The board of Directors of the embattled Dfcu-Bank has sacked its Acting Executive Director who doubled as chief commercial officer, William Ssekabembe.
The company secretary, Angelin Namakula Ofwono, revealed his sack announcement.
Ssekabembe with an experience of over 24 years in the banking sector leaves the struggling bank after 11 Years of service at DFCU and has been in an acting position for some time.
Meanwhile, the insider revealed that his sacking could be related to the ongoing poor performance, endless court cases, and losses the bank is registering.
“We are incredibly grateful to William for the energy, vision and heart that he dedicated to our bank and the customers. We wish him the absolute best in all his plans and endeavours,” said, Dr Winnie Kiryabwire the Board Chairman.
Namakula, the company secretary, said that during Ssekabembe’s time. He saved three positions, the head of customer banking, head of corporate banking and his recent role as the executive director and chief commercial officer.
He was instrumental in the growth of the bank’s retail franchise, adapting technology solutions that improved customer experience championing organizational culture and developing the bank’s asset book that propelled Dfcu-Bank into one of the top five banks in Uganda.
Ssekabembe, who leaves the bank on August 31, 2023, expressed his appreciation to the bank saying. “It has been an extremely rewarding experience working at Dfcu-Bank and I am truly proud of what we have been able to achieve and deliver to our customers. I extend my sincere appreciation to the bank board, staff and management for their tireless efforts and support.
However, “I look forward to seeing how the foundation we have built together will propel both the bank and our customers to greater bigger heights.
The bank also reported a marginal drop in customer deposits from Shs 2.5 trillion to Shs 2.2 trillion in 2020. The bank further wrote off loans worth Shs 37.5bn, reflecting an approximately 170 per cent rise compared to 2020.
Now, the above results seem to have hugely affected Sekabembe’s chances of having more time at the bank.
Last year, the bank announced that the net profits for the year 2021 had fallen by at least 25%. It was also revealed that in the last financial year, they made a ‘good’ loss of UGX11 billion.
In its report, the bank reported that impairment losses shot up by 382 per cent from Shs 30.6 billion to Shs 148.3 billion, in 2020. This compelled the profit margins to drop from Shs 24.3 billion to Shs 13.3 billion in 2020.
