DPF on-site inspection exit meeting with Post Bank Uganda Limited – November 30, 2022

The Deposit Protection Fund of Uganda held an on-site inspection exit meeting with Post Bank Limited at the latter’s Head Quarters in Kampala. The DPF team was led by Mr. Alan Lwetabe – Ag. DPF Chief Executive Officer and were received by Mr. Julius Kakeeto – Post Bank Managing Director along with a team from the Bank. The meeting was a culmination of the on-site inspection exercise that was successfully conducted by a team from the Deposit Protection Fund.

The Post Bank team listens on as Mr. Lwetabe (Right) makes a submission during the meeting.

Mr. Lwetabe appreciated Post Bank for their cooperation during the exercise. He noted that the engagement with the Bank was on two fronts namely, to update Post Bank about current developments at the Fund and to share findings from the inspection. He shared a brief synopsis about the Fund and informed the meeting that it had embarked on efforts to establish a legal framework which will see the Fund, among other things, contribute to resolution funding. He noted that DPF is a member of the Financial Sector Safety-net Forum and in collaboration with other financial sector regulatory agencies in Uganda, the Fund contributes to the sector’s stability by ensuring readiness for pay-out in crisis periods.

“The Fund is now an autonomous entity with all its operations held in-house,” Mr. Lwetabe (right).

The DPF Team made a presentation of their on-site findings which were discussed between the two entities. Ms. Joan Agaba (center-left) and Mr. Albert Mukasa (extreme left) during the presentation of the findings.

Among the key projects being undertaken by the Fund are the Deposit Pay-out and Premium Management System, the Single Customer View (SCV) project and the public awareness drive through which the public is being educated about DPF’s mandate. Mr. Moses Tamale, the Ag. Director Finance and Operations noted that operationalisation of the Deposit Pay-out and Premium Management System was now being rolled out to all Contributing Institutions. As such, a training for all Contributing Institutions was to be held between 7^th and 9^th December 2022. The system will enable contributing institutions to share information with the Fund on depositor records on a regular basis to enable the Fund to pay depositors fast and conveniently in the event of a bank closure.

“In a bid to equip front-line staff of Contributing Institutions with knowledge about deposit protection, the Fund intends to engage them in trainings. These will be communicated once arrangements are completed.” Ms. Mariam Nalunkuuma (third from right), Asst. Manager Communications.

Mr. Kakeeto appreciated the DPF for the meeting and observed that it was an avenue for his team to gain more insights into the operations of the Fund and to seek guidance. The Post Bank team pledged to address the concerns raised during the meeting. Mr. Kakeeto commended the Fund for the projects it is undertaking noting that the Bank was open to having its frontline staff trained as well as supporting the Fund in its public awareness efforts.