- Website: www.dfcugroup.com
- Sector: Financial Services
- Country of operations: Uganda
Banking on success
More than 50 years since it began life as the Development Finance Company of Uganda, dfcu’s standing in the country’s financial sector has never looked stronger.
The bank provides a range of personal and business banking services – including a number of products tailored specifically for the agriculture sector – through a network of 45 branches nationwide and an ATM network, as well as through mobile and internet banking. As of June last year, the bank had around $273m in customer deposits and $450m in total assets. The group, based in the Ugandan capital Kampala, has expanded through both organic growth and a number of significant acquisitions, including the takeover of Uganda Leasing Company in 1999 and Gold Trust Bank in 2000.
45 branches of dfcu bank operate countrywide, in conjunction with over 290 ATMs
Four years later, dfcu became only the second financial institution to list its shares on the Uganda Securities Exchange, in the process creating a record for the country’s largest initial public offering. According to Juma Kisaame, Managing Director and CEO of dfcu Bank, the company has grown even during tough times thanks to a strategy that has included “…partnerships with funders for specific development projects, increased focus on niche SME market, the growth of agri-business, more structured monitoring of customer portfolio performance, and more focus on high-value segments.”
Success in the banking sector over the long term, he adds, requires an ability to adapt to changing market conditions. “The business will be a lot more technology driven,” predicts Juma. “Increasing automation will mean we are serving more customers with less manpower, and driving transaction volumes using digital channels. There will be more collaboration between banks and mobile network operators and growth in agency banking.”