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Proposal - Fixed Term Deposits Living Word Assembly

EFC Uganda Limited is proposing fixed term deposit accounts to Living Word Assembly Ministries with interest rates from 7.97% to 13.03% depending on the term. EFC is a microfinance institution in Uganda backed by international investors seeking church deposits. They offer competitive rates and services like loans. EFC invites Living Word to open accounts and become customers, highlighting the benefits of their accounts and services.

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Solomon nkusi
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104 views

Proposal - Fixed Term Deposits Living Word Assembly

EFC Uganda Limited is proposing fixed term deposit accounts to Living Word Assembly Ministries with interest rates from 7.97% to 13.03% depending on the term. EFC is a microfinance institution in Uganda backed by international investors seeking church deposits. They offer competitive rates and services like loans. EFC invites Living Word to open accounts and become customers, highlighting the benefits of their accounts and services.

Uploaded by

Solomon nkusi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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From: EFC UGANDA LIMITED (MDI)

TO: LIVING WORD ASSEMBLY MINISTRIES

CC: PASTOR NEBECHWUKWU BENJAMIN

Subject: Proposal to Offer EFC Banking Solutions (Fixed Term


Deposits)

1
Proposal to Offer EFC Banking Solutions (Fixed Term Deposit A/C) to
LIVING WORD ASSEMBLY

Introduction:

Entrepreneurs Financial Centre Uganda Limited (MDI) is one of the fastest growing
microfinance deposit-taking institutions in Uganda, launched in June 2012 and regulated
by the Central Bank of Uganda.

We are located in Kololo on Mabua Road, Rashida Towers; with 2 Main Branches
(Ndeeba & Kololo) and 6 Business Service Centers (Mini Branches) within and around
Kampala, Mukono & Wakiso Districts to conveniently serve our customers. In conformity
with the EFC model, we are committed to high standards of quality customer service.

1. Who We Are:

EFC Uganda Limited (MDI) works with Development International Desjardins (DID)
where the latter works with developing and emerging countries towards the goal of
sharing their expertise and experience of the Desjardins Group, a leading Cooperative
financial group in Canada. DID has been sharing the Group’s expertise with other
countries since 1970 in order to support the creation, development and strengthening of
sustainable financial institutions that are rooted in the community.

2. Our Mission:

The mission of EFC Uganda is to increase access to specialized financial services on a


permanent basis while contributing to wealth creation and financial empowerment among
individuals and communities.

3. Our Investors:

a) Development International Desjardins (DID)

DID is a subsidiary of Desjardins Group, the largest cooperative financial group in Canada
with assets over USD 200 billion and 6 million in individual and corporate members /
clients. 2
b) AfricInvest Financial Sector Limited

AfricInvest –Tun Invest Group is currently one of the leading private equity firms in North
and Sub-Saharan Africa with over USD 750 million in assets under management across 13
private equity funds.

c) Uganda Gatsby Trust

Uganda Gatsby Trust (UGT) is a Non-Governmental Organization based at the Faculty of


Technology, Makerere University, whose purpose is to support manufacturing and value
adding businesses with the potential to grow.

d) Belgian Investment Company for Developing Countries.

The Belgian Investment Company for Developing Countries (BIO) is a Development


Finance Institution (DFI) established in 2001 in the framework of the Belgian Development
Cooperation to support private sector growth in developing and emerging countries.

e) Bamboo Financial Inclusion Fund.

Bamboo Financial Inclusion Mauritius is a wholly owned subsidiary of Bamboo Financial


Inclusion Fund. The Fund manages over USD 195M in total commitments from institutional and
individual investors, and invests in a range of microfinance institutions and funds worldwide.

f) ASN-Novib Microcredit Fund (Triple Jump)

The ASN-Novib Microcredit Fund (ANMF) is regulated and organized as a semi open- ended
fund, enabling private individuals to invest in MFIs by purchasing shares sold through ASN Bank.

4. Our Proposal:

EFC Uganda is seeking for Fixed Term Deposits / Investments from LIVING WORD
ASSEMBLY against which EFC will be offering very competitive interests rates as per table
here below;
3
Term Gross Interest Rate Net Interest Rate
1-90 days 7.97% 6.775%
91-180 days 9.76% 8.293%
181-270 days 10.96% 9.313%
271-365 days 10.96% 9.313%
More than 365 days 13.03% 11.077%
* 15% Withholding Tax deduction is applied on the Gross Interest Rate and thus the Net Interest rate.

We are open to further discussions / negotiations with the institution regarding any rate / tenor of
choice as per the amounts being invested with EFC. For any amounts above 100M and fixed for
more than 6 months, EFC will offer you a further improved interest rate as a special customer.

Our aim is to reward individuals and corporate entities superior financial returns on investments
made so as to enable each realize real time value on savings committed.

Note that interest rates are subject to change in accordance with the movement of the Treasury
Bills as communicated periodically by the Central Bank of Uganda.

Benefits of placing fixed deposits with EFC:

 Quick & easy account opening process


 No Monthly charges.
 Highly Competitive and negotiable interest rates
 Minimum investment amount is Ugx 1.000.000/=
 We offer Categorized and Tiered portfolio management
 Interest calculation is based on Total Assets / Capital invested on all renewed fixed
Investments.
 Issuance of a Term Deposit certificate which can be used as Collateral.
 Dedicated Relationship Manager.

Other services offered by EFC include:

 Premium Savings account dedicated to long term savings to assist individuals or entities
4
realize future investment goals. We offer a monthly interest rate (minimum of 6%) on the
account and can be used by institutions as a replica of a provident fund for their staff
(EFC customizes the account in consideration of the goals for the set up).

 Credit facilities i.e. various Business loans, Home improvement loans and Women market
trader loan.

Account Opening Requirements:

Our account opening process is precise and offers flexibility and convenience; can be handled
either at any of our Branches, from the client’s business premises or the employer /
institution’s premises to minimize work disruptions.

We are delighted to offer our services to LIVING WORD ASSEMBLY and look forward to
welcoming you on board in the shortest time possible.

For any further reference please refer to our website http:// www.efcug.com and the
undersigned for further foregoing discussions.

Sincerely,

Eva Nakawungu
Corporate Savings Officer

EFC Uganda Limited (MDI)


Mabua Road, Rashida Towers
Kampala, Uganda.
Cell: 0772 190 279 / 0700 406 783
E-Mail: [email protected]

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