DFCU Bank

DFCU Bank
Company typePublic
Parent DFCU Limited listed on Uganda Securities Exchange as DFCU
IndustryFinancial services
Founded1964; 60 years ago (1964)
Headquarters26 Kyaddondo Road
Nakasero, Kampala, Uganda
Key people
Jimmy D. Mugrwa[1]
Chairman
Charles Mudiwa
Managing Director[2]
ProductsLoans, checking accounts, savings, investments, debit cards, credit cards, mortgages
RevenueIncreaseAftertax:UGX:30.643 billion (US$8.343 million) (2022)[3]
Total assetsUGX:3.283 trillion (US$893.78 million) (2022)[3]
Number of employees
1,174 (2022)[4]
Websitewww.dfcugroup.com

DFCU Bank, registered as the Development Finance Company of Uganda Bank Limited,[5] is a commercial bank in Uganda. It is licensed by the Bank of Uganda (BoU), Uganda's central bank and national banking regulator.[6]

Overview

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As of December 2022, DFCU Bank had total assets of UGX:3.283 trillion (US$893.78 million), and shareholders' equity of UGX:614.5 billion (US$167.3 million).[3]

As of 30 June 2017, dfcu Bank operated 67 branches and 100 automated teller machines.[7][8] As of 30 June 2020, the bank's total assets had increased to UGX:3.442 trillion (US$939 million), with shareholders' equity of UGX:599.65 billion (US$163.54 million).[9]

History

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The Development Finance Company of Uganda Limited was established in 1964, with its name changing in 2000 to DFCU Limited[5] and eventually to dfcu Limited.[10] In 2000, dfcu Limited acquired Gold Trust Bank, which subsequently became dfcu Bank.[5]

In July 2014, the BoU transferred to dfcu Bank the customer deposits of the Global Trust Bank, a small retail financial institution that the BoU had closed because it never became commercially viable.[11] The deposits were valued at UGX:73 billion.[11]

On 27 January 2017, dfcu Bank took over Crane Bank, which had been under the statutory management of the BoU because Crane's liabilities exceeded its assets. The acquisition included all customer deposit accounts and some loan accounts.[12]

Ownership and affiliation

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The stock of dfcu Limited, the parent company of dfcu Bank, trades on the Uganda Securities Exchange under the symbol "DFCU". As of December 2018, the major shareholders in the stock were as outlined in the table below:[4]

DFCU Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Arise BV
58.70
2 Investment Fund for Developing Countries (IFU)[13]
9.97
3 National Social Security Fund of Uganda
7.46
4 Kimberlite Frontier Africa Naster Fund
7.35
5 SSB Russell Investment Company Plc Fund NAS5
1.93
6 National Social Security Fund - PineBridge
1.31
7 Vanderbilt University
0.98
8 SSB-Conrad N. Hilton Foundation
0.97
9 Jubilee Investment Company Limited
0.76
10 Bank of Uganda Defined Benefits Scheme - Sanlam
0.60
11 Bank of Uganda Defined Benefits Scheme - Stanlib
0.59
12 The Parliament Pension Scheme - Stanlib
0.39
13 Uganda Revenue Authority Staff Retirement Benefits
0.38
14 Centenary Bank Staff Defined Contributory Scheme
0.38
15 Makerere University Retirement Benefits Scheme
0.31
16 Sudhir Ruparelia
0.29
17 Rakesh Gadani
0.26
18 UAP Insurance Company Limited
0.22
19 Jubilee Insurance Company Limited
0.21
20 Housing Finance Bank/UAP Insurance General Life Fund
0.21
21 3807 Other Investors
6.72
Total
100.00
  • 1. DFCU Bank is a subsidiary of DFCU Limited.[5]
  • 2. Arise BV is a special purpose vehicle company, formed in 2016 and co-owned by Norfund, the Netherlands Development Finance Company, and Rabobank. Arise invests in African financial institutions.[14]
  • 3. In July 2018, the New Vision newspaper in Uganda reported that CDC Group had indicated its desire to exit the investment.[15]

Branch network

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With its headquarters in Kampala, DFCU Bank had the following branches in all areas of Uganda as of April 2020.[16] In February 2020, the bank relocated 15 of its branches to new premises, as listed below.[17]

