Dfcu Bank’s Investment Club App has been recognized as the Platinum Winner in the Business Model Innovation category at the prestigious Infosys Finacle Innovation Awards 2023. The app stood out among over 200 nominations received from around the world.
In Uganda, Investment Clubs play a vital role in collective savings and exploring investment opportunities. The dfcu Investment Club App simplifies the management of these clubs, SACCOs, and saving groups by offering real-time visibility into financial activities. Members can easily track contributions, manage group lending and collections, generate reports, and handle general administration tasks anytime and anywhere.
The development of the app was a collaborative effort between dfcu Bank’s Innovation team and Modefin, an acclaimed provider of Digital Banking and Fintech solutions. With the goal of banking the underprivileged and unbanked saving groups, dfcu partnered with Modefin to create a user-friendly digital solution compatible with various operating systems.
Amarnath Choudhary, MD at Modefin, expressed his satisfaction with the successful collaboration, highlighting the remarkable achievements that result from the joint efforts of purpose-driven organizations. He commended dfcu Bank and Modefin teams for their vision, dedication, and commitment to revolutionizing digital banking.
Veronica Sentongo, Chief Change and Innovation Officer at dfcu Bank, expressed her delight in the partnership with Modefin, which led to the development of this cutting-edge innovation. She emphasized dfcu Bank’s strategic priority of delivering exceptional value to customers through technology. The app has already empowered over 40,372 clubs and SACCOs in Uganda, streamlining their operations and providing seamless convenience through its user-friendly interface.
This achievement also showcases the reliability and versatility of Finacle, the core banking system on which the app operates. It serves as a solid foundation for this groundbreaking customer solution, reinforcing dfcu Bank’s commitment to providing innovative and reliable services to its customers.
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