dfcu Bank is Uganda’s fifth largest bank with assets of UGX1.87 trillion and an after tax profit of UGX74.8trillion in 2019. It is also among Uganda's top 5 lenders with a mix of corporate and SME solutions,

As part of its continued efforts to support businesses amidst numerous challenges presented by the impact of COVID-19, dfcu Bank is offering unsecured bid bonds of up to UGX 500,000,000 to support traders and contractors in the management of their working capital and secure contracts.

“Contractors in road construction, building and civil works, water and electrical installations, consultants and suppliers with contracts in agricultural inputs, security installations and ICT, can now access unsecured bid bonds within 5 hours, with no need for security and payment of arrangement fees,” the bank pledges, in a media statement sent to CEO East Africa Magazine.

“With several businesses impacted by the effects of the COVID-19 pandemic, contractors who can demonstrate the ability to execute large contracts stand a better chance at being awarded contracts.  It is with this background that dfcu Bank seeks to support contractors through special offers on some of its trade finance solutions including: unsecure bid bonds, performance guarantees, advancement guarantees and letters of credit,” the bank further said.

Commenting on this latest offer, dfcu Bank’s Head of Business Banking Ronald Kasasa said; “We understand our customers business and know that there may be costs that need to be incurred before they get paid for the job. At the same time, they have day-to-day business costs to meet in the delivery of projects. Our range of trade finance solutions provides that cushion for them to grow within the value chain and successfully win and execute contracts in these tough economic times.”

The bank said that with the current offer on unsecured bid bonds, performance guarantees and advance payment guarantees the bank’s customers will be well-positioned to take on more work with confidence, knowing they have reliable funding and support in place.