpacking ‘Cover With Us’ – dfcu’s new Bancassurance Campaign

    Unpacking ‘Cover With Us’ – dfcu’s new Bancassurance Campaign

    dfcu Bank recently launched a Bancassurance campaign dubbed ‘Cover with Us’. We spoke with Robert Muhiire, dfcu’s Principal Officer – Bancassurance about the new campaign and the overall value of insurance to individuals, families, and businesses.

    Can you please give us an overview of dfcu Bank’s new campaign, ‘Cover With Us,’ and what it entails?

    dfcu Bank’s new campaign, ‘Cover With Us,’ represents the Bank’s commitment to providing affordable insurance coverage to its customers and the general public.

    The Bank wants to emphasize the importance of insurance and how it offers a fallback position for individuals and businesses in the event of unforeseen risks, that may have a significant negative impact on their livelihoods and businesses.

    Robert Muhiire, Principal Officer – Bancassurance – dfcu Bank

    Could you share some details about the specific offerings and benefits that customers can expect from the ‘Cover with Us’ campaign?
    We have diverse product offerings and a pool of partner insurance companies for the customers to choose from. The products includes both traditional insurance and special customer value propositions bundled with traditional banking products.

    Our flagship insurance products include the popular education plans, investments plans, then the bundled life insurance covers that are offered with our Pinnacle account and Investment Clubs account.

    We also offer traditional insurance products with enhanced insurance benefits; including Motor insurance for individuals and businesses, home insurance packaged with coverage for domestic workers and liability insurance, health insurance, travel insurance, insurance for businesses including medical insurance for employees, workers compensation, group personal accident insurance, fire insurance for stock and buildings and many more.

    Why should I purchase this insurance through dfcu Bank?

    dfcu Bank is a licensed insurance agency, with trained insurance staff per regulatory requirements. The Bancassurance business is regulated by the Insurance Regulatory Authority of Uganda which ensures professional standards are adhered to.

    When you purchase insurance through dfcu, our most important role is to ensure that we provide you with professional insurance advice, ensuring that you purchase the right insurance for your needs. We shall work with you to identify your areas of risk, and when risks materialize, we shall administer the claim to closure.

    With over 15 insurance partners to choose from, it is convenient to purchase insurance from us because we shall do the window-shopping on your behalf, ensuring that you have a choice of products to compare before you firm up your decision to purchase. What’s more, we are a one-stop shop for financial products and services. You walk into the Bank for banking transaction and walk out with insurance as well.

    We distribute products, some of which individuals would never be able to purchase on a standalone basis, some with sophisticated benefits.

    How do I claim?
    First of all, a claim may be triggered when an insured event takes place. This could be a fire, accident, theft, sickness, death, or liability to third parties. An active insurance policy must be in place.

    When the insured event takes place, immediately notify the Bank through our customer service channels or through your Relationship Manager preferably in writing and provide information on the claim event, when it took place and the place of occurrence. We shall revert to you with the required documentation. We shall coordinate the claim to settlement from there on.

    How long does the claim process take?
    It depends on the type and circumstances of the claim. If all documentation is in place, the claim could take between 7 days to 30 days. However, where investigations are involved, it could take slightly longer.

    What happens if you are not satisfied with the insurer’s claims settlement decision?
    A claimant has a number of options should they fail to be satisfied with the claims settlement decision by the insurer. The options include:
    Upon receipt of the final unsatisfactory declinature from the insurer, the claimant may make a formal complaint to the Insurance Regulatory Authority of Uganda (IRA) for advice and intervention.
    The claimant may seek Alternative Dispute Resolution (ADR) based on the specific policy clause on dispute resolution.
    The claimant may seek legal redress as a matter of last resort.