Tensions are reportedly mounting within DFCU Bank following a string of unsettling incidents involving clashes between junior staff and senior executives. Allegations of harassment, physical altercations, and internal disciplinary actions have emerged, painting a picture of growing unrest inside one of Uganda’s largest financial institutions.
According to sources, Annette Kiconco, the bank’s Chief Retail Banking Officer, has become a focal point of staff frustration, with employees accusing her of harassment and imposing unrealistic performance expectations.
In one disturbing incident reported last Wednesday, Kiconco was allegedly locked inside a restroom by aggrieved junior staff and assaulted before raising an alarm and being rescued. A second, similar incident is said to have occurred the following Friday, when she was reportedly confined in the toilets for nearly an hour by unidentified individuals.
In response, Helena Mayanja, Head of Corporate Affairs and Sustainability at DFCU Bank, speaking on behalf of CEO Charles Mudiwa, firmly denied the allegations.
“I can categorically state that the alleged assault on Ms. Annette Kiconco is untrue,” Mayanja told this publication. “At DFCU Bank, the safety, wellbeing, and trust of our staff are paramount. We have clear policies, confidential reporting channels, and continuous engagement platforms to address concerns fairly and promptly.”
She added that the bank remains committed to the values of “respect, transparency, and accountability,” which have guided its operations for over 60 years.
Despite the public denial, internal sources claim that the fallout has already led to disciplinary action. A male employee from the Security and Administration Department was reportedly dismissed on Monday morning following a physical altercation with Maryann Wanjiku Michuki, the Chief Business Solutions and Marketing Officer. Michuki had been assigned by the CEO to investigate the claims surrounding Kiconco.
“She came in demanding footage of the incident involving Kiconco, but the officer told her the CCTV cameras were not working. A confrontation followed, which escalated into a physical fight,” a source told this publication.
The dismissed staff member’s position has since been internally advertised, prompting further questions. When asked about the development, Mayanja maintained that the advertisement was routine and unrelated to the recent incidents.
“Like any other organization, DFCU Bank experiences staff transitions from time to time. It is standard practice to promptly advertise critical roles to ensure continuity,” she said.
She added that three roles were advertised on the same day — one due to a resignation last month, another following the end of Mr. Mugarura’s tenure last week, and the third as part of standard staffing procedures.
While management insists the recent changes are routine HR processes, insiders suggest a deeper rift is developing between junior staff and top leadership, with some employees accusing senior female executives of condescension and creating a hostile work environment.
Despite the seriousness of the reported incidents, sources claim the bank has not involved the police, allegedly to avoid reputational damage.
These developments come as DFCU Bank continues to grapple with broader challenges, including falling profitability, cost-cutting measures, and organizational restructuring. Insiders allege that the increasing pressure to meet stringent performance targets has been passed down to lower-level employees, fuelling frustration that may now be spilling into open conflict.