  1. Sixth Street Branch: Ramzam Motors Building, Plot 116/118, Sixth Street, Industrial Area, Kampala[17]
  2. Abayita Ababiri Branch: S&S Mall, Plot. 863, Nkumba[17]
  3. Abim Branch: 8 Lira-Kotido Road, Abim
  4. Bugoloobi Branch: Kagga House, 2 Bandali Rise, Bugoloobi, Kampala
  5. Bwaise Branch: 975-976 Sir Apollo Kaggwa Road, Bwaise, Kampala
  6. Entebbe Road Branch: Freedom City Mall, Namasuba, Kampala
  7. Impala House Branch: Impala House, 13 Kimathi Avenue, Kampala
  8. Jinja Road Branch: Victoria University Towers, 38 Jinja Road, Kampala
  9. Kampala Road Branch: Plot. 40, Kampala Road, Kampala[17]
  10. Sun City Branch: Sun City Plaza, 17 Ben Kiwanuka Street, Kampala
  11. Kawempe Branch: Kampala-Gulu Highway, Kawempe, Kampala
  12. Kikuubo Branch: Ddembe Plaza, Nakivubo Road, Kampala[17]
  13. Kireka Branch: Isabella Plaza, Plot. 395, Kireka[17]
  14. Kisekka Branch: Kisekka Market, 70 – 76 Nakivubo Road, Kampala
  15. Kyadondo Road Branch - DFCU House, 26 Kyaddondo Road, Nakasero, Kampala Main Branch[18]
  16. Kyambogo University Branch: Kyambogo University, Kyambogo, Kampala
  17. Kyambogo Branch: 48/50, Mukabya Road, Kyambogo, Kampala
  18. Lugogo Branch: Lugogo Mall, Lugogo Bypass Road, Lugogo, Kampala
  19. Makerere Branch: 45 Pool Road, Makerere University Campus, Kampala
  20. Market Street Branch: Aponye City Mall, 8 Burton Street, Kampala
  21. Naalya Branch: Quality Shopping Mall, Naalya
  22. Nakivubo Branch (Gagawala Shauliyako): 40A, Nakivubo Place, Kampala
  23. Acacia Branch: 24 Acacia Avenue, Kololo, Kampala[19]
  24. Agago Branch: 1 Odok Road, Agago Town Council
  25. Arua Branch: OB Plaza, Plot. 9 & 11, Adumi Road, Arua[17]
  26. Busia Branch: 101 & 103 Customs Road, Busia, Uganda
  27. Dokolo Branch: Akeidebe Zone, Bata Road, Dokolo
  28. Entebbe Town Branch: 22 Kampala Road, Entebbe
  29. Gulu Branch: 1 Doctor Lucile Road, Gulu
  30. Gulu University Branch: DFI Block, University Avenue, Gulu University Campus, Gulu
  31. Hoima Branch: Plot. 36, Main Street, Main Street, Hoima[17]
  32. Ibanda Branch: Plot. 82, Kamwenge Road, Ibanda[17]
  33. Iganga Branch: 80 & 82 Main Street, Iganga
  34. Ishaka Branch: 45 Ishaka-Rukungiri Road, Ishaka
  35. Isingiro Branch: 36 Kikagate Road, Isingiro[20]
  36. IUIU Branch: Islamic University in Uganda Campus, Mbale
  37. Jinja Branch: Plot. 10 Scindia/Lady Alice Muloki Road, Jinja[17][21]
  38. Kabale Branch: 143/145 Kabale Road, Kabale
  39. Kisoro Branch: 65/75 North Ward, Kisoro
  40. Kitgum Branch: 19 Janan Luwum Street, Kitgum
  41. Kyengera Branch: Kyengera Shell Service Station, Masaka Road, Kyengera[17]
  42. Luweero Branch: 846 Kampala–Gulu Highway, Luweero
  43. Luwum Street Branch: Kizito Towers, Luwum Street, Kampala[17]
  44. Lyantonde Branch: Plot. 226, Block. 76, Lyantonde[17]
  45. Masaka Branch: 22 Kampala Road, Masaka
  46. Mbale Branch: 2 Court Road, Mbale
  47. Mbarara Branch: Plot. 14, Masaka–Mbarara Road, Mbarara[17]
  48. Mukono Branch: 18/20 Jinja Road, Mukono
  49. Nateete Branch: 757 Wakaliga, Nateete, Kampala
  50. Ndeeba Branch: 224 Masaka Road, Ndeeba, Kampala
  51. Nsambya Branch: 1207 Ggaba Road, Nsambya, Kampala
  52. Ntinda Branch 1: Capital Shoppers City, Ntinda Road, Ntinda, Kampala
  53. Ntinda Branch 2: Plot. 1615 Tuskys Supermarket Building, Ntinda–Bukoto Road, Ntinda, Kampala[17]
  54. Ntungamo Branch: 18 Old Kabale Road, Ntungamo
  55. Owino Market Branch - 769 Kafumbe Mukasa Road, Kampala
  56. Pader Branch: 8 Lagwai Zone B, Pader
  57. Pallisa Branch: 8 Kasodo Road, Pallisa
  58. Rushere Branch: 52–54 Rushere Road, Rushere
  59. Soroti Branch: Jovi House, Plot. 47 Gweri Road, Soroti[17]
  60. Tororo Branch: 9 & 11 Mbale Road, Tororo
  61. William Street Branch: 66 William Street, Kampala
  62. Wilson Lane Branch: 17 Wilson Lane, Kampala.

