The Deposit Protection Fund of Uganda (DPF) management team, led by the CEO Dr. Julia Clare Olima Oyet hosted the management team of Uganda Retirement Benefits Regulatory Authority (URBRA) led by the Chief Executive Officer Mr. Martin A. Nsubuga to a networking engagement on November 1, 2023.
Mr. Nsubuga was accompanied by the URBRA management team which comprised of Ms. Daisy L. Nabakooza (Chief Manager Supervision and Market Conduct), Ms. Susan M. Nyatia (Chief Manager Human Resource and Administration), Mr. Benjamin K. Mukiibi (Chief Manager Research and Strategy), Ms. Lydia Mirembe (Manager Communication and Public Affairs), Ms. Marion Atukunda (Manager Research and Strategy), Mr. Patrick Odida (Head, Procurement and Disposal Unit), Mr. Mark S. Lotukei (Manager Market Conduct), Mr. Felix B. Musisi (Manager ICT), Mr. Joseph Byaruhanga (Manager Finance and Accounting) and Mr. Edward Serunkuma (Senior Internal Auditor).
The DPF Chief Executive Officer Dr. Julia Oyet was accompanied by Mr. Alan N. Lwetabe (Director Investments), Dr. Michael Mayanja Lugemwa (Director Internal Audit), Mr. Patrick O. Ezaga (Director Communications), Mr. Yusuf Mukiibi (Director Finance & Operations), Mr. Andrew Kapere (Assistant Manager Information Security & Compliance) and Ms. Jacinta Anyinge (Assistant Manager Legal).
The DPF CEO Dr. Julia Oyet expressed appreciation to the URBRA Chief Executive Officer Mr. Martin A. Nsubuga and the management team for honoring the Fund’s invitation to the networking engagement. She noted that the engagement was premised on the fact that both DPF and URBRA are members of the Financial Sector Stability Forum (FSSF) and hence for more collaboration between the two entities. She shared with the URBRA team the genesis of deposit insurance, background of DPF, its mandate and operations. Dr. Julia Clare informed the URBRA team that at that protected limit of UGX 10million, up to 98% of depositors were covered and that this limit is reviewed every 5 years. She concluded her remarks by reminding the URBRA team that just like the rest of the public, they ought to know their banks and constantly monitor how they performed.
Mr. Patrick O. Ezaga; DPF Director Communications, informed the URBRA team that the Fund was implementing a robust public awareness campaign which entailed engaging various stakeholders, primarily the less sophisticated depositors of Contributing Institutions through various channels of communication. He noted that it was therefore important for the URBRA team to have an in-depth appreciation and knowledge about the Fund because they too are depositors and opinion influencers.
DPF’s Director Finance and Operations, Mr. Yusuf Mukiibi updated the URBRA team that the Fund developed a Depositor Payout & Premium Management System which will facilitate electronic consolidation and update of depositor information. He noted that for the payout system to work effectively, it was necessary for all depositors to ensure that their records with their financial institutions namely their National Identity Number (NIN), mobile phone number and alternative bank account are up to date at all times. This he said, is intended to facilitate fast payment to depositors if the need arose.
Speaking on behalf of the URBRA management team, Mr. Martin A. Nsubuga appreciated the DPF team for hosting them to the networking engagement. He gave the DPF team a brief about URBRA’s mandate i.e. regulating the pension sector, their operations and their efforts in encouraging the public, especially the informal sector, to save for retirement. Mr. Nsubuga concluded by appreciating the need to collaborate with DPF in its public awareness efforts so as to reach a wider audience. The entities agreed to put in place a working group to carry forth the collaboration effort initiated through this engagement.