No Collateral, No Paperwork: Dfcu Rolls Out Quick Mobi Loan

Dfcu Bank has rolled out Mobi Loan, a fully digital product that allows customers to access quick credit without paperwork, collateral, or visiting a branch. The innovation is aimed at easing liquidity pressures for individuals and small businesses across Uganda.

The loan provides up to Shs5 million for business clients and up to Shs2 million for individuals, available to customers who have banked with dfcu for at least six months. Funds are disbursed directly into accounts in under five minutes, through either smartphones or feature phones.

According to Jonathan Joseph Ngondwe, Products Officer for Assets at dfcu Bank, the product is part of the bank’s broader goal of supporting financial inclusion. “The dfcu Personal Mobi Loan fits into our mission of transforming lives and businesses. It provides quick and accessible credit that can make a real difference,” he said at the launch.

Two categories are available: the Personal Mobi Loan, tailored for emergencies, school fees, or other personal needs, and the SME Mobi Loan, designed to provide liquidity and working capital for small enterprises.

Uganda’s informal sector, which accounts for nearly 70 percent of the economy, often struggles to access affordable credit. Financial experts believe digital solutions like the Mobi Loan can help sustain and grow small businesses by bridging funding gaps.

While the loan carries an interest rate of 10.8 percent, slightly above the market average of 9 percent, dfcu emphasizes that its convenience, higher limits, and trusted banking infrastructure make it a valuable option. Ngondwe added, “This product extends barrier-free access to credit, making it easier for more people to benefit from our services safely and reliably.”

With this launch, dfcu Bank joins a growing list of financial institutions leveraging digital channels to expand credit access, underscoring the role of fintech-driven banking in Uganda’s economic transformation.