DFCU Bank, Ministry of Defence & Veteran affairs announce partnership to support Veteran SACCO’s across Uganda

DFCU Bank handed over fifty-one (51) refurbished desktop computers to the Ministry of Defence and Veterans Affairs on Tuesday, 21st July 2020.

The donation is to facilitate the operations of Veteran Savings and Credit Cooperative Organizations (SACCOs).

The donation is part of the banks commitment to offering a broad range of financial solutions to retired servicemen, widows, and orphans through different Veteran SACCOs across the country.

In February 2020, DFCU signed a Memorandum of Understanding with the Ministry of Defence and Veteran Affairs to provide financial solutions as one of the ways of driving financial inclusion among the Veterans.

DFCU Bank’s CEO, Mathias Katamba handing over the refurbished computers to State Minister for Defence and Veteran Affairs Christopher Kibanzanga

The services include: free financial literacy sessions, business & basic computer skills for a period of three years, access to the Investment Club/ SACCO App, Quick Banking, Agent Banking services in areas where the bank doesn’t have branch presence and Twilight Insurance cover to the retired service men and their families.

The Chief Executive Officer of DFCU Bank, Mathias Katamba commended the work being done by the Ministry of Defence and Veteran Affairs to enhance the welfare of its retired servicemen and their families.

“We would like to applaud the efforts by the Ministry of Defence and Veterans Affairs to ensure the well-being of the retired servicemen and their families. The officers and men in uniform under difficult conditions, often build resilience and develop, a strong sense a team orientation, discipline and a problem-solving attitude while in service. But, they often face challenges with financial stability especially as they transition into civilian life,” said Mathias Katamba. 

DFCU Bank’s CEO, Mathias Katamba handing over the refurbished computers to State Minister for Defence and Veteran Affairs Christopher Kibanzanga

“We believe that financial literacy, which is part of the skills we will offer over the next three years, is an important determinant of financial protection of the veterans and their families. Additionally, the Investment Club/SACCO App will simplify the day to day management of the group savings by providing a real time view of all financial activities, tracking contributions, managing group lending and collections; effective reporting and general administration,” he added.  

Speaking at the handover, State Minister for Defence and Veteran Affairs, Christopher Kibanzanga, said; “We thank DFCU Bank for the support they are giving to our servicemen, veterans, orphans and widows. It is in such times that a collective effort to support our communities and each other is highly admirable. The well-being of all our servicemen and their families is paramount to the continued success of our defence forces. We believe that our continued partnership will bear more fruits as our relationship grows.”

There are over three hundred and fifty-seven (357) Veteran SACCOs across country with a membership of over 145,000 veterans including ex-service men and women from UPDF, Police, Prisons and widows and orphans.

DFCU Bank has a history of promoting a savings and investment culture that dates as far back as 2007 with the introduction of the Savings and Investment Clubs proposition to foster group savings.

There are over 25,000 active Investment clubs and SACCOs.

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