| Dokolo branch now open |
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In a bid to continue rolling out variety of financial products to all parts of Uganda, dfcu Bank has opened another branch in Dokolo town with a promise to work with SACCOs in mobilizing the community to embrace a savings culture.
dfcu Bank Managing Director Juma
Kisaame said it is dfcu Bank’s priority to help communities understand that
mobilization of funds for long term investments is the only vehicle that can see
a rapid growth in economic activity.
Officiating as Guest of Honour during the launch, Finance State Minister Fred Omach expressed governments’ commitment to work with the financial institutions to encourage the population to save for development. “The lifting of the moratorium on new banks which led to the licensing of 7new banks, some of which have taken over operations of Micro Finance Deposit Institutions, is a sign of government’s commitment to this effort.”, he said, adding that the move has greatly increased the outreach of banking services to previously non-banked areas and population.
Omach however said the rapid
growth of banks notwithstanding, a large portion of the population has no
access to the formal financial services sector, despite the improvement in per
capital income over the last 20 year
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