The DFCU NGO Account is designed especially for Ugandan NGOs. For most NGOs, attention is diverted to urgent projects, leaving financial management and control to chance.
The DFCU NGO Account was made with Ugandan NGOs in mind. For most NGOs, it is only natural that attention is diverted to projects and situations that are more urgent, leaving financial management and control behind.
Because of this, NGOs are much more susceptible to financial losses and challenges, and when financial crises do arise, they are more likely to lose ground.
The DFCU NGO Account is designed to help them as they focus on transforming communities through different projects and programs.
One of the main benefits of this account type is having dedicated Client Service Personnel to help the organization focus on its mission.
For NGOs looking to take advantage of the DFCU NGO Account the information below may prove helpful. We share more benefits of the account and also the requirements needed to open such an account.
Benefits of having a DFCU NGO Account
- Free dedicated Client Service Staff who can be reached on 0800 203 019 or via ClientServices@dfcugroup.com
- For balances greater than UGX. 500,000, there are no maintenance or activity fees charged.
- Up to 4% p.a. tiered interest on UGX accounts and 1.25% p.a. on dollar accounts
- Free Internet Banking and access to third-party & Bulk payments solution
- Dedicated Relationship Manager
Requirements for opening an NGO Account
- Certified Certificate of Registration/Trading
- TIN certificate / VAT certificate.
- Minutes of the Executive Committee certified by the NGO board
- Recommendation letter from NGO board/ governing body
- 2 passport photos for signatories
- National ID or passport for all authorized signatories
- Certified Constitution / Bye-laws/ trust deed.
Conclusion
It is fundamental for NGOs to understand that managing their funds with tools like the DFCU NGO Account and other solutions is just as crucial as their projects and objectives.
These organizations can avoid the fate of many who have come before them by including the required controls to manage money and reduce the danger of failure due to a lack of funding, running out of resources, and taking costly risks.
