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Public: USE: DFCU
Industry Financial Services
Founded 1964
Headquarters 26 Kyaddondo Road
Nakasero, Kampala, Uganda
Key people
Elly Karuhanga
Juma Kisaame
Managing Director
Products Loans, checking, savings, investments, debit cards, credit cards, mortgages
Revenue IncreaseAftertax: US$14.7 million (UGX:41 billion) (2014)
Total assets US$481.5 million (UGX:1.3 trillion) (2014)
Number of employees
600+ (2014)[1]
Slogan ...with pleasure
Website www.dfcugroup.com

DFCU Bank, registered as the Development Finance Company of Uganda Bank Limited and commonly known as DFCU, is a commercial bank in Uganda. It is one of the regulated financial institutions that is licensed by the Bank of Uganda, the Central Bank and national banking regulator.[2]


DFCU Bank is a major player in the financial sector, with an estimated asset base of nearly US$481.5 million (UGX:1.3 trillion) as of December 2014,[3] representing about 7% of all bank assets in Uganda at the time. Shareholders' equity as of December 2013, was approximately US$57 million (UGX:143.6 billion).[4] In 2013, the bank was the fifth-largest commercial bank in Uganda, by assets.[5]


DFCU Bank was established in 1964 as a development finance company; Development Finance Company of Uganda. In 2000, DFCU acquired Gold Trust Bank, transforming into a commercial bank at that time. In 2005, the shares of DFCU Group, the parent company of DFCU Bank, were listed on the Uganda Securities Exchange, where they trade under the symbol: DFCU.

On Friday 25 July 2014, DFCU Bank acquired some of the assets and liabilities of the former Global Trust Bank, a small retail financial institution that the Bank of Uganda had closed. The acquisition included all customer deposit accounts and all loan accounts. Those assets not taken over by DFCU "will be liquidated by Bank of Uganda".[6] The former assets of GTB that DFCU acquired are valued at about UGX:73 billion (approximately US$28 million).[7] Given that data, the total valuation of DFCU Bank's assets, as of July 2014, is about UGX:1.27 trillion, (US$490 million).

DFCU Group[edit]

DFCU Bank is a subsidiary of DFCU Group, which includes the following companies:

  • DFCU Limited
  • DFCU Bank
  • DFCU Leasing Limited
  • Rwenzori Properties Limited
  • Nakasero Properties Limited

DFCU Limited is the holding company and is listed on the Uganda Securities Exchange, where it trades, under the symbol DFCU.[8]

DFCU Group ownership[edit]

As of April 2013, Actis, which at that time owned 60.02% of the stock of DFCU Group, began negotiations to sell some of the stock to Norfund of Norway and Rabo Development BV of the Netherlands. When those negtotiations were concluded, the stock ownership in the company looked as depicted in the table below:[9][10]

DFCU Group Stock Ownership
Rank Name of owner Percentage ownership
1 Norfund 27.54
2 Rabobank 27.54
3 CDC Group Plc. 15.00
4 National Social Security Fund (Uganda) 5.93
5 Investec Asset Management Fund Africa 4.34
6 Investec Asset Management Pan Africa Fund 2.73
7 Investec Asset Management 1.14
8 Central Bank of Kenya Pension Fund 0.76
9 PineBridge Sub-Saharan Africa Equity Master Fund 0.65
10 Dyer & Blair Investment Bank 0.63
11 Bank of Uganda Staff Retirement Fund 0.58
12 Nearly 3,800 Other Investors 13.16
Total 100.00

Branch network[edit]

With headquarters in Kampala, DFCU Bank has branches in central, eastern, northern and western Uganda. As of November 2014, the bank maintains a total of forty-three branches in Uganda. DFCU Bank has also announced plans to expand into the African Great Lakes countries of Kenya, Tanzania, Rwanda, Burundi, as well as South Sudan in the Nile Valley. The bank's branch network includes the following locations, arranged alphabetically:[11] The list includes some branches of the now defunct Global Trust Bank (GTB), whose assets were acquired by DFCU, when GTB collapsed in July 2014.[12]

