Kampala, Uganda | DFCU Bank has dismissed reports of internal turmoil, staff unrest and financial strain, describing them as baseless and misleading.
In a statement issued Friday, the bank urged the public to ignore what it called unfounded stories intended to cause unnecessary concern.
It said its operations remain stable and focused on delivering secure and innovative financial services across Uganda.
The clarification followed an online article that claimed the bank is grappling with staff dissatisfaction, shareholder unease and financial setbacks linked to the 2017 takeover of Crane Bank.
The same report alleged that Chief Business Solutions and Marketing Officer, Ms. Marrann Wanjiku, had left Uganda after an incident with a junior staff member.
DFCU said the claims are false, pointing instead to strong financial performance.
The bank reported a 151 percent rise in net profit to Shs 72 billion in 2024, total assets of Shs 4 trillion, and Shs 100 billion contributed to the national treasury in taxes.
The online article accused management of lavish spending, citing Shs 1 billion spent on the “Jazz in Pearl” concert to mark the bank’s 60th anniversary and another Shs 1 billion pledged to Rotary.
It also suggested that majority shareholder Arise BV of the Netherlands, which holds a 58 percent stake, was considering an exit.
DFCU rejected the allegations, saying shareholders remain committed and its strategic direction is unchanged.
Management pointed to investments in digital banking, SME financing and agriculture lending as evidence of long-term commitment to the market.
A senior official, who spoke on condition of anonymity, said DFCU remains well-capitalized and focused on sustainable growth, dismissing the stories as attempts to undermine confidence.
Analysts note that while staff welfare concerns are common in the banking sector, DFCU’s swift response was necessary to protect customer confidence in a market highly sensitive to issues of trust.