With over 70% of Uganda’s adult population relying on mobile banking, dfcu Bank is revolutionizing access to credit through its Mobi Loan service. Since its launch, the service has disbursed billions in instant loans, catering to individuals and businesses in need of quick financial support.
In an exclusive interview, Gloria Kunihira Mujuni, Head of Retail Products at dfcu Bank, breaks down how Mobi Loan is bridging financial gaps, the impact on Uganda’s growing digital economy, and what the future holds for mobile lending.
Q: What exactly is the dfcu Mobi Loan, and why was it introduced?
The dfcu Mobi Loan is a quick, digital loan facility that allows customers to access funds instantly without visiting a bank branch or submitting paperwork. We understand that financial emergencies arise unexpectedly—whether it’s covering a medical bill, restocking a business, or handling an urgent personal expense.
Our goal with the Mobi Loan is to provide a seamless, stress-free way for our customers to get cash when they need it most.
Q: How does one apply for a Mobi Loan?
The process is simple. If you are a dfcu Bank customer, you can apply for a Mobi Loan through the dfcu QuickApp (available on Google Play Store and Apple Store) or by dialling USSD *240#. Within minutes, your loan request will be processed, and the money will be credited to your dfcu account.
For non-customers, opening a dfcu Bank account is the first step to becoming eligible.
Q: What makes the Mobi Loan’s multiple drawdowns feature special?
Unlike traditional loans, which require you to take out the full amount in one go, our multiple drawdowns feature allows customers to withdraw funds in portions within their pre-approved loan limit.
For example, let’s say you qualify for Ugx 2 million, but today you only need Shs Ugx 500,000. You can borrow just that amount and still have access to Ugx 1.5 million for later use in the same month. This feature gives customers greater flexibility to access credit as their needs arise, without having to first pay off the initial amount.
Q: Who qualifies for a Mobi Loan, and how is the limit determined?
The Mobi Loan is available to all dfcu Bank customers with an active transaction history for 6 months & good credit history. Your borrowing limit is based on your account activity—the more you transact, the higher your potential loan limit.
Currently, customers can access loans ranging from as little as Ugx 30,000 to a maximum of Ugx 2,000,000/-.
Q: What interest rates should customers expect?
The dfcu Mobi Loan attracts an upfront fee of 10.8% per month.
Q: How fast is the loan disbursement?
Super fast! From the moment a customer requests a Mobi Loan, it takes less than five minutes for the funds to reflect in their dfcu bank account. We designed this solution to ensure that urgent financial needs can be met instantly.
Q: How does this loan compare to dfcu’s other loan products?
The key differences are convenience, accessibility, and flexibility. Unlike traditional loans, which require a branch visit, paperwork, and collateral, the Mobi Loan is completely paperless and can be accessed in less than 5 minutes via the dfcu Quick app, the dfcu Quick web or dialling USSD *240# and selecting the Mobi Loan option.
Additionally, it’s an unsecured loan, meaning customers don’t need to provide collateral to qualify. The multiple drawdowns feature is another unique advantage, allowing customers to take out funds in portions rather than in one lump sum.
Q: Can a customer withdraw their full pre-approved loan limit at once?
Yes, you can take out the entire approved amount in one go. However, once you’ve used up the full limit, you won’t be able to request additional funds until the loan is fully repaid.
Q: What happens if a customer has an overdue Mobi Loan?
If a customer has an overdue amount, they will be temporarily restricted from accessing new loan drawdowns until the outstanding balance is fully cleared. To continue benefiting from Mobi Loan services, it’s important to repay on time.
Q: If a customer experiences difficulties accessing the Mobi Loan, where can they get help?
We have a dedicated support team ready to assist. Customers can:
• Call our toll-free number: 0800 222 000
• Email us at: customercare@dfcugroup.com
• WhatsApp us on: +256 776 760 760
• Reach out via our social media platforms
Q: Any final message to dfcu customers?
The dfcu Mobi Loan is designed to empower our customers by giving them instant access to funds when they need them most. We encourage our customers to take advantage of this convenient, flexible, and reliable solution to bridge financial gaps without the hassle of traditional borrowing.
At dfcu Bank, we are committed to going further together with our customers—Mobi Loan is just one of the many ways we are transforming lives and businesses in Uganda.
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