Chairperson Africa Regional Committee (ARC) and CEO of DPF’s opening remarks at the International Association of Deposit Insurers -Africa Regional Committee Annual General Meeting and Conference in Dakar, Senegal
The Chairperson of the Africa Regional Committee (ARC), who is also the CEO Deposit Protection Fund of Uganda, Dr. Julia Clare Olima Oyet delivered her maiden welcome remarks as Chairperson during the Africa Regional Committee of the International Association of Deposit Insurers (IADI) Conference held on August 21 – 24, 2023 in Dakar, Senegal.
The Vice Governor of the Central Bank of West Africa States (BCEAO) Mr. Norbert Toe was among the dignitaries who attended the conference which brought together deposit insurance and Central Bank players across Africa. The conference held under the theme: “Protecting Depositors from Crisis to Payout” aimed at fostering discussions on enhancing deposit protection systems and strengthening financial stability in the region as well as safeguarding the interests of depositors in the face of economic uncertainties and evolving market dynamics.
The conference provided a platform for experts and stakeholders to share best practices, exchange knowledge, and explore innovative approaches in the areas of funding arrangements for deposit insurance; protection of e-money users, improving payout or reimbursement timelines; ways of building and conducting payout simulations as well as understanding the key elements of single customer view.
In her opening remarks, Dr. Julia Oyet highlighted the importance of collaboration among financial institutions, regulators, and deposit insurers to ensure the robustness of the financial ecosystem. She noted that some sections of the global financial system faced upheavals which necessitated a swift response in order to stem the potential erosion of public confidence in the sector and to ensure stability. She emphasized the need for spreading appreciation of the relevance of deposit insurance especially to the jurisdictions that have not yet encountered challenges directly, and those that have not yet established deposit insurance systems.
“It is not farfetched to assert that with these developments, the deposit insurance concept has come under scrutiny from the broad spectrum of our stakeholders.” Dr. Julia Oyet remarked. She urged delegates to actively share their insights and experiences so that together, the stakeholders would come up with proactive actions and interventions for the deposit insurance industry.
At the same event, the ARC Book which highlights the evolution, practice and experience of deposit insurance in Africa was launched. The Book will be a guide for peer review amongst IADI-ARC members and will also serve as an educational tool for global partners and nations intending to establish deposit insurance systems in future. Dr. Julia Oyet paid special tribute to the former Managing Director of Nigeria Deposit Insurance Corporation, Mr. Umaru Ibrahim, who conceived the idea of the ARC Book.
She reiterated that the Deposit Protection Fund would remain steadfast in its dedication to being a proactive contributor to critical conversations on deposit insurance in the region and globally especially as the financial landscape continues to evolve.
With attendees ranging from central bank representatives to government officials and industry leaders, the event facilitated a holistic perspective on the challenges and opportunities inherent in deposit insurance systems in the African context.
View/Download Dr. Julia Oyet’s speech here: https://dpf.or.ug/wp-content/uploads/2023/08/Opening-remarks-by-Chairperson-ARC-AGM-August-2023-Senegal.pdf
