Attorney General hosts DPF delegation – October 27, 2023

The Attorney General, Hon. Kiryowa Kiwanuka hosted a delegation from the Deposit Protection Fund of Uganda (DPF) led by the CEO, Dr. Julia Clare Olima Oyet. She was accompanied by Mrs. Angela Kiryabwire Kanyima (Director Legal and Board Secretary), Mr. Patrick Onen Ezaga (Director Communications) and Ms. Jacinta Anyinge (Assistant Manager Legal). The primary purpose of the engagement was to update the Attorney General about the Fund’s operations and its future plans as enshrined in the Fund’s Strategic Plan 2022 – 2027.

The Chief Executive Officer presented an update to the Attorney General on the status of the current operations of the DPF, all of which are geared towards contributing to financial sector stability by enhancing public confidence in the financial sector.

Dr. Julia Oyet further informed the Attorney General that since the end of the operationalization process in 2017, it had become apparent that the regulatory framework needed a review to enable the Fund to be responsive to changes in the environment and the global deposit insurance system. To this end, the Fund has undertaken a Regulatory Impact Assessment (RIA) with a view to making proposals for strengthening the regulatory framework. Additionally, the Fund had drafted a Backstop Funding Framework that is intended to ensure that there is adequate financing in the event of an urgent need to save the financial sector. She also informed the host that in fulfilment of statutory requirements, the Fund had rolled out an elaborate public awareness drive across the country aimed at entrenching the deposit insurance concept among the public.

On his part, the Attorney General appreciated DPF for its efforts towards the stability of the financial sector. He committed to supporting the Fund in its efforts of developing the requisite regulatory framework to enable it to execute its mandate fully and effectively.