Grapevine

Some EFC, Mercantile depositors yet to pick their money, says DPF

The Deposit Protection Fund of Uganda (DPF) has asked depositors of the closed EFC Uganda and Mercantile Credit Bank who have not picked their money to make necessary arrangements to enable the Fund to pay their protected deposit up to the limit of Shs10m.

Speaking during the Makerere University Business School 28th Annual International Management Conference, Mr Patrick O Ezaga, the DPF director of communications, said that whereas they had paid a good proportion of depositors in the two defunct banks, they still have several accounts that remain unsettled.

“For the banks which were closed this year - EFC and Mercantile - we still have depositors who we are looking for to pay but they are nowhere to be seen and we have their money,” he said.

However, he did not give more details on the number of depositors that have been paid and those that remain unpaid.

Earlier, we had reported that the DPF had created a desk at Bank of Uganda to verify depositors in financial institutions such as Greenland, Teefe and Cooperative banks that were earlier closed by government for onward payment.