DFCU Bank has strongly refuted recent media reports alleging internal turmoil and financial irregularities within the institution, describing the claims as “unfounded stories intended to mislead and cause unnecessary concern.”
In a press statement issued on Thursday, the bank dismissed allegations that have been circulating in some sections of the media regarding workplace violence, staff discontent, and suggestions that the bank is being prepared for sale.
“We assure our customers, stakeholders, and the public that these claims are without basis and should be treated with the contempt they deserve,” the bank stated.
The reports had alleged incidents of workplace violence involving senior executives and claimed that CEO Charles Mudiwa had been recalled from retirement specifically to package the bank for potential buyers.
The reports further alleged widespread staff unrest, particularly among regional branch employees who reportedly accused headquarters of underfunding their operations while spending lavishly on events like anniversary celebrations and corporate sponsorships.
They further suggested that despite the bank’s reported strong financial performance, including a 151% profit surge to UGX 72 billion in 2024, these figures masked internal problems related to ongoing legal challenges from the 2016 Crane Bank takeover.
However, DFCU Bank emphasized that its primary commitment remains unchanged. “Our focus remains on delivering secure, reliable, and innovative financial services to support individuals, businesses, and communities across Uganda,” the statement from Management read.
The bank cautioned the public against believing unverified information, urging stakeholders to rely only on official communication channels.
“We urge the public to rely only on official communication from the Bank and to disregard misinformation from unverified sources,” Management said.
