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Bank of Africa Slams Fabrication of dfcu boss Kisaame’s Accounts

Bank of Africa has condemned the “malicious” fabrication and circulation of forged documents purporting to show that DFCU Managing Director Juma Kisaame carried out transactions in millions of dollars.

“Bank of Africa would like to inform its esteemed customers and the general public that the financial documents supposedly belonging to Mr Juma Kisaame, circulating on social media platforms are maliciously fabricated and should be disregarded,” said the financial institution.

The public was at first alarmed by the documents only to realise that using Photoshop, the fabricators had among other things changed the description of the account from Shillings to USD.

The shillings accounts shows modest withdraws of Shs 500,000 to Shs 1,000,000. By altering the account to dollars using photoshop, the figures look huge, painting a negative picture of the banker.

BoA dismissed the story “with the contempt that it deserves and advised its customers and general public to ignore it as unfounded.”

The development underscores the danger posed by a sustained campaign of fake news on Uganda’s banking industry.

Dfcu bank last week condemned what it described as “malicious propaganda” aimed at tarnishing its reputation, saying it will not be deterred in pursuit of its strategic objectives.

“Over the last couple of days, a torrent of malicious propaganda has been circulated through online publications and social media in what appears to be a deliberate effort to taint the reputation of dfcu Bank and its leadership,” dfcu said in a statement on Friday afternoon.


The negative campaign against the second largest bank in Uganda started soon after it acquired Crane Bank.

At the time, Bank of Uganda said Crane Bank was insolvent as a result of bad management, fraud and insider lending that eroded its capital base.

ChimpReports understands authorities are investigating the source of the fake news with the view of holding perpetrators accountable.

BoU Speaks out

Bank of Uganda Governor Prof Emmanuel Tumusiime-Mutebile recently disclosed that a campaign of fake reports about the financial strength of Dfcu Bank sought to “malign the bank” but “have failed.”

“Regrettably, dfcu Bank has recently been subjected to a series of false allegations in the social media and online publications, concerning changes in its ownership structure, governance, and liquidity position,” said Mutebile.

“These false allegations sought to malign the bank. Fortunately, they have failed. Dfcu Bank’s operations have progressed normally and the bank remains in a strong liquidity position,” he added.

BoA said the bank “treats all customer information with utmost importance, confidentiality and integrity.”

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