Clients of defunct EFC bank cry out to Bank of Uganda
Clients of the defunct EFC Bank, who are choking on unexplained amounts of loans, are crying out for government intervention. The individuals, some of whom are school proprietors, carpenters, and special hire drivers, are confused by how the loans more than tripled when there were guidelines issued to financial institutions by the Bank of Uganda during the Covid-19 pandemic period to provide a grace period. What is astonishing to some of the individuals our reporter Jackson Onyango talked to is that while, in their view, they had fully serviced the loans prior to EFC closure, they still have huge amounts to repay.
