TUESDAY, NOVEMBER 28, 2017. I supplement

Daily Monitor EFC Ltd (MDI) www.monitor.co.ug Celebrating five years of supporting micro and small size entrepreneurs EFC offers affordable financial services Network. The instituton Getting loan In instances where a borrower is part of a strong network One of the major reasons why fails to service the loan within the of Entrepreneurs Financial “EFC was EFC was established is to provide agreed time, and has a genuine Centres operating in established as a affordable loans to micro and small reason, EFC can make an exten- Africa under the model banking business scale entrepreneurs (MSEs). This is sion for payment but with extra committed to aimed at enabling MSEs grow their charges. promoted and developed by contribute to the Développement International development of the businesses, create employment Desjardins. country’s private and spur economic development Challenges sector by providing in Uganda. Mr Nalyaali says the coming up By Isaac Ssejjombwe increased access Mr Nalyaali says acquiring a loan of more financial institutions, non- [email protected] to financial services at EFC is very simple so long as a regulated money lenders, insur- for the underserved customer deals in a legal business, ance companies and mobile money ntrepreneurs Entrepreneurs micro and small which has physical location and has has created stiff competition in the scale enterprise Financial Centre Uganda Ltd market segment. the capacity and expresses willing- banking sector. E(EFC) is one of the fastest It does this on a ness to service the loan. In order to beat the competition, growing microfinance institutions permanent and To ensure that many of its cus- Mr Nalyaali advises financial institu- in the country. sustainable basis tomers get loans, the financial tions to be more creative. Established in 2012, EFC, a Mi- while contributing institution categorised loans into The emerging of many financial crofinance Deposit Taking Institu- to wealth creation business loan where one can bor- institutions in Uganda has led some tion (MDI) licensed and supervised and poverty row from Shs2.5m, women market companies to lose good and ex- reduction,” by , is committed trader loan where one can borrow perienced workers who are offered to provide a range of financial ser- Mr Charles W. from Shs1m and the improvement good deals by the new banks. vices that are customised to suit mi- Nalyaali, chairman loan where a customer borrows Bad loans and inadequate capital cro and small scale entrepreneurs. EFC board of from Shs5m. are other challenges which financial Mr Charles W. Nalyaali, the directors. “We offer these loans at lower in- institutions in Uganda face. chairman EFC board of directors, terest rates to improve the welfare says the financial institution offers of our customers and contributing Future plans women market trader loans, home tribute to the development of the poverty reduction,” he says. to the economic development,” In order to attract more custom- improvement loans and business country’s private sector by provid- In order to join EFC as a cus- he says. Before giving out loans ers, EFC is planning to establish loans and savings products such as ing increased access to financial tomer, Mr Nalyaali says one needs to the customers, Mr Nalyaali says more branches countrywide on regular savings accounts, premium services for the underserved micro to poses a national identity card, the borrowers are taught that it is top of continuing to offer quality savings accounts and term deposit and small scale enterprise market valid driving permit or passport as their responsibility to pay back and services. savings. segment. It does this on a perma- well as Shs20,000, which is the mini- if a borrower services the loan as “I invite more people to join EFC “EFC was established as a bank- nent and sustainable basis while mum amount required. agreed, he or she is easily consid- in order to enjoy our quality ser- ing business committed to con- contributing to wealth creation and ered for another loan. vices,” he adds.

Interview.Entrepreneurs only achieve this by partnering Financial Centre (EFC) Uganda with MSEs and increase access to Ltd was established in 2012, as Financial institution marks five specialized financial services on a a microfinance deposit-taking permanent basis while contributing institution governed by Bank of to wealth creation, improvement Uganda. Mr Claude Lafond, the of people’s standards of living and managing director, spoke to Daily years of empowering MSEs development of Uganda’s private Monitor’s Isaac Ssejjombwe. sector. Who are EFC’s customers? What is your proposition to Briefly describe EFC operations Our target customers are entre- entrepreneurs? What does it mean to celebrate in Uganda. preneurs within the micro and small EFC strives to provide fast and five years as EFC? We are an entrepreneurs finan- enterprise (MSEs) market segment, efficient loans and savings services I would say it’s the end of the cial centre regulated by Bank of entrepreneurs whose needs are not to entrepreneurs to help them baby step of the institution. We Uganda as per our Microfinance provided for within the mainstream achieve their business objectives. started with a small business and Deposit-taking Institution (MDI) li- banking system in Uganda. We are entrepreneurs ourselves employees. We have grown so far cence. We are dedicated to micro We are also an MDI, meaning we so we are talking business. Our vi- and at a step where we want to be and small enterprises having started take deposits as some of our cus- sion as an institution is to be the as per our mission. operating as a money lender. tomers are not asking for loans but preferred financial services part- The first years of EFC were not are more into saving money. ner for MSEs in Uganda. We can TURN TO PAGE II a smooth ride but because of dedicated staff, the institution has grown. “We launched The loan book during the first our mobile year of EFC was at Shs1.1b but last money platform year, we reached Shs21b. called “Easy The number of employees has Mobile” for also increased from 34 to 107 work- easy access to ers. We have created more than 100 our customers. Customers can jobs and these people pay taxes to make deposits the government hence contribut- Mr Claude Lafond, the in their EFC ing to national development. EFC managing director. accounts via COURTESY PHOTO mobile money How many branches does the fi- solutions,” nancial institution have? to six business service centres more Mr Claude EFC Uganda opened business like agent banking facilities with Lafond, EFC in , a suburb, in outlets in in Kalerwe, Kireka, Mu- managing June 2012. We have a branch at kono, , , Ndeeba director. Acacia Place in in addition and Nkrumah road. II supplement. TUESDAY, NOVEMBER 28, 2017 DDailyaily MMonitoronitor Entrepreneurs Financial Centre www.monitor.co.ugwww.monitor.co.ug Financial institution EFC management team celebrates five years

FROM PAGE I

How has EFC managed to stay in business for five years? One thing that represents EFC is the quality of our loan book. We have built Claude Lafond, managing Carol Namubiru, business Acuda Anthony, IT manager director our portfolio based on high growth manger quality decision. We also aim to serve our customers well and reach to more en- trepreneurs.

