Savers in two collapsed Ugandan lenders were paid only 16.54 percent of their total claims by June 30, 2024, largely because of inaccurate information, hidden details and non-responsiveness to regulatory guidance, new disclosures show.
This frustrated the compensation process after the closure of EFC Uganda Ltd and Mercantile Credit Bank in January and June 2024 respectively, allowing savers to only access Ush613.75 million ($164,543) of their total savings in the two institutions, and leaving Ush3.09 billion ($828,414) unpaid.
