Bank of Uganda revokes licence of EFC, places its under liquidation
One of the branches of EFC which has been closed
Bank of Uganda has revoked the license of EFC Uganda Limited, a microfinance deposit taking institution because it is undercapitalized.
In a statement from the deputy governor of the central bank, Michael Atingi-Ego, the decision was taken to protect the customers of EFC saying a continuation of its activities was detrimental to the interests of the depositors.
"Bank of Uganda and the Depos
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