EFC Uganda Limited (MDI) is a licensed Microfinance Deposit-taking Institution in Uganda. It was created in 2011 by Développement Desjardins International to provide access to financial services for the underserved SME market segment. The company operates in Kampala with a head office, two branches and five business service centers. EFC Uganda is supervised by the Bank of Uganda and has several reputable shareholders.
Shem Kakembo is the Managing Director since early 2018. Prior to joining EFC Uganda, Shem worked in leading management positions in financial industry in Uganda and Rwanda since 2003. His latest apointment prior to joining was as Head of Personal Markets (Retail) at Stanbic Bank (Uganda’s largest bank).
Information document of the issuing company EFC (NL)
Information note of the issuing company EFC (BE)
The Kibuye Taxi Park Association wishes to start doing business with EFC along the following dimensions;
1. EFC lending to the members of Kibuye Taxi Park Nateete Stage Drivers Association to purchase Used Cars/ Taxis recommended by the Association.
2. For members of the Association who would like to borrow bigger loans that the Society cannot provide to them; these will be referred directly to EFC with the Associations recommendation.
This Association is made up of 100 registered members and 50 nonregistered members. And the Association is fully registered.
As a member of the association, taxi drivers have more bargaining power for job contracts than individuals have. Membership offers a guarantee for clients, access to a savings fund to assist them in case of death of a family member, weddings or in case they need to borrow a small amount of money.
The Association has been in existence for 9 years. It was formed immediately after the closure of UTODA but fully registered their association on 30th July 2020 after being advised that it’s a requirement for them to access borrowing.
Today, the Association has a total of 100 members and are looking forward to having over 150 Members by 2021. All these members are Taxi drivers, owners and conductors.
The transport industry or sector speaks briefly about this section; its contribution to employment and financial muscle, demand and supply dynamics as well.
The association management has got rules and regulations governing them among which are highlighted below;
Monitoring of all vehicles on a weekly basis payment which will be our strong point to monitor payments the way they have been submitting top previous car owners
Failure to pay the previous week, a vehicle will not be allowed to load passengers the following week until a receipt of payment is presented to the association management
The association management will visit each member’s home and guarantor as well as the Credit officer for proper monitoring.
All cars are tracked and members come to the office for payments and monitoring everyday before starting their shift.
The Kibuye Taxi Park Nateete Stage Drivers Association management is the same management at the Kibuye stage in Kibuye. This is a strong point to note in that cars can be tracked and drivers for payments and monitoring since they report to the stage office on a daily.
This proposal is backed up by the fact that;
- The target clients are daily income earners that belong to Kibuye Taxi Park Nateete Stage Drivers Association., a group that deals in transportation of people and different goods to different clients in Kampala and neighboring areas. Most of these people are Taxi drivers, owners and conductors in Kibuye and Nateete where their stages are located. They drive on fixed routes between Kibuye, Nateete, Kyengera, Mpigi up to Masaka as the furthest destination.
- It’s proposed that EFC will finance Members of the Association but must be recommended by the Association.
- We have 50 ready members willing to take up the loan.
- The price of the vehicles to be purchased ranges between 25 Million to 40 Million Ugandan Shilling, 7.000 euros on average.