Rabobank takes 27.5% stake in dfcu Bank of Uganda
Dfcu Bank was established in 1964 as development finance institution. The bank is the major asset of dfcu Limited, a financial holding listed on the local stock exchange (USE) since 2005. In terms of total assets, dfcu ranks 5th among the 26 licensed commercial banks in Uganda, with a market share in the region of 6%-7%. The bank employs around 600 staff. Dfcu offers a broad range of commercial bank services.
Berry Marttin, member of the Executive Board of Rabobank Nederland and responsible for Rabo Development stated, "Rabobank sees great potential in further developing the promising agricultural sector in Uganda, as 85% of the population is rural, and significantly enhancing the participation of the banking population at the same time. Financial inclusion of the so-called unbanked is part of our mission. Improving access to finance in this segment of the economy can give an important boost to the local economy and the wellbeing of many of its people. Dfcu as partner bank in Uganda fits the cluster we are building with partner-banks in Tanzania, Zambia, Rwanda and Mozambique."
Uganda provides attractive incentives for medium and long-term foreign investors. Dutch companies are active investors in Uganda in growth sectors such as dairy and meat, and Uganda is one of the largest coffee exporters in Africa. Mr. Juma Kisaame, General manager dfcu Bank, "The intention will be that with the collaboration and support of Rabo Development, dfcu will become a full-fledged retail bank with a rural orientation. We have set ourselves ambitious goals over the next five years, and with the support of Rabo Development, we are confident that we can attain them."
