EFC Uganda Limited


EFC Uganda Limited, also known as EFC Uganda, was a microfinance deposit-taking institution in Uganda whose license was withdrawn and liquidated by Bank of Uganda on 19 January 2024.

Location

The headquarters of EFCUL were located at Plot 45 Kira Road, on Kololo Hill in the Kampala Central Division, about north of the central business district of Kampala, Uganda's capital and largest city. The coordinates of the institution's headquarters are 00°20'12.0"N, 32°35'15.0"E.

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. In November 2014, EFCUL was awarded an MDI banking license by the Bank of Uganda, adopting the name EFC Uganda Limited. 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. EFCUL focused on financing micro, medium, and small enterprises. In December 2015, EFCUL received a loan of UGX:10 billion for onward lending to micro, small, and medium-sized businesses.

Shareholding

As of August 2016, the shareholding in the stock of the company was as depicted in the table below:
RankName of ownerPercentage ownership
1Développement international Desjardins of Canada
2 of Mauritius
3Uganda Gatsby Trust of Uganda
4BIO of Belgium
5 of Mauritius
6ASN-Novib Microcredit Fund of the Netherlands
7EFC Uganda Employee Stock Ownership Fund
8EFC Uganda Customer Stock Ownership Fund
Total100.00

Branches

, the institution maintained networked branches at the following locations:
  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.