Vision Group’s Chief Financial Officer Augustine Tamale is emphatic that dfcu’s help in acquiring the first colour print press of any media house in Uganda, not only cemented the media house’s dominance in the industry but was pivotal in its growth from a newspaper to a multi-media company.
“This new printer saw our income go up exponentially, we could charge much more for a colour advert than the old black and white advertorial formats. Additionally, we were able to meet the demands of multinational companies who preferred colour-printed ads. Our brand reputation and quality of work were both improved greatly” said Augustine Tamale, who had been with the company for no more than a year when the milestone was achieved in 2000.
At the time, dfcu Bank was the only financial institution, which was offering Lease Financing, a facility where the asset to be bought served as the collateral. Confident of the ability of Vision Group to repay the facility, the bank facilitated the printing press. Over the near quarter century of the relationship, dfcu has offered this solution for other plant and machinery purchases to the company on multiple occasions.
Being the pioneer of this solution transformed the way the banking sector operated, changed the ways companies worked and gave business owners the ability to access the equipment/material required for their companies to operate or expand.
For Vision Group, the next twenty years of expansion have seen the media house grow to own seven radio stations, six TV stations, a publishing house and a branding and packaging arm to its operations. The company is also now listed on the Uganda Securities Exchange (USE).
dfcu has also been a key partner in the media house’s development communications endeavour. The Bank is a key partner in the wildly successful “Harvest Money Expo” and the “Best Farmer” competition both of which have been annual events for more than a decade.
“dfcu works with us to fund these two critical events in which farmers are educated on how to improve their practices. As this country becomes better, our benefit is tremendous, because agriculture remains the backbone of our economy,” said Augustine Tamale who is the current chairman of the staff Savings and Credit Cooperative Organisation (SACCO).
“When our SACCO started operating in 2005, dfcu was our initial banker. They have since helped us with overdraft facilities, which has ensured our liquidity and continued confidence with its members, who are the company’s staff;” he added.
Augustine Tamale expects that the relationship will continue as the Vision Group transitions into a more digitised enterprise. “Our plans revolve around becoming a fully integrated digital media house. As people’s consumption of information at their convenience increases. We expect dfcu will come along with us on this journey, especially with their digitised payment solutions which will help our clients pay for our services”
Already negotiations are in gear for partnerships to support Vision Group’s future strategic plans.
Augustine Tamale says dfcu has built a solid foundation for its growth into the future. “Adding to their unique solutions, I see dfcu improving the livelihoods of ordinary citizens by extending this same innovativeness to help people around the country improve their standard of living.”
dfcu Whistleblowing Channels: Email address: dfcu@tip-offs.com; Whistleblowing Toll Free Number: 0800 100 255; Anonymous Tip-Offs Link
