President Museveni has emphasized the importance of the banking sector in promoting higher economic growth, improved productivity, increased savings, and investment.
Museveni's remarks were delivered by Attorney General Kiwanuka Kiryowa as dfcu Bank celebrated its 60th anniversary.
He highlighted the bank's efforts in addressing the needs of special groups through investment clubs, savings and credit cooperative organizations (SACCOs), and women in business initiatives.
"We are all working towards a common goal of seeing the liberation of our nation and households from poverty as we build towards self-sustainability and self-reliance," Museveni said.
Museveni credited the bank's leadership and employees for their role in socio-economic transformation by making banking services deeply and widely accessible, thus improving income levels and lifting people out of poverty.
Museveni challenged dfcu Bank to continue aligning its goals and objectives with government policies, which he described as "tried and tested to change the lives of many Ugandan communities."
Museveni emphasized the milestones achieved not only by dfcu Bank but also by the entire Ugandan banking sector under the leadership of the National Resistance Movement (NRM).
"This is a big milestone worth celebrating, not only as DFCU Bank but also for the entire Ugandan banking sector and the NRM leadership," Museveni stated.
He noted the vibrant financial sector's evolution from merely safeguarding people's funds to enabling even rural residents to access money via mobile phones.
He acknowledged the banking sector's resilience in overcoming political, economic, and social challenges, describing it as a testament to hard work and focus.
"The growth of the Ugandan banking sector over the years, regardless of various shocks and challenges, is a testimony of resilience, hard work, and focus," Museveni said.
He praised the sector's innovation in transitioning from traditional cash handling to providing comprehensive banking services that meet the evolving needs of the population.
Charles Mudiwa, CEO of dfcu Bank, said their purpose was deeply rooted in the aspiration to empower Ugandans and contribute to the prosperity of the country.
"Over the past six decades, the business has grown together with our nation, and we have been partners in growth and development with Uganda, ensuring that we support industrialization, businesses, and other opportunities that arise in Uganda," said Mudiwa.
Founded as a development finance institution in 1964, the bank has evolved into a Tier I commercial bank with a network of 54 branches across Uganda and over 2,000 agent banking outlets.
Jimmy Mugerwa, Chairman of the Board of Directors of dfcu Limited, commented on the bank's growth.
"Our transition from a Development Finance Company to one of the largest commercial banks in Uganda was made possible by the vision of our funders and shareholders, as well as our formidable investors who have enabled our growth and expansion over the years,"he said.
Over the past six decades, the bank has championed women-led enterprises through its Women in Business (WIB) program, supporting over 80,000 women-owned businesses.
The 60-year anniversary gala also highlighted transformative partnerships fostered by dfcu Bank, particularly its partnership with the Agribusiness Development Centre (ADC).
This strategic partnership has established dfcu as a key player in Uganda's agricultural sector, positively impacting over 28,000 individuals and entities.
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Through this collaboration, Dr. Winifred Tarinyeba Kiryabwire, Chairperson of the Board of Directors at dfcu Bank, said the bank actively supports and empowers farmers and agribusiness stakeholders, contributing to positive change across the industry.
"In the soil, we found a diamond! The Best Farmers Competition, which we sponsor, underscores our commitment to growing Uganda's agribusiness. For 60 years, we have focused on enhancing the agricultural sector, recognizing Uganda as a global food basket, and playing our part to make the sector even more productive," she said.
"Celebrating 60 years is truly remarkable, especially when many companies do not survive beyond their first year! I commend the bank for its incredible journey from a Development Finance Company in 1964 to now being a domestically and systematically important bank today. It is an era of growth for dfcu, and we believe that the bank is well-positioned to make even more impact in the coming years," she added.
