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2019 Annual Report

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2019 Annual Report EFC UGANDA LIMITED (MDI) Annual Report 2019 THE DAWN OF A NEW PROFITABLE NORMAL This Annual Report is a formal publication of EFC Uganda Limited (MDI) and all rights are reserved. In compilation of this report, EFC has used its best endeavours to ensure both financial and non-financial information is correct and current at the time of publication. It is intended to provide our stakeholders with information about us, our vision, core values, our products, testimonials from our clients, performance, corporate governance, strategy, and outlook for 2020. EFC UGANDA LIMITED (MDI) 2019 2 ANNUAL REPORT AND FINANCIAL STATEMENTS OUR VISION To be the preferred financial services partner for micro, small and medium entrepreneurs (MSMEs) in Uganda. OUR MISSION To partner with MSMEs and increase access to specialized financial services on a permanent basis while contributing to wealth creation, improvement of people’s living conditions and development of Uganda’s private sector. OUR VALUES We uphold a reputation for integrity as an entity in which customers, business partners, communities and government authorities have placed their trust. The EFC, it’s Directors, Senior Management and Employees adhere to strict and rigorous standards which are designed to further protect the interests of its customers and stakeholders, and ensure that its decisions and actions reflect the following values: • Compliance with the laws and rules in effect; • Compliance with ethical and professional rules of conduct; • Compliance with national and international standards and practices for accounting and financial information; • Respect for microfinance best practices; • Transparency in all aspects of its business; • Social responsibility and consumer protection relative to all EFC products and services; and • Independence in the appointment of Directors and their decision making (i.e. democratic action). EFC UGANDA LIMITED (MDI) 2019 3 ANNUAL REPORT AND FINANCIAL STATEMENTS OUR BUSINESS HIGHLIGHTS FROM 2019 Increased deposit mobilization resulted in growth of customer deposits by 185% from 185% UGX 9 Billion to UGX CUSTOMER Loan portfolio 25.6 Billion. DEPOSITS outstanding grew to GROWTH UGX 39.7 Billion from UGX 20.6 Billion in 2018. We registered a profit of UGX 575 Million from a loss of UGX 1.86 Billion in 2018 FINANCIAL PERFORMANCE FOR FY2019 The project to acquire a new and robust core banking system started during the year We presently operate and expected to be in Kampala with a Head UGX 575 completed in 2020 Office, two Branches and MILLION five Business Service PROFIT Centers (BSCs), serving over 10,000 customers EFC UGANDA LIMITED (MDI) 2019 4 ANNUAL REPORT AND FINANCIAL STATEMENTS Set up a Board Transformation Committee, as a sub- committee of the UGX 39.7 Risk, Assets and Liabilities Committee Participated in the Private Sector BILLION (RALCO) to oversee the acquisition and Development Workshop and Networking LOAN implementation of the new state of event sponsored by the Embassy of the PORTFOLIO the art Core Banking System and the Kingdom of Belgium where among transformation of our organization into a others we examined and proposed tier 2 bank. solutions to greater financial inclusion. We have invested significantly in creating an environment where our people can thrive and shall continue to build on the same as we continue to build a robust performance driven culture CORPORATE across our organisation with people who GOVERNANCE understand that the customer is the cornerstone of our business. The Board continued to steer the embodiment of good governance principles and practices through the We partnered with a couple of SACCOs entrenchment of value driven corporate to ease access to financial services governance culture throughout the and participated in the Private Sector organization. Development Workshop and Networking event sponsored by the Embassy of the SERVING Kingdom of Belgium where among 10,000+ others we examined and proposed CUSTOMERS solutions to greater financial inclusion. EFC UGANDA LIMITED (MDI) 2019 4 EFC UGANDA LIMITED (MDI) 2019 5 ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS WHO WE ARE EFC Uganda Limited (MDI), is among the fastest growing microfinance institutions in international partners such as Global Affairs Uganda. Licensed and supervised by the Bank of Canada, FMO and the African Development Bank Uganda, EFC is committed to contributing to the (AfDB), which all play a vital role in strengthening development of the country’s private sector by our success. providing increased access to financial services for the underserved micro, small and medium We offers a wide range of products and financial