Update on Payment of Protected Deposits to Depositors of the Closed EFC Uganda Limited

The Fund held a press conference on February 12, 2024 to update depositors of the closed EFC Uganda Limited and the public on the progress of paying protected deposits to the depositors.

In her statement, the Chief Executive Officer, Dr. Julia Clare Olima Oyet, reported that as of February 11, 2024, approximately 50% of the depositors who held balances of up to UGX 10,000,000 had been paid. She emphasized that this achievement illustrated the Fund’s efficiency in fulfilling its mandate by paying out to these depositors in less than one month since the institution’s closure by the Central Bank on January 19, 2024.

Dr. Julia Oyet (center), addressing the press conference. Right is Mr. Patrick Ezaga, Director Communications.

Dr. Julia Oyet informed the public that the Fund is now ready to receive and verify documents from depositors holding Company and Joint accounts. She stated that depositors in the mentioned categories were required to submit the required documents to the Deposit Protection Fund (DPF) Office at AHA Towers, Plot 7 Lourdel Road, Kampala, during working hours.

Additionally, Dr. Julia Oyet called on individual account holders who haven’t claimed their protected deposits of up to UGX 10 million, to present their valid original National Identity Cards to the DPF staff stationed at Stanbic Bank, Lugogo Branch, during working hours. She further encouraged all depositors within the financial sector to up-date their personal details with their respective financial institutions.