DFCU House

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Main article: DFCU House

dfcu Limited has built a ten-story headquarters building that also houses the main branch of dfcu Bank. The building is often referred to as DFCU House. Located at 26 Kyaddondo Road, on Nakasero Hill, in Kampala's central business district, the development has underground and surface parking, as well as rentable, retail, and office space on several levels.[22]

See also

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References

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  1. ^ Rogers Atukunda (12 July 2024). "dfcu Bank Picks New Board Members, Announces Dividends For Shareholders". SoftPower Uganda. Kampala, Uganda. Retrieved 12 July 2024.
  2. ^ Ali Twaha (6 April 2023). "DFCU Bank Appoints Charles Mudiwa New CEO". New Vision. Kampala, Uganda. Retrieved 7 July 2023.
  3. ^ a b c DFCU Limited (14 March 2023). "DFCU Limited Financials For The 12 Months Ended 31 December 2022" (PDF). DFCU Group. Kampala, Uganda. Retrieved 7 July 2023.
  4. ^ a b James Anyanzwa (9 July 2023). "Ugandan lender DFCU cuts jobs in rebranding drive". The EastAfrican. Kampala, Uganda. Retrieved 10 July 2023.
  5. ^ a b c d "Company Details: Development Finance Company of Uganda Ltd". Kampala: Uganda Securities Exchange. 12 July 2017. Archived from the original on 15 April 2014. Retrieved 12 July 2017.
  6. ^ "List of licensed Commercial Banks as at 31 March 2017" (PDF). Bank of Uganda. 31 March 2017. Archived from the original (PDF) on 30 July 2017. Retrieved 12 July 2017.
  7. ^ Mark Keith Muhumuza; Jonathan Adengo (1 February 2017). "Dfcu closes 23 Crane Bank branches". Daily Monitor. Kampala. Retrieved 1 May 2017.
  8. ^ "DFCU Bank posts Sh114 bn net profit in first 6 months". The Independent. Kampala. 15 August 2017. Retrieved 15 March 2018.
  9. ^ DFCU Limited (28 August 2020). "DFCU Limited 2020 Interim Financial Results" (PDF). Uganda Securities Exchange. Kampala. Retrieved 7 September 2020.
  10. ^ "About us". dfcu Limited. Retrieved 15 August 2018.
  11. ^ a b "Uganda central bank takes over small commercial bank". Reuters. 25 July 2014. Retrieved 15 August 2018.
  12. ^ "UPDATE 1-Uganda's Crane Bank assets, liabilities transferred to dfcu - central bank". Reuters. 27 January 2017. Retrieved 27 January 2017.
  13. ^ Martin Luther Oketch (19 December 2019). "CDC Sells Its Stake In Dfcu Bank". Daily Monitor. Kampala. Retrieved 23 December 2019.
  14. ^ "Europe's Arise BV hits ground running with CAL Bank acquisition". Asokoinsight.com. 14 February 2017. Retrieved 16 October 2017.
  15. ^ Benon Ojiambo (7 July 2018). "We are still here - dfcu Bank shareholders". New Vision. Kampala. Retrieved 8 July 2018.
  16. ^ DFCU Group (28 April 2020). "Branch List of DFCU Bank Uganda". Kampala: DFCU Group. Retrieved 28 April 2020.
  17. ^ a b c d e f g h i j k l m n o p Javira Ssebwami (2 February 2020). "dfcu Bank confirms 15 branches out of Meera properties including Jinja, Entebbe, Mbarara, Arua". Kampala: PML Daily. Retrieved 9 April 2020.
  18. ^ Ricks Kayizzi (3 May 2022). "Dfcu, WorldRemit Seal Pact". New Vision. Kampala, Uganda. Retrieved 20 September 2022.
  19. ^ Peter Kaujju (10 February 2005). "dfcu Bank opens branch on Acacia Avenue". New Vision. Kampala. Retrieved 12 July 2017.
  20. ^ Wilfred Sanya (17 November 2009). "Isingiro district gets first bank". New Vision. Kampala. Retrieved 12 July 2017.
  21. ^ Eddie Ssejjoba (20 August 2009). "Dfcu in Jinja". New Vision. Kampala. Retrieved 12 July 2017.
  22. ^ "Kampala: Introducing the DFCU House". Symbion Group Plc. Archived from the original on 2 May 2014. Retrieved 30 April 2014.
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