DPF CEO pays a courtesy visit to Bank of Baroda Uganda Ltd – April 19, 2024
The Deposit Protection Fund Chief Executive Officer – Dr. Julia Oyet, paid a courtesy visit to Bank of Baroda (U) Ltd on April 19, 2024. The visit was part of the ongoing efforts by the Fund to foster continuous engagement with stakeholders. She was accompanied by Mr. Patrick Ezaga – Director Communications. The delegation was received by the Bank of Baroda’s Managing Director, Mr, Shashi Dhar.
Dr. Julia Oyet appreciated Bank of Baroda for hosting the Fund and informed them that the purpose of the visit was to create awareness of the Fund’s operations and to strengthen its relations with stakeholders.
She briefed the Bank about the history of the Fund, its mandate and operations. She further informed the Bank that the Depositor Payout & Premium Management System (DPPS) was now operational and as such, system-generated invoices to the Contributing Institutions were to take effect in July this year.
About the timely execution of the Fund’s mandate, Dr. Julia informed the Bank of Baroda team that the Fund was able to pay depositors their protected deposits of up to UGX 10 million, within seven days after closure of the now defunct EFC (U) Ltd, a feat which she said was the first of its kind in the region and the African continent. This, she attributed to the availability of updated customer records of the closed institution. She thus rallied Bank of Baroda and other institutions to ensure that customers’ records are updated and to contribute to the enforcement of this, Dr. Julia intimated that the Fund would later in the year run a campaign on reminding depositors to update their information with their respective financial institutions.
Mr. Ezaga lauded Bank of Baroda (U) Ltd for adhering to the requirement of prominently displaying DPF posters in the banking hall. He drew their attention to ensuring compliance with the provisions of the Financial Institutions Act relating to public awareness and information sharing. He urged Bank of Baroda management to support the Fund’s public awareness efforts through its ongoing activities including engagement with the frontline staff (which can be both physical or online) and the country-wide baseline survey on public awareness about the Fund.
On his part, Mr. Shashi appreciated the DPF for the engagement and observed that he and his team had gained a deeper insight into the role of the Fund and the concept of deposit insurance. He added that Bank of Baroda (U) Ltd was committed to supporting and collaborating with the Fund on its various efforts.
