KAMPALA, UGANDA — dfcu Bank has revamped its Vehicle and Asset Finance (VAF) offering, introducing a more inclusive and flexible financing solution aimed at empowering individuals and businesses in key sectors such as transportation and healthcare.
The enhanced product is designed to enable a wide range of clients—from boda boda riders and traders to SMEs, logistics operators, and medical institutions—to acquire income-generating assets that support livelihoods, business growth, and national development.
According to Gloria Ssuuna Namutebi, Senior Manager for Vehicle and Asset Finance at dfcu Bank, the initiative is about more than just financing—it’s about impact.
“We want to help our clients grow their incomes, build wealth, and achieve real progress in their businesses,” she stated.
Broad Reach and Sector Focus
The bank’s refreshed VAF solution caters to a diverse client base, including informal workers such as farmers and traders, salaried individuals like civil servants, and businesses operating in transport, logistics, and health services.
The timing of the product’s upgrade aligns with Uganda’s growing demand for efficient mobility and improved medical infrastructure. A Uganda Bureau of Statistics (UBOS) report shows urbanization is growing at 5.2% annually, while vehicle ownership in the country remains significantly below the global average—only 11 vehicles per 1,000 people, compared to 180 globally. This reveals a major opportunity for vehicle financing and mobility support.
Strategic Partnerships in Transport and Healthcare
To close this gap, dfcu Bank has entered key partnerships to increase access to reliable assets. In the transport sector, the bank is working with WorldNavi to make affordable vehicles more accessible. In healthcare, it has teamed up with Pacific Diagnostics to help hospitals and clinics acquire essential diagnostic tools such as dental units, X-ray machines, and CT scanners.
“Everyone needs healthcare at some point. Our role is to ensure that facilities have access to the equipment they need, without being burdened by cost,” Namutebi said.
A 2024 Ministry of Health report revealed that over 40% of Uganda’s health facilities lack vital diagnostic equipment, severely affecting healthcare delivery. With the sector projected to grow by 10% over the next five years, dfcu’s support comes at a critical time.
Flexibility and Ease of Access
What sets dfcu’s VAF product apart is its flexibility. Repayment plans are tailored to match clients’ income patterns—schools can choose term-based payments, farmers may opt for biannual plans, and salaried clients can pay monthly. Financing covers between 80% and 100% of the asset cost, and all financed assets are comprehensively insured through the bank.
Namutebi emphasized the simplicity of the application process. Clients only need to present a proforma invoice and recent bank statements. Standard Know Your Customer (KYC) and credit assessments apply, and approvals typically take just a few days.
“It’s a stress-free, all-inclusive package,” she said.
Real Impact on Businesses
The benefits are already being felt across sectors. Transport companies have grown their fleets from just a couple of vehicles to more than 30, drastically improving delivery timelines. Schools have acquired buses to improve student access and safety, and healthcare providers have scaled up diagnostic services with modern equipment.
Uganda’s logistics sector, valued at $2.5 billion, is projected to grow by 6% annually. dfcu’s VAF product positions the bank as a strategic enabler of this growth by supporting fleet expansion, operational efficiency, and service delivery across Uganda.
The initiative also aligns with Uganda’s Third National Development Plan (NDP III), which focuses on industrialization, agro-processing, and improving healthcare systems.
“We’ve witnessed our clients grow—some from a single truck to an entire fleet. We’re not just offering loans; we’re offering growth and long-term partnerships,” Namutebi concluded.
With this renewed push, dfcu Bank continues to play a crucial role in powering Uganda’s development, one financed asset at a time