The Bank of Uganda (BoU) has announced the liquidation and revocation of EFC Uganda Limited’s license.
According to a letter released by the Bank of Uganda Deputy Governor, Mr. Michael Atingi-Ego, the Bank exercised its powers under Sections 72 (1) and 12 (1) (d) and (g) of the Microfinance Deposit-Taking Institutions (MDI) Act, 2003, as amended.
However, Atingi Ego said that “the Bank of Uganda (BoU) has, effective today, January 19, 2024, placed EFC Uganda Limited under liquidation, revoked its license, and ordered the winding up of its affairs.”
Related articles; Government sets dates to improve Vanilla quality in 2024
Furthermore, Ego says the move was taken after the BoU 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.
EFC, a microfinance institution that was licensed and supervised by the Bank of Uganda, has been ordered to wind up its services across the country.
In conclusion, the bank has yet to inform depositors on how to access their deposits, urging creditors to submit their claims to the Office of the Director of Financial Stability within 30 days.
Check also;
- Ugandan Parliament urged to pass Alcohol Control Bill
- Court halts sale of Muslim property in Kampala
- Musa Musasizi jailed over 100 years for killing four girlfriends
written by @enock katamba
-
Enock Katamba – Journalist | Founder of Uncovered Ug (uncoveredug.com)
Enock Katamba is a Ugandan journalist and founder of Uncovered Uganda, a digital online news platform covering health, national news, entertainment, celebrity gossip, music, education, business, sports, and international news. He focuses on delivering accurate, timely, and reliable information to keep the public informed.
Coverage: Health | National | Education | Business | Sports | International | Entertainment | Celebrity Gossip | Music
Published 2,000+ articles on Uncovered Ug (uncoveredug.com)
Contact:
X (Twitter): @Enockkatamba6
Email: [email protected]
Phone: +256 758 287 080
Website: www.uncoveredug.com
Latest entries
NationalApril 14, 2026Govt Tightens Control on Civil Servants with Strict Performance Measures
NationalApril 12, 2026Family Demands Answers After Student Dies in School Swimming Pool
EducationApril 12, 2026Makerere Vet Students Face Lecture Crisis
SportsApril 11, 2026Arsenal Slip at Home as Bournemouth Boost Man City Title Hopes
