Deposit Protection Fund of Uganda (DPF) holds engagement with Capital Markets Authority (CMA)
The Deposit Protection Fund of Uganda (DPF) management team had a strategic networking engagement with the top management of Capital Markets Authority (CMA). The engagement, among others, is part of the Fund’s efforts to build stronger relations with other Financial Sector Safety-net players in the quest to enhance stability of the sector.
Dr. Julia Oyet appreciated Mrs. Josephine Okui Ossiya and the team for honoring the Fund’s invitation to the networking engagement. Dr. Oyet shared a brief history of the Fund noting that it was previously managed under Bank of Uganda until 2017 when it was institutionalized following the amendment of the Financial Institutions Act 2016. She further informed the CMA team that the Fund’s strategic efforts are geared towards achieving its mandate to ensure that depositors of a failed financial institution are paid their protected limit Uganda Shillings 10 million in a timely manner.
DPF Director Communications Mr. Ezaga, shared with the CMA team the Fund’s public awareness efforts, a key statutory provision. He noted that public awareness was one of the Core Principles set by the International Association of Deposit Insurers, the global body that sets standards on deposit insurance. He highlighted the major avenues the Fund uses to create awareness including mainstream media and digital platforms as well its stakeholder engagements through activities like Corporate Social Responsibility. Mr. Ezaga reiterated the need for more collaboration between the two entities with regard to public education and awareness.
DPF’s Director Information Technology Mr. Balaam Ssempala informed the team that the Fund had developed a Depositor Payout & Premium Management System to facilitate electronic consolidation and update of depositor information as well as invoicing of the Contributing Institutions. He emphasized that depositors are required to ensure that their records with their financial institutions namely the National Identity Number (NIN), mobile phone number registered in their name or alternative bank account are kept up to date at all times. This he said, is intended to facilitate prompt payment of depositors in case of a closure.
Speaking on behalf of the CMA management team, the Chief Executive Officer Mrs. Ossiya appreciated the DPF team for hosting them to the engagement and stated that there were indeed key takeaways that the Authority can benchmark from DPF with regard to public awareness and automation of systems among others. She noted that CMA was established in 1996 with the mandate of protecting investments, development of the stock market and regulation. Mrs. Ossiya noted that such engagements are a welcome move since they create and enhance synergies between the two government entities.
The DPF team was led by the CEO Dr. Julia Clare Olima Oyet. She was accompanied by the Director Information Technology Mr. Balaam Ssempala, Director Communications Mr. Patrick Ezaga, Director Internal Audit Dr. Michael Mayanja Lugemwa, Assistant Manager Investments Mr. Ahab Karugaba and the Executive Assistant to the Chief Executive Officer Ms. Juliet Teddy Adong. On the other hand, the CMA team was led by the Chief Executive Officer Mrs. Josephine Okui Ossiya, the Director Research & Market Development Mr. Dickson Ssembuya, Head Finance Mr. Noah Matovu, Legal Manager Mrs. Alison Kwikiriza Serucaca, Legal Officer Mr. Joseph Magala, Accounts Officer Mr. Ronald Kyeyune and Research Officer Mr. Dreck Murozi.
