Dfcu Bank has announced the appointment of Ms. Kate K Kiiza as the new Executive Director, succeeding Mr. William Sekabembe, who is set to retire from the bank at the end of this month.
In a communication to investors via the Uganda Securities Exchange, Ms. Angelina Namakula-Ofwono, the dfcu company secretary, conveyed that Ms. Kiiza’s appointment had already taken effect. Ms. Kiiza, who had been serving as the bank’s Chief Financial Officer for approximately eight years, has now assumed her new role.
Dr. Winifred Tarinyeba, the Chairperson of dfcu, stated in a release that the board was gratified to welcome an experienced financial professional and a dedicated female leader to the bank’s top leadership position.
This appointment follows closely after dfcu’s announcement that Mr. Sekabembe would be retiring ahead of schedule, marking the conclusion of his 11-year tenure in significant roles.
With over 25 years of experience in financial services and oil marketing, Ms. Kiiza brings a wealth of expertise in top management positions. She previously held the role of dfcu’s Chief Financial Officer and had also served at companies like Shell (now Vivo Energy) and United Bank of Africa.
Ms. Kiiza takes on the role of Executive Director at dfcu during a period of change for the bank. In April, the bank appointed a new Managing Director, Charles M Mudiwa from Zimbabwe, who succeeded Mr. Mathias Katamba.
Dfcu is currently undergoing a transformation, with a focus on enhancing customer outreach, improving customer experience, and expanding lending services. As one of Uganda’s major banks, dfcu reported a 3 percent rise in assets to Sh3.24 trillion by the end of December 2022.
However, the bank has encountered a mixed set of outcomes, reporting an upsurge in loan provisions and write-offs, many of which stem from its acquisition of the now-defunct Crane Bank in 2017.
Dfcu stated that Ms. Kiiza’s appointment brings in an expert with robust strategic acumen, commercial awareness, and exceptional stakeholder engagement skills, all of which will play a pivotal role in the ongoing transformation efforts. However, she will also need to address the issue of mounting defaults in loans and debt securities.
According to dfcu’s report for the seven months leading to June 2023, loans and securities defaults have escalated to Shs45.5 billion.
Ms. Kiiza is a Fellow of the Association of Chartered and Certified Accountants and a member of the Institute of Certified Public Accountants of Uganda. She holds a Bachelor’s degree in Economics from Makerere University.
