Breakfast meeting with Business Editors of media houses – December 9, 2022

‘Public awareness so as to build public confidence in the financial system’ is one of the four strategic themes of the DPF Strategic Plan 2022 – 2027. It is intended to enhance public confidence to foster financial sector stability. It is against this background that DPF held a meeting with business editors of various media houses, to provide them with a general overview of the Fund and share information about the concept of deposit insurance.

DPF holds such engagements with various stakeholders with the intention of updating them about developments in the sector. The engagement with the business editors follows a successful one held in May this year with reporters from the different media houses.

In her keynote address, Mrs. Julia Oyet, DPF Chief Executive Officer noted that the Fund recognizes the central role played by the media in disseminating the right information to the public, at the right time. She emphasized DPF’s intention to lay the foundation for a sustainable and mutually beneficial partnership that would enable the appropriate deposit insurance message to reach every corner of this country.

Mrs. Julia Clare Olima Oyet, DPF CEO, addressing participants during the meeting.

The CEO informed the participants there are 33 contributing institutions licensed and regulated by Bank of Uganda comprising of 25 commercial banks, 04 credit institutions and 04 Micro-finance deposit-taking institutions. She noted that at the protection limit of UGX 10 million, up to 98% of total deposit accounts in the sector are fully protected.

Mrs. Oyet responds to a question raised by a participant during the meeting.

Mrs. Oyet noted that as depositors themselves who may wish to benefit from the protection offered by the DPF, it was imperative for the members of the media fraternity to interest themselves in confirming that the financial institution in which they keep their hard-earned money is duly licensed and regulated by Bank of Uganda.

The DPF Director Communications, Mr. Patrick Ezaga made a presentation about DPF, highlighting areas of collaboration between the Fund and the media. He particularly urged the business editors to be broaden their knowledge about deposit insurance matters so as to enable them to make informed editorial decisions.

Mr. Patrick Ezaga delivering a presentation about the DPF.

He emphasized the need for them to report factually and to always seek verification on any information about deposit insurance with DPF as this would help avoid sensationalism and rumors which impact the sector negatively.

In her closing remarks, Mrs. Oyet thanked the business editors for honouring the Fund’s invitation and further appreciated them for their valuable feedback. She committed on behalf of the Fund, to support the media in their role of disseminating accurate information on deposit protection to the public.