Deposit Protection Fund of Uganda (DPF) hosts Insurance Regulatory Authority (IRA) to a strategic engagement

On November 20, 2023, the Management of Deposit Protection Fund of Uganda, led by the Chief Executive Officer Dr. Julia Clare Olima Oyet hosted the Chief Executive Officer of Insurance Regulatory Authority Alhaj Kaddunabbi Ibrahim Lubega and the IRA Management team to a networking engagement. Alhaj Kaddunabbi was accompanied by Mr. Bernard Odel (Director Supervision), Mr. Sande Protazio (Director Planning, Research and Market Development), Mr. Patrick Oundo (Finance Manager), Mr. Robert Mpala Edhengo (Head Procurement & Disposal Unit), Ms. Faridah Kulabako (Senior Communications Officer) and Mr. Micheal Njenga (Senior Legal Officer Regulation & Drafting) while Dr. Julia Oyet was accompanied by Mrs. Angela Kiryabwire Kanyima (DPF Director Legal & Board Secretariate), Mr. Patrick O. Ezaga (Director Communications) and Mr. Yusuf Mukiibi (Director Finance & Operations).

Mrs. Angela Kiryabwire Kanyima – DPF Director Legal & Board Secretariate (L), hands over a courtesy gift to Mr. Bernard Odel – IRA Director Supervision (R)

Dr. Julia Oyet expressed appreciation to Alhaj Kaddunabbi and the Management team for honoring the Fund’s invitation to the strategic networking engagement. In her remarks, Dr. Julia Oyet shared with the IRA team the genesis of deposit insurance, background of DPF, its mandate and operations, highlighting that the deposit insurance protection limit in Uganda is currently UGX 10million, covering 98% of depositors. She noted that the engagement with IRA was pertinent since both entities are members of the Financial Sector Stability Forum (FSSF) and hence the need for more collaboration. She reminded the IRA team to monitor how their Contributing Institutions are performing and endeavor to update their personal details with them.

Speaking on behalf of the IRA management team, Alhaj Kaddunabbi appreciated the DPF team for hosting them considering that the role the two entities play in the Financial Sector Stability Forum (FSSF). He gave the DPF team a brief about IRA’s mandate and how it has grown the insurance sector through its market development unit. He further shared an update that in a bid to move closer to the common man, the Authority is opening up regional offices which will become operational next year. Alhaj Kaddunabbi concluded his remarks by highlighting that the Authority is open to more collaboration with the Fund through various initiatives and programs that the two entities shall undertake.