The Deposit Protection Fund (DPF) has called upon Company and Joint Account holders in the now closed EFC Uganda Limited, a microfinance deposit-taking institution, to submit the required documents at DPF offices for verification as the payout process continues.
The call was made by DPF CEO Dr. Julia Clare Oyet on Monday during a presser hosted at the Fund’s offices at AHA Towers in Kampala.
“Effective today, February 12, 2024 the Fund has made arrangements to start receiving and verifying documents of depositors who held Company and Joint Accounts in EFC. These depositors are required to submit the under-listed documents to the DPF Offices during work hours,” Dr. Oyet said in her remarks.
The required documents for Company Account Holders include;
- A letter confirming the account name in EFC Uganda Limited and the names and signatures of the signatories to the account.
- A registered Board resolution indicating the bank account to which the deposit should be paid.
- Certificate of Incorporation and Location of the Company
- Memorandum and Articles of Association
- Copies of valid original National Identification Cards of signatories
The Board Resolution, Certificate of Incorporation and Location of the Company, and Memorandum and Articles of Association documents should be certified by the Uganda Registration Services Bureau (URSB).
Joint Account Holders are required to submit;
- Copies of valid original National Identification Cards of signatories
- Resolution signed by all account holders indicating the preferred mode of payment
This batch of payouts follows the 100% payment coverage for depositors who had balances below Shs 100,000 and approximately 50% coverage for those with balances of up to Shs 10,000,000. Payments were made to depositors who submitted valid NINs and matching phone details as required.
According to Mrs. Oyet, depositors whose telephone numbers and NINs had a mismatch are still being handled to ensure they submit the required information for verification.
These can present their valid original National ID to the DPF staff stationed at Stanbic Bank, Lugogo Branch for verification.
READ: EFC Closure: Depositors without National IDs Cautioned as DPF Commences Payout
In the same regard, she reminded all depositors across the financial sector to update their personal details with their respective financial institutions.
“Lack of information on depositors has been the major challenge during this our first payout process. Since 2019, we have been running campaigns in the media asking depositors to update their personal information with their financial institutions, however, some have not done this and it has affected the speed at which the payments are made,” she added.
She noted that for the payout exercise to be smooth and fast, all Ugandans who have bank accounts should update their account details accordingly.
EFC Payout Status as at February 12, 2024
Following Bank of Uganda’s decision to revoke EFC Uganda Limited’s license and subsequently placing the entity under liquidation, the Deposit Protection Fund (DPF) moved to pay the protected deposits of up to UGX 10 Million to users.
As per its mandate, DPF rolled out the payout on Monday January 29th, 2024. Below is the payout status as of February 12, 2024.
| S/N | Details | No. of Depositors | Amount (UGX) |
| 1 | Depositors with balances | 2,066 | 53,945,903,803 |
| 2 | Depositors whose loans exceeded their deposit balances and they were therefore offset | 1,250 | 1,050,635,371 |
| 3 | Depositors eligible for payment | 816 | 52,895,268,432 |
| 4 | Depositors with balances below UGX 10M | 779 | 300,037,450 |
| 5 | Depositors with balances above UGX 10M | 37 | 52,595,230,982 |
| 6 | Depositors paid by DPF so far | 374 | 125,237,174 |
| 7 | Depositors yet to be paid by DPF | 405 | 174,800,276 |