{"id":65631,"date":"2024-01-26T10:11:20","date_gmt":"2024-01-26T10:11:20","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts"},"modified":"2024-01-26T10:28:02","modified_gmt":"2024-01-26T10:28:02","slug":"96-1-of-closed-efc-deposits-were-held-in-20-accounts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts","title":{"rendered":"96.1% of closed EFC deposits were held in 20 accounts"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>At least 20 accounts hold 96.1 percent of the Shs52b deposits held in EFC Uganda, which was closed by Bank of Uganda last week for onward liquidation, according to data from the Deposit Protection Fund (DPF) of Uganda.<\/b><\/p>\n

The deposit-taking micro finance institution was closed last week and placed under liquidation due to \u201cfailure to resolve its significant undercapitalisation and poor corporate governance\u201d, which Bank of Uganda in a January 19 statement indicated was detrimental to the interests of its depositors.<\/p>\n

In details provided yesterday in Kampala during a press briefing on how EFC depositors will be handled, DPF, which is mandated with ensuring that depositors\u2019 interests are protected, indicated that it had begun the payment process through which savers with balances at the time of closure of EFC would be paid.<\/p>\n

DPF details indicated that EFC at the time of closure had Shs52b in deposits of which, Shs50b was held by about 20 depositors.<\/p>\n

Majority of depositors \u2013 about 1,800 \u2013 details indicate held Shs100,000 and below, while 600 held deposits of between Shs100,000 and 10m. Only 40 savers held deposits of above Shs10m.<\/p>\n

However, DPF yesterday indicated that out of the Shs52b held in deposits as of December 2023, the Fund would only pay Shs2b, while the rest will be paid by Bank of Uganda.<\/p>\n

The law <\/b><\/p>\n

Mr Yusuf Mukiibi, the DPF director finance and operations, noted that the law allows them to pay up to Shs10m, beyond which payments are handled by Bank of Uganda.<\/p>\n

\u201cThe total bank deposits were around Shs52b… while we will pay Shs2b, the rest will be paid by Bank of Uganda because we don\u2019t pay beyond the stipulated amounts,\u201d he said.<\/p>\n

The law limits DPF payments to just Shs10m, above which such payments are handled by the Central Bank.<\/p>\n

Data from DPF indicates that the Fund protects a large percentage of retail depositors, covering more than 90 percent of depositors in the banking sector.<\/p>\n

Dr Julia Clare Olima Oyet, the DPF chief executive officer, noted that the closure of EFC had prompted the Fund to begin the process of reimbursing depositors, majority of which – 68 percent with deposits under Shs100, 000 – will be paid through mobile money, while 30 percent, who hold balances of more Shs100,000 but under Shs1m, will be paid through agent banking.<\/p>\n

All payments to qualifying depositors, she said will be effected between January 29 and February 5.<\/p>\n

As of December 2023, EFC had a total of 2,400 accounts, of which majority fell in the Shs100,000 and below deposit band.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. At least 20 accounts hold 96.1 percent of the Shs52b deposits held in EFC Uganda, which was closed by Bank of Uganda last week for onward liquidation, according to data from the Deposit Protection Fund (DPF) of Uganda. The deposit-taking micro finance institution was closed last week and placed under liquidation due […]<\/p>\n","protected":false},"author":84,"featured_media":65630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-65631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\n96.1% of closed EFC deposits were held in 20 accounts - Uganda<\/title>\n<meta name=\"description\" content=\"At least 20 accounts hold 96.1 percent of the Shs52b deposits held in EFC Uganda, which was closed by Bank of Uganda ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"96.1% of closed EFC deposits were held in 20 accounts\" \/>\n<meta property=\"og:description\" content=\"At least 20 accounts hold 96.1 percent of the Shs52b deposits held in EFC Uganda, which was closed by Bank of Uganda ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-26T10:11:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-26T10:28:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/01\/sm_1706251533.215419.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"96.1% of closed EFC deposits were held in 20 accounts\",\"datePublished\":\"2024-01-26T10:11:20+00:00\",\"dateModified\":\"2024-01-26T10:28:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts\"},\"wordCount\":437,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/01\/sm_1706251533.215419.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/96-1-of-closed-efc-deposits-were-held-in-20-accounts\",\"name\":\"96.1% of closed EFC deposits were held in 20 accounts - 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