Dfcu Bank has rolled out its Investment Club App, simplifying the day to day management of the group savings by providing a real-time view of all financial activities.
ICT Industry

Dfcu Bank introduces App to drive financial inclusion

Dfcu Bank has rolled out its Investment Club App, simplifying the day to day management of the group savings by providing a real-time view of all financial activities.

The App will help with tracking contributions, managing group lending and collections; effective reporting and general administration anytime, anywhere.

The App was unveiled during a customer engagement on ‘The Investment Club of the Future’.

Key areas of discussion including transparency and accountability in funds management, learning and unlearning investment options as well as digitization and its impact on strategic planning and investment clubs management.

dfcu Bank’s CEO, Mathias Katamba, said they have moved into the future of banking with the aim of enabling their customers to access financial services with ease.

“With over 24,000 active investment clubs, this App will be central to our ongoing financial inclusion drive by encouraging personal and group savings and investments in Uganda,” said Katamba during the launch of the Investment Club App.

“Levering technology to deliver a more convenient and efficient banking experience for our customers is at the heart of our digital agenda.

“By addressing the Investment club pain points, the App will revolutionalise the management of group savings further entrenching a savings & investments culture,” he said.

He added that the bank thought of a way how it could involve in the wellbeing of its people and boosting development through investment clubs and SACCOS saying saving as a group would help individuals to develop much faster than when one takes it up alone.

According to Miranda Bageine Musoke, dfcu Bank Head Personal Banking, the group management App will encourage transparency and accountability in the management of group savings which is one of the main challenges for the clubs.

“We developed the features of our Investment Club App based on the insights we got from our customers and financial reports. The App has all the tools that will help users easily and securely manage their finances,” Miranda added.

According to a 2018 Fin Scope Uganda survey, 52% of adults (9.7 million) have mobile phones and 10% (1.9 million) have access to the internet. The survey showed that more than half (54%; 10 million) of Ugandan adults save or put money away with the intention

The App has been designed to provide full support for managing regular activities of groups such as investment clubs, SACCOs, Village Savings and Lending Associations (VSLAs), Rotating Savings and Credit Associations (ROSCAs) and companies operating as Investment clubs or SACCOs.

Application design and features.

The dfcu investment app has been designed with a two-way dash-board feature like that enables both the administrators and the members to execute their duties accordingly.

It enables the administrators to approve loan requests from members, set meeting dates, feed into the system all contributions received, while the members can also use it to request for loans, access to view club investment.

The 5.28mb Investment Club App that is available on Android and iOS is free to download and also has a web-based management portal. Feature phone users can access the platform through USSD *240*100#.