DPF CEO Joins Bank of Uganda for a Town Hall Engagement in Mbarara City – March 15, 2024
On March 15, 2014, Mbarara City, the largest in the region was astir thanks to the two-day Bank of Uganda Town Hall meeting. This is a flag ship public engagement platform during which the Central Bank, accompanied by a host of other sector regulators and financial institutions, engages with a broad spectrum of the public.
At the invitation of the Deputy Governor of the Central Bank, the CEO Dr. Julia Clare Olima Oyet, led a team from the Deposit Protection Fund of Uganda comprising of the Director Communications Mr. Patrick O. Ezaga and the Officer Information Resources Ms. Betty Namatovu to this well attended event. The Town Hall meeting, held under the theme “Bank of Uganda’s Role in Socio-economic Transformation” brought together a diverse group of citizens, including entrepreneurs, farmers, students, district leaders and the media, to discuss pertinent issues related to banking services, economic recovery, financial literacy, deposit protection and consumer protection.
In her remarks, Dr. Julia Oyet informed the participants about the role and functions of the Deposit Protection Fund in enhancing the confidence of depositors and contributing to the stability of the financial sector. She emphasized the importance of financial literacy and awareness among the populace, urging citizens to make informed decisions when engaging with financial institutions.
Dr. Oyet noted that the Fund was charged with reimbursing depositors their protected deposits in the event of failure or closure of a regulated financial institution. She clarified that the Fund does not engage directly with depositors, neither does it handle customer complaints but that these are dealt with by the office of the Executive Director Supervision of the Central Bank.
During the interactive Q&A session, participants sought to know why the DPF protected only up to UGX 10million and what happens to deposits above that. In supplement to the submission by the Director Communications while responding to this inquiry, Dr. Julia Oyet informed participants that the protected limit of UGX 10million was not an abstract figure but rather one that was carefully determined taking into account some important indicators. She noted that factors considered included the capability by the Fund to pay the protected deposit when need arose, bench marking with regional deposit insurance systems, international standards and the economic situation. Dr. Julia Oyet urged participants to do the following;
- Keep their money in regulated and supervised financial institutions.
- Take interest in knowing the performance of the financial institution of their choice. For example, looking at their published financial statements.
- Avoid listening to rumors and instead seek verified information from the institutions’ websites.
- Update their personal information with their respective financial institutions.
In her conclusion, Dr. Julia Oyet expressed DPF’s profound appreciation to the Deputy Governor Dr. Michael Atingi-Ego and the Bank of Uganda in general for according the Fund the opportunity to engage directly with the public through the Town Hall meetings. This, she said, underscored the commitment of the Deposit Protection Fund to enhancing public awareness, transparency, accountability and responsiveness to the public.
The Keynote Speaker, Deputy Governor Bank of Uganda, Dr. Michael Atingi-Ego noted that the Central Bank was responsible for; ensuring the safety and stability of the Country’s payment systems; upholding and enhancing the stability of the Uganda Shillings’ value; overseeing the licensing, regulation and supervision of commercial banks, credit institutions and microfinance deposit-taking institutions. On the latter, he emphasized that the Bank’s commitment lay in enhancing the management of financial institutions for accountability and protecting the interest of depositors, adding that in instances of failure, the Deposit Protection Fund was at hand to reimburse depositors thus fostering stability of the sector.
The convenor of the engagement Mrs. Susan Kanyemibwa, the Bank Secretary and Director on the Board of the Deposit Protection Fund, encouraged the public to visit the Bank of Uganda Branch in Mbarara for services including the exchange of mutilated banknotes (currency exchange), information on government programs such as the Agriculture Credit Facility and assistance with queries or questions regarding the financial sector. “Our commitment to you does not end with this engagement. We encourage you to visit the branch where a team of dedicated Bank of Uganda staff will be happy to serve you.” She noted.
The Town Hall meeting served as a platform for open dialogue and constructive engagement between financial regulators, industry stakeholders and the local community. Participants expressed their appreciation to the Bank of Uganda, DPF and other sector players present for the opportunity accorded for direct engagement.
