The Minister of Finance, Planning and Economic Development (MOFPED), Hon. Matia Kasaija hosted the Board of Directors of the Deposit Protection Fund of Uganda for the first of two annual meetings at his office on August 09, 2022. The Board uses the bi-annual meetings to update the Minister about the Fund’s operations. Led by the Chairman Mr. Ben Patrick Kagoro, the Board presented to the Minister the end of Board term report, the performance of the Fund for the financial year 2021/2022 and the quarter ended March 2022. The Minister was also updated on the on-going activities at the Fund.
Among the achievements highlighted to the Minister is continuous public awareness and brand visibility in which depositors are requested and reminded to update their personal information with their respective financial institutions as updated information is critical to ensure that customers are compensated swiftly in the unlikely event of a bank closure.
The Minister was appraised about a number of pipeline activities that the Fund was undertaking, key among which are; drafting of the RIA as a precursor to development of a standalone DPF Law; drafting of a Backstop Funding agreement with GoU/MoFPED and planned knowledge sharing sessions with the Office of the Speaker and the Parliamentary Committee on Finance, Planning and Economic Development, the Fund’s international engagements and activities at regional and international levels.
The Minister expressed his pleasure and appreciation to the Board for the milestones achieved. He congratulated the Board for successfully concluding the first term of office, a feat which formed the strong basis for their re-appointment for a second term. He challenged the Fund to scale up the public awareness effort so as to enhance visibility and also to grow public confidence in the financial sector. The Minister also recognized and appreciated the Board members for the leadership and guidance provided to the Fund during their time on the Board. He officially welcomed Mrs. Susan Wasagali Kanyemibwa as a new Board Member to the Fund. He reiterated his commitment and that of the Ministry to continue supporting the Fund.