Deputy Governor Bank of Uganda, Prof. Augustus Nuwagaba, makes maiden visit to Deposit Protection Fund of Uganda – May 5, 2025

It was indeed an honour when Professor Augustus Nuwagaba, the newly appointed Deputy Governor of the Bank of Uganda, made his inaugural visit to the Deposit Protection Fund of Uganda (DPF) on May 5, 2025. Prof. Nuwagaba was received by the DPF Chief Executive Officer – Dr. Julia Clare Olima Oyet (Mrs.) and the Management Team.

The CEO, Dr. Julia Oyet, extended a very warm welcome to the Deputy Governor (DG) and thanked him for visiting in person to acquaint himself with the operations of the Fund. In her presentation, she highlighted the genesis of deposit insurance in general and that of the Deposit Protection Fund in particular, the initiatives being undertaken by the Fund as well as an update on the recent developments in the deposit protection field.

Dr. Julia emphasized the importance of sustainable depositor compensation mechanisms, noting that the Fund had put in place systems and structures that had made it possible to compensate depositors of closed institutions in record time. The Fund started paying depositors of the now defunct EFC Uganda Limited within 7 days of closure and Mercantile Credit Bank within 3 days. The CEO noted that at the current protected limit of UGX 10million, 98.25% of all deposit accounts are fully covered.

Prof. Nuwagaba commended the Fund for its efforts in reinforcing internal systems which are geared towards efficient and effective processes as well as for its public awareness efforts. He appreciated the critical role of the DPF in enhancing public confidence in the banking sector and contributing to financial sector stability. He also noted that as Uganda continues to navigate economic shifts, the collaboration between the Bank of Uganda and the Deposit Protection Fund remains vital in safeguarding the interests of depositors and maintaining trust in the financial sector.