dfcu Bank has renewed its commitment to strengthening the capacity of Ugandan enterprises to compete for contracts in the country’s fast-growing oil and gas sector, urging small and medium-sized businesses to formalise banking relationships early in order to qualify for financing and guarantees.
Speaking at a Networking Forum hosted by the Industry Enhancement Centre (IEC) in Kololo on Thursday, 30 October 2025, dfcu Bank Chief Retail Banking Officer Annette Kiconco said the bank is expanding its support for businesses targeting opportunities linked to the Tilenga, Kingfisher and associated infrastructure projects.
Kiconco said dfcu is aligning its product offering to the oil and gas value chain through capacity-building partnerships, working capital solutions, asset financing and trade guarantees intended to help Ugandan firms bid for, win, finance and deliver contracts in the sector.
“SMEs are the backbone of Uganda’s economy, and our goal is to combine access to finance with partnerships that strengthen their ability to grow, compete and diversify beyond oil and gas,” she said, adding that the bank was prioritising local content participation as the sector moves into large-scale development and production.
William Kayongo, dfcu Bank’s Head of Enterprise Banking, cautioned that many businesses miss out on contracts because they engage banks after winning tenders, leaving insufficient time to secure bid bonds, performance guarantees and other financial instruments required by oil and gas contractors.
“SMEs that engage their banks early stand a far better chance of securing the financial instruments they need — in time to deliver on their contracts,” Kayongo said. “The companies that plan ahead are the ones that win.”
dfcu Bank is working closely with the Industry Enhancement Centre and the Private Sector Foundation Uganda (PSFU) to help enterprises strengthen governance, build financial resilience and upgrade systems to meet global oil and gas standards. The initiative is part of ongoing efforts to ensure Ugandan companies benefit from the expected US$15 billion investment in energy and infrastructure over the next decade.
With a 60-year legacy in Uganda’s financial sector, dfcu Bank continues to finance priority sectors including energy, infrastructure, manufacturing and trade. Kiconco said the bank will remain a key player in unlocking capital for local suppliers as the country approaches first oil.
“Our message to entrepreneurs is simple,” she said. “Don’t wait for opportunity to knock — prepare for it. Partnering with dfcu gives you the footing to compete and thrive.”
The forum brought together financial experts, oil and gas contractors, prospective suppliers and business leaders exploring entry points into the sector.