According to the FMO, this financing will enable EFC Uganda Limited to support job creation in Uganda. It will provide access to finance for MSEs in Uganda which will stimulate economic development and innovation. EFC Uganda Limited is a valuable addition to FMO's relationship with EFC in Tanzania and Zambia, as well as with DID.
EFC Uganda Limited is at the forefront of the microfinance services industry ensuring that entrepreneurs in the MSE sector have access to loans enabling them to finance and grow their businesses. The institution is considered one of the Uganda's fastest growing financial institutions and now employs 115 people and counting.
As stated by the FMO, EFC Uganda Limited is focused on Micro and Small Entrepeneur (MSE) financing and was established in 2012 by Developpement international Desjardins (DID). DID is a subsidiary of Desjardins Group, the largest cooperative financial group in Canada. For more than 40 years, DID has been working with developing and emerging countries towards the goal of sharing the expertise and experience of Desjardins Group. EFC Uganda Limited obtained the Microfinance Deposit-taking Institution status from the Central bank in 2014.
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.