  1. Abim Branch - 8 Lira-Kotido Road, Abim
  2. Acacia Branch - 24 Acacia Avenue, Kololo, Kampala[13]
  3. Agago Branch - Agago
  4. Arua Branch - 6 Hospital Road, Arua
  5. Ben Kiwanuka Branch - Ben Kiwanuka Street, Kampala
  6. Bugoloobi Branch - Kagga House, 2 Bandali Rise, Bugoloobi, Kampala
  7. Bwaise Branch - 975-976 Sir Apollo Kaggwa Road, Bwaise, Kampala
  8. Crown House Branch - Crown House, 4A-6 Kampala Road, Kampala
  9. Dokolo Branch - Bata Road, Dokolo
  10. Ellegu Branch - Gulu-Nimule Road, Ellegu
  11. Entebbe Road Branch - Freedom City Mall, Namasuba, Kampala
  12. Gulu Branch - 3 Princess Road, Gulu
  13. Hoima Branch - Kasangaki Building, 58 Main Street, Hoima
  14. Impala House Branch - Impala House, 13 Kimathi Avenue, Kampala
  15. Ishaka Branch - 45 Ishaka-Rukungiri Road, Ishaka
  16. Isingiro Branch - 36, Kikagate Road, Isingiro[14]
  17. Jinja Branch - 10 Lady Alice Muloki Road, Jinja[15]
  18. Kampala Road Branch - Sun City Plaza, 17 Wilson Road, Kampala
  19. Kawempe Branch - Kampala-Gulu Highway, Kawempe, Kampala
  20. Kikuubo Branch - 4 Nakivubo Road, Kampala
  21. Kitgum Branch - 19 Janan Luwum Street, Kitgum
  22. Kyaggwe Road Branch - First Floor, Nabugabo Business Centre, Kyaggwe Road, Kampala
  23. Lira Branch - 4 Soroti Road, Lira
  24. Lugogo Branch - Lugogo Mall, Lugogo Bypass Road, Kampala
  25. Makerere Branch - 45 Pool Road, Makerere University Campus
  26. Market Street Branch - Aponye City Mall, 8 Burton Street, Kampala
  27. Masaka Branch - 22 Kampala Road, Masaka
  28. Mbale Branch - 2 Court Road, Mbale
  29. Mbarara Branch - 73 High Street, Mbarara[16]
  30. Mukono Branch - 21 Colline Village, Mukono
  31. Mutukula Branch - 69 Customs Building, Mutukula
  32. Naalya Branch - Quality Shopping Mall, Naalya
  33. Nakasero Branch - DFCU House, 26 Kyaddondo Road, Nakasero, Kampala Main Branch
  34. Nakivubo Branch - Unit 7, 1418 Nakivubo Place, Kampala
  35. Nateete Branch - 757 Wakaliga, Nateete, Kampala
  36. Ndeeba Branch - 224 Masaka Road, Ndeeba, Kampala
  37. Nsambya Branch - Ggaba Road, Nsambya, Kampala
  38. Ntinda Branch - Capital Shoppers City, Ntinda Road, Ntinda, Kampala
  39. Owino Market Branch - 769 Kafumbe Mukasa Road, Kampala
  40. Pader Branch - 8 Lagwai Zone B, Pader
  41. Paidha Branch - 21 Nebbi- Arua Road, Paidha
  42. Pallisa Branch - 8 Kasodo Road, Pallisa
  43. Tororo Branch - 9&11 Mbale Road, Tororo
  44. William Street Branch - 8 William Street, Kampala
  45. Wilson Lane Branch - Wilson Lane, Kampala

DFCU House[edit]

DFCU Group has built a new headquarters building, which also houses the main branch of DFCU Bank. The building is often referred to as DFCU House and rises ten stories high. 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.[17]

See also[edit]


  1. ^ Mwesigwa, Alon (25 June 2014). "Uganda: DFCU Shareholders to Raise Red Flags At Annual AGM". The Observer (Uganda) via AllAfrica.com. Retrieved 23 January 2015. 
  2. ^ "List of Licensed Commercial Banks In Uganda". Bank of Uganda. Retrieved 30 April 2014. 
  3. ^ Businge, Julius (5 April 2015). "Uganda: Bank Profit Delight - Stanbic, DFCU Rake In Billions, Number of Loss-Making Banks Drops To Five In 2014". The Independent (Uganda) via AllAfrica.com. Retrieved 8 April 2015. 
  4. ^ "DFCU Group Extract of Consolidated Financial Statements For The Year Ended 31 December 2013". Investinginafrica.net. Retrieved 4 June 2014. 
  5. ^ Shareholding Among Ugandan Commercial Banks Based On Assets In December 2013
  6. ^ National, News (25 July 2014). "Global Trust Bank Shut Down". Daily Monitor. Retrieved 25 July 2014. 
  7. ^ Edgar Angumya, and Alon Mwesigwa (27 July 2014). "Uganda: Gold Trust Bank Loses Battle As DFCU Takes Over". The Observer (Uganda) via AllAfrica.com. Retrieved 29 July 2014. 
  8. ^ "DFCU Profile At Uganda Securities Exchange Website". Uganda Securities Exchange. Retrieved 30 April 2014. 
  9. ^ "Dutch Bank Seals DFCU Merger". New Vision via Pesatimes.com. Retrieved 30 April 2014. 
  10. ^ Otage, Stephen (7 June 2013). "Norwegian Bank To Spur Agriculture". Daily Monitor. Retrieved 2 August 2014. 
  11. ^ "Branch Network: DFCU Bank In November 2014". DFCU Group. Retrieved 26 November 2014. 
  12. ^ Businge, Julius (26 July 2014). "DFCU Takes Over Global Trust Bank Operations". The Independent (Uganda). Retrieved 26 July 2014. 
  13. ^ Kaujju, Peter (10 February 2005). "Dfcu Bank Opens Branch On Acacia Avenue". New Vision. Retrieved 2 August 2014. 
  14. ^ Sanya, Wilfred (17 November 2009). "Isingiro District Gets First Bank". New Vision. Retrieved 30 April 2014. 
  15. ^ Ssejjoba, Eddie. "DFCU In Jinja". New Vision. 20 August 2009. Retrieved 30 April 2014. 
  16. ^ Sanya, Wilfred (26 January 2009). "DFCU Bank Opens Branch In Mbarara, Focuses On Regional Expansion". New Vision. Retrieved 30 April 2014. 
  17. ^ "Kampala: Introducing the DFCU House". Symbion Group Plc. Retrieved 30 April 2014. 

External links[edit]