Press Release 8th November 2019 dfcu Bank has today rolled out its Investment Club App, simplifying the day to day management of the group savings by providing a real time view of all financial activities. The App will help with tracking contributions, managing group lending and collections; effective reporting and general administration anytime, anywhere. The App was unveiled during a customer engagement on ‘The Investment Club of the Future’. Key areas of discussion included transparency and accountability in funds management, learning and unlearning investment options as well as digitization and its impact on strategic planning and investment clubs management. dfcu Bank has a history of promoting a savings and investment culture that dates as far back as 2007 with the introduction of the Savings and Investment Clubs proposition to foster group savings. Over 24,000 Clubs have been registered to date and the number is growing. Speaking during the unveiling of the Investment Club App, dfcu Bank’s CEO, Mathias Katamba, said; “ We have moved into the future of banking with the aim of enabling our customers access financial services with ease. With over 24,000 active investment clubs, this App will be central to our ongoing financial inclusion drive by encouraging personal and group savings and investments in Uganda.” “Leveraging technology to deliver a more convenient and efficient banking experience for our customers is at the heart of our digital agenda. By addressing the Investment club painpoints, the App will revolutionalise the management of group savings further entrenching a savings & investments culture,” he added. According to Miranda Bageine Musoke, dfcu Bank Head, Personal Banking, the group management App will encourage transparency and accountability in the management of group savings which is one of the main challenges for the clubs. “We developed the features of our Investment Club App based on insights we got from our customers and financial reports. The App has all the tools that will help users easily and securely manage their finances,” Miranda added. The 5.28mb Investment Club App that is available on Android and iOS is free to download and also has a web-based management portal. Feature phone users can access the platfrom through USSD *240*100#. The App has been designed to provide full support for managing regular activities of groups such as investment clubs, SACCOs, Village Savings and Lending Associations(VSLAs), Rotating Savings and Credit Associations(ROSCAs) and companies operating as Investment clubs or SACCOs. According to a 2018 FinScope Uganda survey, 52% of adults (9.7 million) have mobile phones and 10% (1.9 million) have access to the internet. The survey showed that more than half (54%; 10 million) of Ugandan adults save or put money away with the intention to continue doing so to ensure that the amount increases over time. Most adults who save (43%; 4.3 million), save with savings groups and 23% of savers (2.3 million) keep money on their mobile phones.