EFC Uganda Limited

EFC Uganda Limited
Company typePrivate
IndustryFinancial services
Founded2012
HeadquartersEFC House, Plot 45 Kira Road, Kamwokya,
Kampala, Uganda
Key people
Charles Nalyaali
(Chairman)
Michael Ssekyondwa
(Managing Director)
ProductsLoans, savings
Total assetsUGX:112.8 billion (2021)
Number of employees
136 (2021)
Websiteefcug.com

EFC Uganda Limited (EFCUL), also known as EFC Uganda, was a microfinance deposit-taking institution (MDI) in Uganda whose license was withdrawn and liquidated by Bank of Uganda on 19 January 2024.[1]

Location

The headquarters of EFCUL were located at Plot 45 Kira Road, on Kololo Hill in the Kampala Central Division, about 3.5 kilometres (2 mi) north of the central business district of Kampala, Uganda's capital and largest city.[2] The coordinates of the institution's headquarters are 00°20'12.0"N, 32°35'15.0"E (Latitude:0.336667; Longitude:32.587500).[3]

Overview

The institution opened in Uganda in June 2012 as Entrepreneurs Financial Center Limited, with one branch in Ndeeba in the Lubaga Division of Kampala.[4] In November 2014, EFCUL was awarded an MDI banking license by the Bank of Uganda, adopting the name EFC Uganda Limited.[5] As of December 2021, EFCUL owned assets of UGX:112.8 billion, with shareholders' equity of UGX:12.982 billion. At that time, the institution employed 136 staff.[6] EFCUL focused on financing micro, medium, and small enterprises.[7] In December 2015, EFCUL received a loan of UGX:10 billion for onward lending to micro, small, and medium-sized businesses.[8]

Shareholding

As of August 2016, the shareholding in the stock of the company was as depicted in the table below:[9]

EFC Uganda Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Développement international Desjardins of Canada
2 AfricInvest Financial Sector Limited of Mauritius
3 Uganda Gatsby Trust of Uganda
4 BIO of Belgium
5 Bamboo Financial Inclusion Fund of Mauritius
6 ASN-Novib Microcredit Fund of the Netherlands
7 EFC Uganda Employee Stock Ownership Fund[4]
8 EFC Uganda Customer Stock Ownership Fund[4]
Total 100.00

Branches

As of December 2015, the institution maintained networked branches at the following locations:[10]

  1. Kololo Branch - Ground Floor, Acacia Place Building, 6 Acacia Avenue, Kololo, Kampala
  2. Ndeeba Branch - Master Wood Plaza, 1156 Kampala-Masaka Road, Ndeeba, Kampala Main Branch
  3. Kireka Branch - 1525 Kampala-Jinja Road, Kireka
  4. Nansana Branch - Kampala-Hoima Road, Nansana
  5. Nateete Branch - 1396 Kampala-Masaka Road, Nateete
  6. Mukono branch

Closure and liquidation

On 19 January 2024, the Bank of Uganda revoked the banking license of EFC Uganda Limited, closed the institution and began its liquidation. The reasons stated for the revocation were under-capitalization and failure to adhere to the terms of its banking license.[11]

See also

References

  1. ^ "BoU closes EFC Uganda Limited". Daily Monitor. 19 January 2024. Retrieved 19 January 2024.
  2. ^ "Distance Between Post Office Building, Kampala Road, Kampala, Central Region, Uganda and Riders' Lounge, Kampala, Uganda" (Map). Google Maps. Retrieved 25 June 2024.
  3. ^ "Location of the Headquarters of EFC Uganda Limited" (Map). Google Maps. Retrieved 12 August 2016.
  4. ^ a b c EFCUL (12 August 2016). "EFC Uganda: Who We Are". Kampala: EFC Uganda Limited (EFCUL). Retrieved 12 August 2016.
  5. ^ BOU (30 June 2015). "Bank of Uganda Annual Report for the Period 1 July 2014 Until 30 June 2015" (PDF). Kampala: Bank of Uganda (BOU). Archived from the original (PDF) on 20 August 2016. Retrieved 12 August 2016.
  6. ^ Lafond, Claude (31 December 2015). "Managing Director's Message". Kampala. Retrieved 12 August 2016.
  7. ^ EFC Uganda Limited (27 June 2016). "EFC Uganda Limited: Advertisement for Three Staff Positions". New Vision. Kampala, Uganda. Retrieved 12 August 2016.
  8. ^ Mark Keith Muhumuza (4 December 2015). "SMEs to benefit from Shs10b Dutch government loan". Daily Monitor. Kampala, Uganda. Retrieved 12 August 2016.
  9. ^ EFCUL (12 August 2016). "EFC Uganda Limited: List of Investors". Kampala: EFCUL. Retrieved 12 August 2016.
  10. ^ EFCUL (12 August 2016). "EFC Uganda: About Us: Contact Us". Kampala: EFC Uganda Limited (EFCUL). Retrieved 12 August 2015.
  11. ^ UBN (19 January 2024). "Bank of Uganda shuts down EFC Uganda, takes control". Uganda Business News (UBN). Kampala, Uganda. Retrieved 25 June 2024.

00°18′37″N 32°34′37″E / 0.31028°N 32.57694°E / 0.31028; 32.57694