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HomeULTIMATE BUSINESSREVEALED: Why Bank Of Uganda Revoked EFC Microfinance's Licence

REVEALED: Why Bank Of Uganda Revoked EFC Microfinance’s Licence

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In exercise of its powers under Sections 72 (1) and 12 (1) (el) of the Microfinance Deposit-taking Institutions ,ADI) Act, 2003 . amended, Bank of Uganda poll) has effective today, 19. January 2024, placed EEC Uganda Limited under liquidation, revoked its license, and ordered for the winding up of its affairs.

This action has been taken because Bank of Uganda has determined that the continuation of EFC Uganda Limited’s activities is detrimental to the interests of its depositors due to the institution’s failure to resolve its significant undercapitalization and poor corporate governance.

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Bank of Uganda and the Deposit Protection Fund of Uganda will inform depositors of the arrangements that will be put in place to enable them to access all of their deposits.

All borrowers of EFC Uganda Limited must continue to service their loan obligations by making payments at Bank of Uganda offices and branches. Bank of Uganda reassures the public that it will continue to protect depositors’ interests and maintain the stability of the financial sector.

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