dfcu Bank, a subsidiary of dfcu Limited, is set to accelerate the digitization of its operations and financial products by joining FMO’s “FinForward”, an acceleration program where global Fintech companies and Financial Institutions (FIs) and Mobile Money Providers (MMPs) in Africa are matched and integrated.
FinForward is an initiative powered by FMO, the Dutch Development Bank, Miami based Fintech and digital transformation strategists above & beyond (a&b), and strategic partner, Arise. The FinForward platform launched in 2017 and with the addition of dfcu, now reaches 36 African countries with seven Financial Institutions. The FinTech community consists of 145 screened international FinTechs.
The objective of FinForward is to accelerate the digitization of the financial industry in Africa by supporting innovation of the core business with digital solutions. The matching and integration tool will make global Fintech companies accessible and in doing so, support in reducing costs, spurring innovation, the rolling-out of new services, accessing new revenue streams and working towards an open banking approach to their businesses.
dfcu Bank has an omni-channel banking platform ensuring a seamless customer experience and is one of the main agents for financial Inclusion in Uganda. The Bank focusses on serving SMEs with long-term funding and delivering financial products to underserved segments such as agribusinesses, farmers and women in business. dfcu also provides non-financial services to entrepreneurs such as financial literacy programs and advisory services.
By joining FinForward, dfcu expects to accelerate the process of getting new and innovative technologies into production. This to the benefit its customers and in order to bring greater efficiency to the way the bank works. dfcu Bank’s Chief of Business & Executive Director, William Sekabembe says: “Today’s consumers are increasingly sophisticated and are accustomed to targeted offerings and seamless experience. Joining this program provides dfcu with an opportunity to be matched with innovative FinTechs all over the world and test possible solutions that will enhance its product and service offering.”
FMO‘s Huib-Jan de Ruijter, Director Financial Institutions indicated that “with the rise of FinTech, the digital transformation of financial institutions has become inevitable and urgent. FinForward is the first program of its kind in Africa supporting collaboration between Financial Institutions and FinTechs through matchmaking and the digital integration by API technology. Through FinForward, FMO aims to be a partner in dfcu bank’s digital transformation journey.”
FinForward partner Arise’s CEO Deepak Malik added, “This is why Arise is so excited to be a strategic partner of the FinFoward initiative. Fintech is turning traditional banking on its head and is disrupting the way ordinary Africans manage their money. Digital innovation in banking offers potential rewards for banks and can lead to increased revenues from innovative offers and new business models”.