dfcu Bank has introduced the Mobi Loan, a fully digital lending solution designed to provide quick financial relief in urgent situations. To learn more about this innovative product, its benefits, and how customers can access it, we spoke with Gloria Kunihira Mujuni, Head of Retail Products at dfcu Bank.
What is the dfcu Mobi Loan, and why was it introduced?
Gloria Kunihira Mujuni: The dfcu Mobi Loan is a fast and convenient digital loan facility that allows customers to access funds instantly—without the need to visit a bank branch or submit paperwork. We recognize that financial emergencies can happen at any time, whether it’s a medical bill, restocking a business, or an urgent personal expense.
Our goal is to provide a seamless and stress-free way for customers to access cash when they need it most.
How can customers apply for a Mobi Loan?
The process is simple and fully digital. If you are a dfcu Bank customer, you can apply through the dfcu QuickApp (available on Google Play Store and Apple Store) or by dialing USSD *240#. Your loan request will be processed within minutes, and the funds will be credited directly to your dfcu account.
For non-customers, the first step is to open a dfcu Bank account to become eligible.
What makes the Mobi Loan’s multiple drawdowns feature unique?
Unlike traditional loans that require you to take out the full approved amount at once, the multiple drawdowns feature allows customers to withdraw funds in portions within their pre-approved loan limit.
For example, if you qualify for Shs2 million but only need Shs500,000 today, you can withdraw just that amount. The remaining Shs1.5 million remains available for future use within the same month. This flexibility allows customers to access credit as their needs arise, without having to repay the entire loan first.
Who qualifies for a Mobi Loan, and how is the limit determined?
The Mobi Loan is available to all dfcu Bank customers who have an active transaction history for at least six months and a good credit record. Your loan limit is based on your account activity—the more you transact, the higher your potential limit.
Currently, customers can borrow between Shs30,000 and Shs2,000,000.
What are the interest rates for the Mobi Loan?
The Mobi Loan has a straightforward pricing structure with an upfront fee of 10.8% per month.
How fast is the loan disbursement?
Super fast! From the moment a customer applies for a Mobi Loan, it takes less than five minutes for the funds to be credited to their dfcu account. This ensures that urgent financial needs can be met instantly.
How does the Mobi Loan compare to dfcu’s other loan products?
The Mobi Loan stands out in terms of convenience, accessibility, and flexibility. Unlike traditional loans that require branch visits, paperwork, and collateral, the Mobi Loan is completely paperless and can be accessed in under five minutes via:
dfcu QuickApp
dfcu QuickWeb
*USSD 240# (for feature phone users)
Additionally, it is an unsecured loan, meaning customers do not need to provide collateral to qualify. The multiple drawdowns feature further enhances flexibility by allowing customers to withdraw funds in portions rather than as a lump sum.
Can customers withdraw their full pre-approved loan limit at once?
Yes, customers have the option to withdraw the full approved amount in one go. However, once the entire loan limit is utilized, additional funds can only be requested after the loan is fully repaid.
What happens if a customer has an overdue Mobi Loan?
If a customer fails to repay on time, they will be temporarily restricted from accessing new loan drawdowns until the outstanding balance is cleared. To continue benefiting from the Mobi Loan, it’s important to make timely repayments.
If a customer experiences difficulties accessing the Mobi Loan, where can they get help?
dfcu Bank provides multiple support channels:
Toll-free line: 0800 222 000
Email: customercare@dfcugroup.com
WhatsApp: +256 776 760 760
dfcu’s social media platforms
Any final message to dfcu customers?
The dfcu Mobi Loan is designed to empower customers by providing instant access to funds anytime, anywhere. It’s a convenient, flexible, and reliable solution that helps bridge financial gaps without the hassle of traditional borrowing.
At dfcu Bank, we are committed to moving further together with our customers, and the Mobi Loan is just one of the many ways we are transforming lives and businesses in Uganda.
