On May 27, 2022, the Deposit Protection Fund held an engagement with contributing Institutions (Commercial Banks, Credit Institutions and Microfinance Deposit-Taking Institutions licensed by the Bank of Uganda).
The objectives of the engagement were to:
i). Appraise participants on the role and mandate of the Fund,
ii). Update participants on the developments at the Fund and;
iii). Provide a platform for engagement during which the Fund would obtain views and feedback.
In her keynote address, DPF Chief Executive Officer, Mrs. Julia Oyet applauded the Contributing Institutions for promptly paying their statutory premiums as well as participating in various Fund related activities whenever called upon.
Mrs. Oyet shared a brief synopsis of the Deposit Protection Fund of Uganda and noted that the Fund was operationalized in April 2017, following the inauguration of a Board of Directors by the Hon. Minister of Finance, Planning and Economic Development. Mrs. Oyet commended the Bank of Uganda, where DPF was housed in its initial stages, for providing the necessary support to enable the Fund take off including seconding eleven (11) staff to start the operationalization process.
DPF Executive Committee members shared with the participants the Fund’s role, mandate as well as updates regarding deposit coverage, achievements by the Fund since inception and updates on the key projects that the Fund is undertaking. Presentations were also made on the public awareness initiatives and the Payout System for which a simulation will be done in a few months’ time, to test its efficacy. Participants were informed that a premium management system is being implemented and this will support the timely operations related to premium management.
The event enabled the representatives of the Contributing Institutions to have direct interaction with the Executive Committee of the Fund on a number of statutory and operational matters which are essential for the Fund to deliver on its mandate.
In her closing remarks, Mrs. Oyet appreciated the Contributing Institutions for honoring the invitation and making time to participate in the engagement. She further implored the institutions to continue with the efforts to ensure that customer records are updated, which would enable timely payment of depositors in the unlikely event of failure / closure of a financial institution.
To view/download: CEO’s Keynote address please click: https://dpf.or.ug/wp-content/uploads/2022/05/CEOs-speech-at-the-CI-Workshop-May-27-2022-Mestil-Hotel-.pdf
For a copy of the presentation made by the Executive Committee, please click: https://dpf.or.ug/wp-content/uploads/2022/05/Presentation-by-EXCo-during-the-Contributing-Institutions-Engagement-May-27-2022.pdf