Published on 18/09/2025
DFCU Bank has been parading record profits and multitrillion-shilling assets, projecting an image of stability and growth. Yet behind the glossy financial statements and glitzy sponsorships, the institution is weighed down by endless lawsuits, internal strife, and a majority shareholder preparing to walk away.
The bank’s troubles trace back to its controversial takeover of Crane Bank in 2017. What was marketed as a bailout has instead saddled DFCU with expensive court battles in both Kampala and London. Even as legal bills climb, management continues to pour resources into high-profile events and lavish anniversary celebrations to mask the turbulence.
Arise BV, the Dutch fund controlling about 58 percent of DFCU, is said to have pulled veteran banker Charles Mudiwa out of retirement in Zambia with a clear mission: polish the brand, calm stakeholders, and quietly ready the bank for a sale.
Under his stewardship, the institution announced a 151 percent surge in net profit to Shs 72 billion in 2024 and assets surpassing Shs 4 trillion. But insiders dismiss the headline figures as cosmetic, claiming they obscure deep structural weaknesses.
Staff, meanwhile, bear the brunt of the strain. Regional employees complain of bare-bones operational budgets, unrealistic performance targets, and threats of layoffs — all while head office enjoys generous perks.
Frustration boiled over recently when two senior managers, including Chief Business Solutions and Marketing Officer Marrann Wanjiku, engaged in a physical fight. Colleagues point to “cramps” and exhaustion as signs of stress from relentless pressure.
After the altercation, Mudiwa circulated a memo urging staff to direct grievances to his office instead of resorting to violence. But insiders say the message has done little to quell unrest, especially in upcountry branches where murmurs of industrial action are growing louder.
The timing coincides with Arise BV’s increasing focus on Equity Bank, where it already owns a 12 percent stake. Unlike DFCU, Equity faces no billion-shilling legal baggage and continues to expand market share steadily. Industry analysts believe DFCU is being “packaged” for disposal once its balance sheet and public image have been burnished.
For employees, the contradictions remain glaring: headline sponsorships, corporate galas, and Rotary pledges on one hand, and underfunded branches and job insecurity on the other. Behind the polished façade lies a bank still haunted by the Crane Bank acquisition, battling staff morale issues, and edging closer to a shareholder exit.
What emerges is less a story of a thriving financial institution than of a bank struggling to contain reputational damage, legal headwinds, and workforce discontent — even as it tries to appear attractive to potential suitors.
