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Annual Report Efc Uganda Limited (Mdi) Our Vision ANNUAL REPORT EFC UGANDA LIMITED (MDI) OUR VISION To be the preferred financial services partner for micro and small entrepreneurs (MSEs) in Uganda. OUR MISSION To partner with MSEs 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. ANNUAL REPORT EFC UGANDA LIMITED (MDI) 2015 01 WHO WE ARE EFC Uganda Limited (MDI), which previously All of these shareholders have one thing operated as EFC Limited, figures among in common : they are concerned with the the fastest growing microfinance institutions socio-economic benefit of Uganda. EFC in Uganda. Licensed and supervised by Uganda also acknowledges the contribution the Bank of Uganda, EFC is committed of various international partners such as to contributing to the development of Global Affairs Canada, FMO and the African the country’s private sector by providing Development Bank (AfDB), which all play an increased access to financial services for essential role contributing to the strength the underserved micro and small scale and success of the organization. enterprise (MSE) market segment. EFC Uganda is driven by its mission of offering EFC Uganda offers a wide range of financial services to MSEs on a permanent products and financial services that are and sustainable basis while contributing to customized to suit the Ugandan market. wealth creation and poverty reduction. These include access to savings accounts using smart cards as well as commercial and housing loans. Our lending products range in scope from the Market Women Trader Loans, Home Improvement Loans and MSE Loans, while our savings products include Regular Savings Accounts, Premium Savings Accounts and Term Deposit Savings. The company presently operates in Kampala with a Head Office, two Branches and five Business Loan Centers (BLCs). All of them have shown robust growth over the past years and remain a solution to our customers’ needs. EFC Uganda and the other Entrepreneurs Financial Centres (EFC) operating in Africa under the model promoted and developed by DID have established a regional strategy that enables them to strengthen their capacities and services offered. By uniting all EFCs, this strategy makes it possible to EFC’s shareholders consist of a group of standardize and professionalize transverse world renowned reputable organizations functions such as internal auditing and such as Développement international technological systems, governance Desjardins (DID), which is a subsidiary of practices and risk management. It leads Desjardins Group (the leading financial to increased synergies and sharing of cooperative group in Canada and sixth resources and contributes to enhancing largest in the world), AfricInvest Financial efficiency, performance and impact in the Sector Limited (AFS), Bamboo Financial communities served. Inclusion Mauritius, the Belgian Investment Company for Developing Countries (BIO), ASN-Novib Microcredit Fund (managed by Triple Jump) and Uganda Gatsby Trust. ANNUAL REPORT EFC UGANDA LIMITED (MDI) 2015 02 CHAIRPERSON’S MESSAGE I am delighted to present EFC Uganda’s central location in Kololo and retained managers and employees, and we will annual report for the year ended the Ndeeba Branch. More expansion was keep developing our team and increase 31st December, 2015. Despite all the realized both in the number of employees its productivity to reach out to new challenges we faced as an institution in 2015, and departments. All these were aimed customers. We will leverage our strategic there are many reasons to be glad, in terms at better serving our customers as well as forte and expertise to grow our business of progress and achievements. Despite the reaching out to more entrepreneurs in with the ‘missing middle’ entrepreneurs, economic turbulence, we managed to grow our communities. those who are underserved by traditional and expand our service delivery. microfinance and conventional banks. EFC At EFC, we value our customers Uganda is strongly committed to our vision The Board of Directors firmly believes that exceptionally. That is why over the past year, of being the preferred financial services we have the right team coupled with the we witnessed various innovations being partner for micro and small entrepreneurs right strategy to deliver the longer term implemented which made it all the more (MSEs) in Uganda. We are well positioned performance our shareholders and other convenient for them to access our services to serve them with our products which stakeholders expect and deserve from us. with the utmost ease. 2016 is also expected include business loans, home improvement In 2015, we greatly expanded our delivery to be a year of innovation. We plan to loans and savings products. Our strategy channels to be able to serve many more implement new technologies that will not takes advantage of competitive strengths, customers both in the Central Business only serve our customers to satisfaction, but including our diversified products, financial District and other areas beyond Kampala. also ease the work of our staff. and capital depth, industry and financial We moved our headquarters to a more markets expertise, talented workforce, CORPORATE GOVERNANCE customer-centric culture, and risk management expertise. Good corporate governance is a priority for EFC Uganda. We have established a management structure and mechanisms OUTLOOK within the organization that create strong Looking ahead, the Board is confident that and transparent relations between EFC Uganda’s leadership, strategy and the Board of Directors, management, people will facilitate its continued growth shareholders and staff, in order to serve and development for the benefit of all of its the best interests of shareholders and stakeholders and customers. We are quite taking into account the interests of all optimistic that during the year 2016, we shall stakeholders. We have embraced the achieve profitable growth. following guiding principles to create long term value : accountability, responsibility, ACKNOWLEDGEMENTS fair treatment, transparency, ethics and On behalf of the Board, I would like to vision. We subject ourselves to continual express my gratitude to everyone who assessment, review and improvement to enabled EFC Uganda to achieve great serve the interests of shareholders and success in 2015 : our shareholders, partners other stakeholders and to promote the and management team. Of course, none highest standards of ethical behaviour and of this would have been possible if it were risk management at every level of not for our passionate team at EFC Uganda. the organization. I would like to recognize the efforts of these highly talented young staff and their STRATEGY FOR INCREASED dedication to our mission. Their great work PROFITABLE GROWTH is the key to our success going forward. Our strategy is a mix of different profit drivers, cost cutting measures and focus Charles Nalyaali on outreach and measurable expansion Board Chairperson campaigns. We have the right team of ANNUAL REPORT EFC UGANDA LIMITED (MDI) 2015 03 MANAGING DIRECTOR’S MESSAGE 2015 is to be remembered as a year ceremony held at Hotel Protea Kampala. GOING FORWARD of progressive growth at EFC Uganda Since then, we have developed numerous It is of great importance that we consolidate Limited (MDI). Growth and development savings products that include Regular our position as the preferred financial impact are what we strive to deliver every Savings, Fixed Term Deposit and Premium partner for our targeted clientele. We seek year, by providing the best service to our Savings accounts. We however are not to gain a significant advantage over our customers and never compromising on limiting ourselves to just these and as 2016 competition through innovation and speed ethics and quality. We also continue to goes on, we shall continue to innovate to in service delivery. We will also greatly rely deliver on our goal to transform lives by better meet the needs of our customers. on our team which is our greatest asset. facilitating financial inclusion with the launch of products such as Easy Mobile, which is PERFORMANCE In conclusion, I wish to thank our customers our in-house mobile money platform, and As at 31st December 2015, EFC Uganda’s for their trust, our Board of Directors and its Easy Pay, which has allowed us to work with statement of financial position showed sub-committees as well as our management merchants all over the city. assets totaling UGX 26.8 billion; a growth team for their valuable guidance, and our of 109% compared to 2014 due primarily shareholders and other partners for their At the end of 2014, our regulator, Bank of to the more than doubling of our loan essential support. We will keep working Uganda, entrusted us with the mandate to portfolio. Total assets primarily comprise hard to continue fulfilling everyone’s mobilize savings in order to help us serve the loan portfolio which represents 64.8%. expectations. Special thanks to the our customers better. This achievement was The remaining assets encompass mainly members of our staff who have provided officially launched in 2015 during a colourful prepayments and interest receivable on a high level of customer service : with you, loans. On the liability side of the statement everything is possible. of financial position, shareholders’ equity represents the highest percentage at Claude Lafond 22.32%, savings and deposits taking up Managing
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