Deposit Protection Fund of Uganda (DPF) engagement with Next Media Services – June 20, 2023

The Deposit Protection Fund of Uganda (DPF) management team, led by the CEO Mrs. Julia Clare Olima Oyet along with Mr. Patrick O. Ezaga (Director Communications), Mr. Moses Apell Odongo (Director Human Capital & Administration), Ms. Angela Kiryabwire Kanyima (Director Legal & Board Secretary) and Mr. Yusuf Mukiibi (Director Finance & Operations) hosted the management team of Next Media Services to an engagement as part of its efforts to build strategic partnerships. The Next Media Services team was led by the Group CEO Mr. Kin Kariisa who was accompanied by Mr. Ben Mwine (General Manager Next Production), Mr. Moses Oyoma (Head of Sales/Deputy Chief Commercial Officer), Mr. Edwin Danze (Chief Marketing Officer), Mr. Eugene Kavuma (Head of Creative), Juliet Mbabazi (Client Relations Manager) and Ms. Violet Nakyevuga (Account Manager).

The DPF Chief Executive Officer Mrs. Julia Oyet shared with the Next Media team the background of DPF, its mandate and operations. She noted that DPF plays a crucial role in promoting financial sector stability by guaranteeing depositors that they would be paid up to Uganda Shillings 10million in the event of failure/closure of their financial institution regulated by the Central Bank. She stated that at that protected limit, up to 98% of depositors were covered. She concluded by appreciating the Next Media team for honoring the invitation to the engagement which was primarily intended to discuss areas of synergy between the two entities targeted at enhancing public awareness about the Fund.

Mr. Patrick O. Ezaga; DPF Director Communications, informed the Next Media team that the Fund was implementing a robust public awareness campaign which singles out engagements with various media houses as one of the key strategic interventions. He noted that it was therefore important for the media to have an in-depth appreciation and knowledge about the Fund because they are a major source of information for the public.

DPF’s Director Finance and Operations, Mr. Yusuf Mukiibi updated the Next Media team about some of the Fund’s rolled out and pipeline projects such as the Depositor Payout & Premium Management System and the Single Customer View Project which facilitate electronic consolidation and update of depositor information. He noted that depositors were required to ensure that their records with their financial institutions regarding National Identity Number (NIN), mobile phone number registered in their name or alternative bank account were up to date at all times. This he said, is intended to facilitate fast payment to depositors if the need arose.

On her part, Mrs. Angela Kiryabwire, DPF’s Director Legal and Board Secretary informed the team that the Fund had initiated the process of coming up with a stand-alone law with undertaking of a Regulatory Impact Assessment (RIA), the first step in the process.

Mr. Moses Apell Odongo, DPF Director Human Capital & Administration informed the team initially the Fund was managed under Bank of Uganda. Following its establishment as an autonomous entity in 2016 with its own Board of Directors, the Fund was now fully operational with various departments and a staff size that will reach 56 over the next few months.

Speaking on behalf of Next Media Services, Mr. Kin Kariisa appreciated the DPF team for hosting them to the networking engagement. He gave the team a brief about Next Media Services’ operations, the various platforms it has across television, radio and online. Mr. Kariisa also appreciated the need for the Fund to build a relationship with Next Media Services and pledged the Group’s utmost support.

The General Manager Next Production shared with the DPF team an overview of the various platforms under Next Media Services namely NBS TV, Sanyuka TV, Salam TV, Next Radio, Nile Post, Afro Mobile and NBS Sports. He invited the Fund to make use of these various platforms with a wide reach to different sectors to enhance its public awareness drive.

Mr. Eugene Kavuma, Head of Creative, Next Media Services informed the DPF team about the ongoing campaign for the financial sector players named “Beera Steady, Be Better,” targeting individuals who deal in electronic money transactions/services such as mobile money, internet banking, among others. Mr. Kavuma encouraged the Fund to participate in the campaign because it targets depositors, who are the Fund’s primary stakeholders.

In her closing remarks, Mrs. Oyet appreciated the Next Media Services team for honoring the invitation and reiterated the Fund’s commitment to working with them through sharing of relevant information with the ultimate aim of promoting stability of the financial sector. In his parting comment, Mr. Kariisa pledged that his team would come up with a robust proposal that would enable the Fund to utilize Next Medi’s various platforms to disseminate information to its various stakeholders.