How has EFC contributed EFC managing director Claude Lafond (centre) and to the welfare of its em- human resource and administration manager Julianna ployees? Kayaga (right) receive the SME employer of the year We have 107 employees award recently. PHOTO BY ISAAC SSEJJOMBWE and all of them have been treated well. We have poli- have also created an in- in the SME category in the cies and conditions that house medical scheme recently concluded Federa- Edward Ssendagal, branch Emmanuel Dorestan, Forb Businge, branch executive director add up to the market. For where employees’ medi- tion of Uganda Employers manager, Ndeeba network manager example, every year, we do cal expenses are covered Awards. a survey to find out if the at 100 per cent and 70 per salaries are fair to our em- cent for their families (wife How do you ensure that ployees. Even though we and two children). We also borrowers service their are targeted oriented, the contribute to National So- loans on time? salaries itself is part of the cial Security Fund. EFC has a dedicated and package. We also came up with efficient credit team that We have a bonus scheme cross-cutting interventions ensures that our loans are that is very attractive to all to make them the best and disbursed on time and the the employees based on that explains why after only collection officers ensure the performance of the in- five years of service, we that the payment plans are stitution. shocked everyone when favorable for customers. Joanne Bagandanswa We calculate it and pay we won the 2017 presti- Our loans have a payment Gabriel Etemu, branch Julianna Kayaga, human manager, Kololo Nakabungo, corporate resource and administration on a monthly basis. We gious Employer of the year period of up to 60 months. legal manager manager

John Nsubuga, credit risk , savings Tracy Bagonza, assistant manager manager manager complaince IV supplement. TUESDAY, NOVEMBER 28, 2017 DDailyaily M Monitoronitor Entrepreneurs Financial Centre www.monitor.co.ugwww.monitor.co.ug What workers say about EFC Entrepreneur praises EFC Interview. Mr Isaac Habyarimana is one of the One-on-one. Anthony Acuda Loans. EFC Uganda longest serving employees at EFC having worked as works at EFC as Information partners with micro a driver since 2012. He spoke to Daily Monitor’s Isaac and Technology (IT) manager. and small size Ssejjombwe. He joined EFC in 2012. He entrepreneurs who spoke to Daily Monitor’s Isaac need fast and efficient When did you join Ssejjombwe. credit services. EFC? I joined this institution How did By Isaac Ssejjombwe on April 6, 2012. you join [email protected] EFC? How did you join EFC? It was s Deborah Kyomu- I joined EFC before purely a hangi, a resident of it even started. For six n o r m a l MBanda, a Kampala months, I used to drive process. suburb acquired a Shs45m Ms Deborah Kyomuhangi in her supermarket. some of the board mem- We saw from EFC Uganda in 2015. PHOTO BY ISAAC SSEJJOMBWE bers of EFC and after- the advert She used the loan to ex- wards, they decided to with my friend in the papers and pand her hostel which now is employing three ladies business. retain me. we applied for it. We did the inter- has three floors. The hostel and is planning to apply “I was surprised when views and succeeded. accommodates for another loan in order EFC decided to have faith How do you feel work- my salary. University students. Later, to expand her supermarket in me. It was the first time ing at this place for five Tell us about the transition of Ms Kyomuhangi got an business I was managing such a big years? What challenges are EFC. additional loan of Shs15m She says EFC helped her loan, but thanks to the sup- It has been a good jour- you facing? It has been a gradual process which she invested in a su- to easily access the capital port of my relationship of- ney despite of unavoid- At the start, it wasn’t from the time I Joined. I remem- permarket. Currently, she she needed to grow her ficer I handled,” she says. able challenges. EFC is easy because we were ber we had about four desks and a stable company going few employees and work- about five to six employees at by the fact that we have load was so much but our office in Ndeeba. Later, the been able to be around now, we are doing our company started recruiting more for five years. work efficiently because employees and by the time we Client benefits from her savings we are many. moved to Kololo, we had about What have you achieved 100 employees. Interview. Ms Tracey at EFC or the last five y How have you managed Mbabazi has been saving “My capital ears? to work at EFC for all What do you attribute the suc- with EFC for five years. has been By the time I joined, I that long? cess of this institution to? Currently, she owns accumulating didn’t have enough expe- I’ve managed to work I give thanks to God because we three kiosks in Kololo and I was rience but now I’m a se- here because of patience, were given the opportunity to that deals in snacks and able to mobile money services. complete my nior driver. Besides that, faithfulness and persis- work. Customer care is another house last I’m also contented with tence. reason why we have succeeded. She shared her story with Daily Monitor’s Isaac year through Ssejjombwe. EFC and I have been able to buy a When did you start saving car,” with EFC? Ms Tracey I started saving with EFC Mbabazi, in 2015 when Kololo branch EFC has just opened. At the time customer I only had one kiosk.

Why did you decide to costs, which was an advan- because I was told that save with EFC? tage because with my busi- whenever I make a deposit It had come closer and ness, I need to save a lot to of shs100,00, I would get an they explained their advan- make profits. interest of 4 per cent. tages to me. I realised that every I first opened up a pre- Why did you open up pre- month, my money was not mium account and they told mium account? deducted but kept on ac- me they don’t charge extra I opened up this account cumulating.