dfcu Bank has reaffirmed its commitment to empowering Ugandan enterprises to seize emerging opportunities within the country’s oil and gas sector by providing targeted financial solutions and capacity-building support.
Speaking at a Networking Forum hosted by the Industry Enhancement Centre (IEC) in Kololo on Thursday, Annette Kiconco, dfcu Bank’s Chief Retail Banking Officer, emphasized the importance of early financial preparation for small and medium enterprises (SMEs) eyeing contracts under Uganda’s oil and gas projects — including Tilenga, Kingfisher, and associated infrastructure developments.
“SMEs are the backbone of Uganda’s economy. Our goal is to combine access to finance with partnerships that strengthen their ability to grow, compete, and diversify beyond oil and gas,” Kiconco noted.
She revealed that dfcu Bank is sharpening its focus on the oil and gas value chain through capacity-building partnerships, working capital facilities, asset financing, and trade guarantees, all designed to help local firms win, fund, and execute large-scale contracts efficiently.
Kiconco further urged entrepreneurs to develop long-term relationships with their banks rather than seeking financing only after winning tenders. This, she said, will position them to better navigate the stringent financial requirements of major projects.
Her remarks were echoed by William Kayongo, dfcu Bank’s Head of Enterprise Banking, who observed that many SMEs lose out on lucrative opportunities due to poor financial planning and late engagement with lenders.
“Businesses that engage their banks early stand a far better chance of securing the financial instruments they need — from bid bonds to performance guarantees — in time to deliver on their contracts,” Kayongo explained.
Through its collaboration with the Industry Enhancement Centre (IEC) and the Private Sector Foundation Uganda (PSFU), dfcu Bank is helping enterprises strengthen internal systems, enhance financial literacy, and build the resilience required to compete in high-value industries such as oil and gas.
Established in 1964, dfcu Bank has built a six-decade legacy of financing sectors critical to Uganda’s economic transformation, including energy, infrastructure, agriculture, and trade. The institution continues to leverage its experience and partnerships to position Ugandan SMEs at the heart of national development initiatives.
Kiconco concluded with a rallying call to entrepreneurs:
“Don’t wait for opportunity to knock; prepare for it. Partnering with dfcu gives you the footing to compete and thrive.”
As Uganda edges closer to full-scale oil production, banks like dfcu are expected to play a pivotal role in ensuring that local enterprises are not just spectators but active participants in the country’s multibillion-dollar oil and gas value chain.
