Gulu, Uganda 31st July: As Northern Uganda continues to achieve and drive economic transformation, dfcu Bank stands hand in hand with the region, equipped with a strategic plan and the resources required to support the region’s burgeoning potential.
The bank’s innovative solutions, localised products and community interventions aim at fostering sustainable development by channelling investment into key areas that will benefit the region’s inhabitants, businesses and communities.
More recently, Northern Uganda has gained attention for its significant mineral deposits, including gold, copper, and rare earth elements. This resource boom promises to reshape the local economy, creating new opportunities for businesses and communities. However, like Charles Mudiwa, dfcu Bank’s CEO noted in his remarks to customers of the bank during a series of client-dinners, “…realizing this potential requires financial backing, infrastructure development, and strategic planning—areas in which dfcu has achieved significant impact, in its sixty-year history.”
Speaking to customers in Lira and Gulu districts, Mudiwa noted that the Bank has a long history of business and asset financing which enables the development of critical infrastructure. “Our goal is to empower local businesses and entrepreneurs with tailor-made financial products and services, including loans. This will help businesses scale up operations, improve their technological capabilities, and integrate more fully into the region’s resource supply chain,” he noted.
Led by Mudiwa, the Bank’s Management team engaged with customers and local leaders in Lira, Pader, Abim, Kitgum, Gulu, Arua and Dokolo, over 5 days.
The Bank also made commitments to Community Investment, recognizing the importance and impact of social responsibility. “dfcu Bank will continue to invest in community development projects, financial literacy programs and entrepreneur skills training so that we can effect far-reaching positive changes in our communities,” Mudiwa added.
Additionally, the CEO pledged to practice Sustainable Development Initiatives by supporting environmentally and socially responsible businesses. “dfcu will support initiatives that align with sustainable development goals, ensuring that the work which we participate in and the companies we partner with are socially and environmentally compliant and safe,” he said.
In several meetings, the Bank’s Management team met with and reassured the local area leaders and organisations of its support through partnerships, skills development and financing of various programs and projects.
While visiting the Abim District local government office, the local leadership noted the bank’s pivotal role in transforming the lives of the residents through the Parish Development Model (PDM). As the only bank in Abim district, dfcu has been at the forefront of facilitating financial inclusion and economic empowerment by enabling residents to open bank accounts and access crucial development funds.
A government initiative aimed at uplifting livelihoods and driving socio-economic transformation in communities that are still under the poverty line, the PDM Program has found a steadfast partner in dfcu Bank. By providing accessible banking services, the Bank has ensured that residents of Abim in the Karamoja sub-region can fully participate in this developmental and transformative program. To access PDM funds, residents are required to have a bank account – with dfcu Bank meeting this need efficiently and effectively as the only bank in the district.
As of the end of the financial year – FY 2023/24, 7.8 Ugandan Billion Shillings had been disbursed to 8,447 households in 72 parishes in Abim.
In Kitgum, Alex Opira, the Principal Commercial Officer for Kitgum District Local Government thanked dfcu Bank for its commitment to the people of Kitgum and its support to the development and financial inclusion of the residents through easing the disbursement of funds to PDM beneficiaries, “We have managed to pay over 7,000 PDM beneficiaries through dfcu Bank. The Bank’s digitalized banking systems made our work easier,” he said.
Closing his remarks to customers, local media and various community leaders in Gulu district, Mudiwa said, “As we celebrate our 60th anniversary, we are reminded of our roots in development finance and our purpose to transform lives and businesses in Uganda. dfcu’s strategic investments which include physical bank locations and human resources are designed not only to support the growth of the Northern Region but also to foster broader economic development and improve the quality of life for local communities. By addressing key challenges and leveraging its financial expertise, dfcu stands to play a pivotal role in unlocking the region’s full economic potential.”
For media inquiries, please contact:
Helena Mayanja
HMayanja@dfcugroup.com
dfcu Whistleblowing Channels: Email address: dfcu@tip-offs.com; Whistleblowing Toll Free Number: 0800 100 255; Anonymous Tip-Offs Link
