dfcu Opens Namanve Branch as Bahati Urges Review of Lending Rates

dfcu Bank has opened a new branch in Namanve Industrial Park, positioning itself at the heart of one of Uganda’s fastest-growing manufacturing hubs, as government renewed calls for commercial lenders to cut borrowing costs for industry.

Speaking at the launch, David Bahati welcomed the expansion but pressed banks to lower lending rates, saying manufacturers continue to struggle with high borrowing costs.

“We want to appeal to you commercial banks to consider reducing the lending rate,” Bahati said, noting that interest rates of 15% to 18% are difficult for manufacturers whose returns average around 12%.

He said the industrial sector contributes 16.5% to Uganda’s GDP and that the manufacturing sector generated nearly Shs 8 trillion in revenue in a recent year. Namanve Industrial Park alone hosts close to 400 factories and employs about 4,000 people, while the wider manufacturing sector employs over 1.4 million Ugandans.

“For you to have really identified industrial parks and put a branch to facilitate the manufacturers is something that the government appreciates,” he said.

Bahati also cited operational concerns, including delays linked to cheque withdrawals, and urged banks to streamline processes and adopt more efficient digital systems. He welcomed dfcu’s fixed deposit rate of 15%, saying he was “very glad to hear” of the increase.

The Namanve branch, located within the 2,200-acre industrial park, is aimed at serving manufacturers, small and medium-sized enterprises and workers in the area.

“The opening of this branch reflects a practical and timely decision as the activity within this industrial park continues to grow,” said Mathias Jumba, Head of Integrated Channels at dfcu Bank.

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“Every thriving business zone requires dependable financial services close to where work happens,” he added, noting that the branch would make it easier for companies to manage payments, process payrolls, access working capital and handle transactions efficiently “without interrupting operations.”

Jumba said the branch is equipped with a bulk note acceptor, commonly known as a cash deposit machine (CDM), allowing customers to deposit large sums without entering the banking hall.

“For thousands of people who report to work here each day in this industrial area, banking should not mean traveling back into the city or rearranging business schedules,” he said. “It should fit naturally into their routine, available where life and work already happens.”

He added that as infrastructure expands within the park and more enterprises establish operations, demand for “efficient, secure and responsive financial services will only increase,” and that the bank was prepared to support that momentum.

Margaret Karume, dfcu’s Chief Credit Officer, said the lender’s 62-year presence in Uganda has been anchored in “enabling enterprise, deepening financial inclusion, catalyzing national development.”

“The Namanve branch represents a calibrated response to the momentum within this historical enclave,” she said.

Karume said the branch would offer structured SME and commercial financing frameworks, working capital facilities tailored to industrial production cycles, and trade finance instruments supporting import substitution and export expansion.

“We recognize that industrial acceleration requires not only capital access, but financial structuring aligned to scale, velocity and competitiveness,” she said. “Our presence here, therefore, is anchored in partnership with our customers, precision and long-term value creation.”

She added that dfcu has been on a “journey of digital transformation,” with services now available digitally to provide customers with real-time solutions through integrated platforms.

“We’ve been in Uganda for 62 years,” Karume said. “Count on us for the next 62 years.”