Bank of Uganda, Uganda’s central bank, on January 19th, 2024 placed EFC Uganda Limited under liquidation, revoked its license, and ordered the winding up of its affairs. This in effect fired all the bank’s employees and board and put all the remaining affairs of the financial institution under the Central Bank. This, the Central Bank said was due to “significant undercapitalisation and poor corporate governance” which if left unattended to, would be “detrimental to the interests of its depositors”. Started in July 2012 as a Greenfield operation, EFC would have clocked 12 years this July. Unfortunately, it didn’t get to…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
