April 12, 2018—New customers of dfcu Bank should expect some pleasant surprises after the recent signing of a contract with the fintech company, Laboremus (Uganda), to accelerate the digitization of its banking systems.
“Technology and innovation have become key strategic areas of investment for any financial institution in the digital age. We want to leverage capacity locally and from abroad to supplement our own team and to fast-track results on our banking experience,” William Sekabembe, the dfcu Bank Chief of Business and Executive Director said.
Notable is the planned use of the National ID to track transactions. The partnership with Laboremus is set to introduce solutions that will drastically reduce the time and paperwork required for opening an account, while also adaptable local market needs.
“Partnering with dfcu Bank, the second-largest bank in Uganda, is a great opportunity for Laboremus to show that our combination of exposure to the Scandinavian market as well as deep knowledge of the local market can be a winning combination for innovation in the financial space,” Timothy Musoke, the Head of Technology at Laboremus said.
Agency banking is also seen as key to leverage technologies such as mobile wallet. Officials say all this will lead to banking that is safer and more convenient for customers, especially in remote areas with a special emphasis on SMEs, women in business, investment clubs and farmers.
Laboremus Uganda, which is partially Ugandan owned, is part of the Laboremus Group from Norway which specialises within software for the banking sector. In 2013, the company was set up as a joint venture in Uganda, with offices in Bugolobi. Developers in Kampala have for the last five years, been closely involved in the development of solutions for the European market. The company has a dynamic team of experts, consultants, innovators and digital transformation specialists, in addition to software developers.