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The shilling experienced one of its most volatile stretches in recent months. It swung wildly as offshore realignments and rising import demand disrupted its long-held stability. The currency opened last…
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 Deposit Protection Fund of Uganda will inform depositors of the arrangements that will be put in place to enable them to access all of their deposits. All other creditors are requested to submit their claims to the Office…
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Bank of Uganda (BoU) has officially approved Afriland First bank Uganda Limited’s request for voluntary closure. The central bank and banking sector regulator in exercise of it’s powers under section 98 (1) of the Financial Institutions Act, 2004 (as amended), on Wednesday 25th May 2022, approved a request from Afriland First Bank Uganda Limited, to apply to the High Court for Voluntary Liquidation. A notice to the public written and signed off by Bank of Uganda’s Deputy Governor, Michael Atingi Ego states that: “Afriland First Bank Uganda Limited’s decision for Voluntary Liquidation was an outcome of a strategic business review…
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