The Deposit Protection Fund of Uganda (DPF) is a government agency that provides deposit insurance to customers of deposit-taking institutions licensed by Bank of Uganda.
The Deposit protection Fund of Uganda (DPF), which is also referred to as the Fund, was established as a separate legal entity following the enactment of the Financial Institutions (Amended) Act, 2016. Prior to this, DPF was managed by Bank of Uganda.
The process of operationalizing the Fund commenced….
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Once again, we are the Deposit Protection Fund of Uganda (DPF), a government agency that provides protection to…
August 27, 2024: The Deposit Protection Fund of Uganda (DPF) has been executing its mandate of paying depositors of EFC Uganda Limited and Mercantile Credit Bank Limited up to the protected limit of UGX 10million, following their closure by Bank of Uganda. However, there are still a number of depositors who held Individual, Company, Joint, Registered Trusts, Minors’, SACCOs or Investment club accounts who have not yet made claims for payment of their protected deposits. The DPF therefore informs the general public as follows;
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On behalf of the Board of Directors of the Deposit Protection Fund of Uganda (DPF), I am pleased to release the Fund’s Integrated Annual Report June 30, 2023. This is the maiden integrated report which presents, among others, the audited financial statements and a report of the operations of the Fund. The report was submitted to the Minister of Finance, Planning and Economic Development within the stipulated statutory period in accordance with the provisions of Section 111D of the Financial Institutions Act, 2004 as amended. The Auditor General issued an unqualified opinion on the Fund’s financial statements, indicating that the financial statements were presented fairly in all material respects.
Total assets of the Fund increased by UGX 255 billion to UGX 1,405 billion in FY 2022/23, up from UGX 1,150 billion in FY 2021/22. This growth was driven by investments in Government of Uganda treasury instruments. The Fund continued with the strategic action of laying emphasis on capital preservation and sound liquidity management. Consequently, more than 90 percent of the total assets were held in the form of Government of Uganda treasury bills and bonds. Total liabilities remained largely stable with a marginal increase of 3 percent or UGX 2 billion posted. On the other hand, total reserves increased by 23 percent to UGX 1,350 billion compared to UGX 1,096 billion the previous financial year. This growth was attributed to comprehensive income worth UGX 254 billion which was earned over the year.
During the year, the banking industry continued to exhibit plausible signs of resilience despite the low overall economic growth prospects, high inflation and global dynamics. Commercial banks’ aggregate assets grew by 8.3 percent to UGX 48.3 trillion as at end of June 2023 and core capital adequacy ratio increased to 24.8 percent in June 2023. Total deposits for Commercial Banks grew by 4.8 percent to UGX 35 trillion as at June 2023.
The Fund is poised to continue building on the milestones achieved in improving internal operations and enhancing collaborations with stakeholders both within and outside the country. On behalf of Management and the staff of the Fund, I take exception to extend appreciation to all our stakeholders who have continued to walk the journey with the Fund.
Please download the full report.
Dr. Julia Clare Olima Oyet (Mrs.)
Chief Executive Officer
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