In a Press Release from Bank Of Uganda, EFC Uganda a Microfinance deposit-taking institution whose headquarters are in Kamwokya at Plot 45 Kira Road, has been ordered to wind up it’s affairs in Uganda.
In a letter written by the Deputy Governor of Bank Of Uganda, he said “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 it’s depositors due to the institutions failure to resolve it’s significant undercapitalisation and poor corporate governance.”
Bank Of Uganda gave EFC Uganda Limited it’s MDI license in 2014 after operating for two years in Uganda under the name of Entrepreneurs Financial Centre Limited.
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