EFC BANK CLOSURE:Deposit protection to pay 98% depositors
2% of depositors of the now closed EFC bank, will not receive their full payment from the Deposit Protection Fund because their deposits exceeded the 10 million shillings cover. These minority depositors together held as much as 50 billion shillings in deposits leaving 98% within the ten million shillings cover. The deposit protection fund works like an insurance set, guaranteeing a payment of up to ten million shillings to depositors in the case of closure of a regulated financial institution under the Bank of Uganda.