Bank of Uganda on Tuesday released more information on how depositors of the liquidated microfinance EFC Uganda Limited can access their funds.
In a notice, the bank said the Deposit Protection Fund, the government agency responsible for providing deposit insurance to customers of licensed deposit-taking institutions, will pay insured depositors. BoU, the liquidator of the failed microfinance institution, will pay depositors whose funds exceed the Shs10mn insurance cap.
Depositors whose funds with EFC Uganda do not exceed Shs100,000 “will be paid via mobile money with effect from 29 January 2024 after verification of their National Identification Number (NIN) and mobile phone numbers,” the notice said.
Those with deposits between Shs100,000 and Shs10mn will be paid from 5 February “through an agent bank to be communicated.”
As for customers whose funds exceed the insurance limit, the central bank says it will inform them of payment arrangements within fourteen days from Tuesday. BoU added that depositors of the failed microfinance will “receive all their deposits.”
EFC Uganda was shut down by the Bank of Uganda last Friday for failing to meet minimum capital requirements and what the regulator called “poor corporate governance.”