entrepreneurs (MSMEs) market segment. EFC services that are customized to suit the Ugandan Uganda is driven by its mission of offering financial market. These include access to savings accounts services to MSEs on a permanent and sustainable using smart cards as well as commercial and basis while contributing to wealth creation and housing loans. Our lending products range in poverty reduction. scope from the Women Market Trader Loans, Home Improvement Loans and MSE Loans while EFC’s shareholders consist of a group of world our savings products include Regular Savings renowned reputable organizations including Accounts, Premium Savings Accounts and Term Développement international Desjardins (DID), Deposit Savings. which is a subsidiary of Desjardins Group (the leading financial cooperative group in Canada and The company presently operates in Kampala with sixth largest in the world), AfricInvest Financial a Head Office, two Branches and five Business Sector Limited (AFS), the Belgian Investment Service Centers (BSCs). All of them have shown Company for Developing Countries (BIO), and robust growth over the past years and remain top Uganda Gatsby Trust. notch solutions provider to our customers. We also acknowledge the contribution of various EFC UGANDA LIMITED (MDI) 2019 6 ANNUAL REPORT AND FINANCIAL STATEMENTS OUR PARTNERS African Development Bank FMO Global Affairs Canada (AfDB) The AfDB Group’s overarching FMO is the Dutch development Global Affairs Canada manages objective is to spur sustainable bank. FMO has invested in the Canada’s diplomatic and economic development and private sector in developing consular relations, facilitates countries and emerging social progress in its regional the country’s international markets for more than 45 years. member countries (RMCs), trade, and leads Canada’s Its mission is to empower thus contributing to poverty entrepreneurs to build a better international development reduction. The Bank Group world. It invests in sectors where and humanitarian assistance. achieves this objective by it believes its contribution can Global Affairs Canada believes mobilizing and allocating have the highest long-term in the potential for development resources for investment in impact: financial institutions, innovation to drive positive RMCs; and providing policy energy and agribusiness. change to meet 21st century Alongside partners, it invests in advice and technical assistance challenges. the infrastructure, manufacturing to support development efforts. www.international.gc.ca and services sectors. With an www.afdb.org investment portfolio of EUR 8 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. www.fmo.nl EFC UGANDA LIMITED (MDI) 2019 6 EFC UGANDA LIMITED (MDI) 2019 7 ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS SAVINGS Premium Savings No monthly charges; competitive interest rates; designed for target savers Regular Savings Unlimited deposits and withdrawals; suitable for dynamic entrepreneurs Term Deposits High and competitive interest rates; ideal for savers with a long-term investment horizon Our Products EFC UGANDA LIMITED (MDI) 2019 8 ANNUAL REPORT AND FINANCIAL STATEMENTS LOANS Business Loan Working capital replenishment; equipment purchases; investments; agricultural supplies Home Improvement Loan Efficient housing loan services structured to fit entrepreneurs home improvements Women Trader Loans Quick small loans ranging from 11m to 15m especially designed for women entrepreneurs Our Products EFC UGANDA LIMITED (MDI) 2019 8 EFC UGANDA LIMITED (MDI) 2019 9 ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS CHARLES W. NALYAALI CHAIRPERSON BOARD CHAIRPERSON’S MESSAGE 2019 It is my pleasure to present EFC’s annual report for the year During the year, the board set up a Board Transformation ended 31 December 2019. Committee, as a sub- committee of the Risk, Assets and Liabilities Committee (RALCO). This committee is mandated Overview to oversee the acquisition and implementation of the new state of the art Core Banking System and the transformation The Financial year 2019 was an extraordinary one for EFC of our organization into a tier 2 bank. despite the challenging economic times. We registered a profit for the first time since incorporation and continued to Outlook for 2020 and beyond grow the institution at exceptional rates. While external factors affecting the business are beyond our control, the board is As we look ahead to 2020 and beyond, we are destined for committed to maintaining focus on delivering continued greater heights however, we have the immediate challenges improvement in our results while simultaneously investing emanating out of the Covid-19 pandemic. Our customers in the transformation required to serve our customers
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