The Bank of Uganda (BOU) has released the requirements for refunding all depositors of EFC Uganda Limited that are above Ugx 10m.

In a BOU statement released on Monday, February 5, 2024, Kenneth Egesa, the Director of Communications at the BOU, noted that under sections 111A and 111C (5) of the Financial Institutions Act 2004 as amended, protected deposits of up to Ugx 10m per depositor shall be paid by the Deposit Protection Fund (DPF).

However, BOU, as a statutory liquidator of EFC Uganda Limited, will pay the unprotected deposit. According to Egesa, those under the unprotected deposit category are required to present the following requirements to be paid.

Among the requirements are the letter confirming the account name in EFC Uganda Ltd, the names and signatures of the signatories of the accounts, alternative bank accounts registered in their names, and the National Identification Cards of the signatories.

Others include the mobile phone numbers of the account holders, the certificate of incorporation and the location of companies, and memoranda and articles of association for companies.

“Payments of unprotected deposits will be made with effect from February 19, 2024, after verification of the information provided,” Egesa said.

The Bank of Uganda placed EFC Uganda Limited under liquidation, revoked its licence, and ordered the winding up of its affairs on January 19, 2024.

EFC Uganda Limited was among the microfinance institutions in Uganda licenced and supervised by the Bank of Uganda.nexus