KAMPALA — dfcu Bank recently launched a campaign ‘Sukuma Business ne dfcu’ to give Micro, Small and Medium Enterprises (SMEs) in Uganda an opportunity to enjoy banking while operating an account that speaks to their business needs at their convenience.
Through this campaign, SMEs can open Personal Current and Enterprise Current Accounts and reap immense benefits.
William Kayongo, Senior Manager, Enterprise Banking at dfcu Bank gives more insight into the new campaign.
QN: Please tell us about this new campaign.
ANS: We recently launched a campaign ‘Sukuma Business ne dfcu’ and as part of this campaign, we are calling upon SMEs in all regions – Central, Metro, East, West and Northern Uganda – to open accounts that speak to their business needs at their convenience. The two accounts are the Personal Current account and the Enterprise Current account.
In summary, we have designed accounts that are very affordable for the common person offering convenient banking while improving their business experience.
QN: This campaign mainly targets SMEs. Why SMEs?
ANS: Statistics from the Uganda Investment Authority show us that SMEs are Uganda’s engine of growth, spread across all sectors with 49 per cent in service sector, 33 per cent in commerce and trade while 10 per cent are in manufacturing. They remain the key drivers in fostering innovation, wealth creation and job creation in Uganda and yet they continue to face challenges in accessing affordable banking and credit.
With this campaign, dfcu is committed to ensuring SMEs are given an opportunity to thrive succeed, improve their livelihoods and contribute to the growth of our Economy.
QN: What are some of the features that differentiate these accounts from other accounts on the market?
ANS: As I mentioned earlier, dfcu Current Accounts are a great choice for individuals operating business-designed for Micro, Small, medium, and large enterprises wanting to grow their business while providing access to affordable and reliable financial solutions.
The dfcu Personal Current Account is a great choice for a client whose transactions are typically business-like. It is available in multiple currencies of UGX, USD, EUR, and GBP with an opening deposit of UGX 50,000, USD 100, GBP 100 or EUR 100. A Visa Debit card is issued upon opening of the account.
The dfcu Enterprise Current Account offers benefits specifically for medium and large entities wanting to grow their business while providing access to financial solutions that meet specific business needs. It is available in currencies of UGX and USD and requires an opening deposit of only UGX 100,000 or USD 100.
Both accounts have no minimum amount, no account management fees and account openers receive a checkbook.
QN: Who qualifies to open these accounts and how easy is the account opening process?
ANS: Individuals that are above 18 years operating a legitimate business in Uganda and would wish to access their money on demand qualify to open a Personal Current Account. For the Enterprise Current Account, Companies (Medium and large businesses) , Sole proprietorships, Partnerships, Societies & associations, and Professional practitioners all qualify.
It is very easy to open any of these accounts. You simply have to visit the nearest dfcu Bank branch or contact your relationship manager.
The requirements for a Personal Current Account include a Valid identification document (National ID for Ugandans or Passport for foreigners and two Colored passport-size photos.
For the Enterprise Current Account, requirements depend on the entity type, whether it is a Limited Liability company, a partnership, sole proprietorship, or a school. These requirements are available on our website and social media channels.
QN: Upon opening of these accounts, what are some of the benefits that SMEs stand to gain.
ANS: Generally speaking, SMEs will reap several benefits.
Starting with the Personal Current Account, SMEs will benefit through;
• Access to dfcu business Loans and any other financing needs the business may require. (Contract/Supplier Financing, Bidding process, Asset Financing, Project Financing, Agriculture Finance, Trade Finance, affordable Insurance rates and benefits including Insurance Premium Finance)
• Ability to operate accounts in multiple currencies
• 24/7 access to the account through dfcu Quick Banking and Smart ATMs for cash deposits and withdraws.
• Security of account activity through SMS alerts
• No limit on access to funds within balances
• Account can be operated as a joint current account.
• No monthly management fees for all currencies
• Access to account balance inquiry, funds transfer, bill payments, school fees payments, and Airtime top-up.
When it comes to the Enterprise Current Account, SMEs stand to benefit through;
• Access to dfcu loans and any other financing needs the business may require. (Contract/Supplier Financing, Bidding process, Asset Financing, Project Financing, Agriculture Finance, Trade Finance, affordable Insurance rates and benefits including Insurance Premium Finance)
• 24/7 access to the account through dfcu Quick Connect
• Access to monthly e-statements
• No monthly management fees for all currencies
• Ability to operate accounts in multiple currencies.
QN Any last words?
ANS: The economic challenges brought about by the Covid-19 pandemic over the past two years have made it very challenging for many SMEs to continue operating profitably in Uganda. With this campaign, we are bringing relief through affordable banking and access to quick and easy financing solutions tailored to your business cycle.
I call upon all individuals and SMEs to visit their nearest dfcu Bank Branch to get more information and sign up for a Personal or Enterprise Current Account.