DFCU Bank has opened a new branch in Mbarara, its 20th in the country. The animal husbandry state minister, Bright Rwamirama, who presided over the function on Friday, urged residents to develop a saving culture, saying it was the only way to benefits from banks.
â€œI appeal to farmers to make use of dfcu Bank by getting agro-processing equipment loans. The opening of this branch has also eased accessibility to credits facilities, especially for those people who have been struggling to get loans in Kampala,â€ he said.
The minister thanked the bankâ€™s move â€œbecause it is in line with the Governmentâ€™s programmes of development and industrialisationâ€ that promote access to long-term loans.
Rwamirama urged people to use the bank as a catalyst for business expansion. He advised those who get loans to use them for productive investments to generate more capital for their businesses.
He said the Government introduced the Credit Reference Bureau (CRB) to veto and regulate those who borrow in the banks.
He warned defaulters they risk isolation and be punishment as they would tracked by the CRB sysytem.
He said the bureau would help in avoiding the former Uganda Commercial Bank (UCB) situation, which had a lot of non-performing loans.
Juma Kisaame, the dfcu Bank managing director, said the new branch would serve the town as a one-stop centre offering commercial banking and development finance. He added that they had launched a five-year strategic plan with regional expansion in Kenya, Tanzania and Rwanda as key.
Elly Karuhanga, one of the bankâ€™s directors, said the branch would also work as the regional bank for western region.
He observed that the banks were opening branches in Mbarara because of its significant growth.
dfcu Bank opens branch in Mbarara, focuses on regional expansion