BOU responds to EFC bank clients as loan interests pile up
Financial and legal experts have weighed in on the challenges facing clients of the defunct EFC Uganda Limited and have called for an audit of the disputed individual loans. Several borrowers from EFC disagree with the amounts charged to them, arguing that the interest on their loans has more than tripled since EFC closed. The Bank of Uganda, which undertook receivership of EFC, committed in an email to respond to requests for waivers on penalty interest and late payment fees, which were charged on loans by the end of August.
