Bank of Uganda orders liquidation of EFC due to governance failures
Автор: NTVUganda
Загружено: 2024-01-19
Просмотров: 3089
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The Bank of Uganda has initiated the liquidation of EFC, a deposit-taking institution, revoking its license and instructing the cessation of its activities. Acting Governor Atingi Ego, in a statement, revealed that the decision to close EFC Uganda Limited stemmed from its failure to meet essential governance standards and industry capital thresholds. The Central Bank asserted that the microfinance institution's ongoing operations would jeopardize the interests of its depositors. The institution had reportedly been unable to address its considerable under-capitalization and issues of poor corporate governance.
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