EFC Uganda
BIO has invested UGX 3,066 M in equity in EFC Uganda, a microfinance deposit-taking institution (MDI) in Uganda.
Amount
€ 744,274.00
Type of investment
Equity
Development impacts
- Local economic growth
- Financial inclusion
- Access to basic services & goods
Beneficiary locations
Investment field
Financial Institutions
Activity
EFC Uganda is a deposit taking MFI which started its operations in July 2012.
EFC offers individual loan products and savings accounts to local micro, small and medium enterprises (MSMEs) and the lower income strata of the Ugandan population. With a strong commitment to high standards of quality customer service, EFC employs 124 people across two full-service branches and five Business Loan Centres at strategic locations in Kampala.
Development impacts
-
Local economic growth
The investment is expected to increase the offer of financial services, mainly credit but also new saving products, to MSMEs in Uganda.
-
Financial inclusion
Credit services to self-employed individuals.
-
Access to basic services & goods
The segment of home improvement loans represents around 1/3 of the total loan portfolio.
E&S Impact
BIO and EFC Uganda agreed on the formalisation of the MFIs E&S practices, with the appointment of responsible people, the definition of an E&S policy and the setup of some basic environmental and social tools. Furthermore, the client will undergo an external Social Performance audit on its client protection performance.
Risk Category: C
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