Bank of Uganda revokes licence of EFC, places its under liquidation

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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 Depos