DPF courtesy visit to Mercantile Credit Bank Limited – Nov 4, 2022
As part of its continuous efforts in stakeholder engagement, the Deposit Protection Fund of Uganda (DPF) on November 4, 2022 paid a courtesy visit to Mercantile Credit Bank Limited. The DPF team; led by the Chief Executive Officer Mrs. Julia Clare Olima Oyet met with the Management team of Mercantile Credit Bank Limited led by its Managing Director Mr. Paul Senyomo.
Mrs. Oyet begun her remarks by giving a brief history about DPF and its mandate, which is to pay protected deposits in case of failure or closure of a Contributing Institution for liquidation by Bank of Uganda. She also reiterated to the meeting about the deposit insured limit of UGX 10,000,000 and the risk of moral hazard if all deposits are insured. Mrs. Oyet also informed the Management Team of Mercantile Credit Bank that the limit of UGX 10,000,000 covers 98% of depositors of Contributing Institutions.
Mr. Balaam Ssempala, the Director Information Technology (IT) at DPF was part of the DPF team and informed the bank’s team of the projects the Fund is undertaking which include the Single Customer View (SCV) project and the Deposit Payout & Premium Management System project. Mr. Ssempala informed the Management team of the bank that the projects, which are heavily dependent on IT, will require a synergy with the IT systems of the banks since they are intended to ensure that accurate records of depositors are maintained i.e. the National Identification Number (NIN) and an alternative mode of payment e.g. mobile money registered phone number or alternative bank account.
The bank team was also informed of the public awareness efforts of the DPF by the DPF Director Communications, Mr. Patrick O. Ezaga. Mr. Ezaga, who was also in attendance at the meeting, emphasized the need for the bank to support DPF in its public awareness activities such as engagement with staff and display of DPF promotional and visibility materials in the banking halls. Mr. Ezaga also informed the bank team that the Fund is currently undertaking a dipstick survey with Contributing Institutions to establish satisfaction levels and will greatly appreciate their cooperation.
Speaking on behalf of the management team of Mercantile Credit Bank Limited, the Managing Director Mr. Paul Senyomo welcomed the DPF team, appreciated the courtesy visit and promised the utmost cooperation and support of the bank’s management and staff towards ensuring that both organisations achieve their objectives.
