The Bank of Uganda (BOU) and Deposit Protection Fund (DPF) have established mechanisms to ensure that depositors attached to EFC Limited, a microfinance institution, receive their funds as early as possible, following the revoking of its license.

According to Michael Atingi-Ego, the Deputy Governor of the BoU, DPF is set to commence payment of the protected deposits effective January 29, 2024, and February 5, 2024.

“Depositors who have protected deposits up to UGX 100,000 will be paid using mobile money, effective January 29, 2024, after verification of their National Identification Number (NIN) and mobile phone numbers,” Atingi-Ego said.

He added that all other depositors with balances of up to Ugx10 million will be paid effective February 5, 2024, through an agent bank to be communicated.

According to Atingi-Ego, the BoU will inform depositors with more than Ugx10 million of the arrangements for paying their deposits within fourteen days from the date of the notice.

“Bank of Uganda reassures the depositors of EFC Uganda Limited that they will receive all their deposits,” he added.

On Friday, January 19, 2024, the Bank of Uganda placed EFC Uganda Limited under liquidation, revoked its licence, and ordered the winding up of its affairs in the country. EFC Uganda Limited is a Microfinance Deposit-taking Institution (MDI) that has been lending primarily to small enterprises.