DPF holds engagement with the media fraternity in mid-western region at Hoima City – December 7, 2023

Enhancement of public awareness is a key tenet of the Funds mandate as enshrined both in the national law and in IADI Core Principles. This is an effort that cannot be effectively undertaken without the involvement of the media. To this end, the Deposit Protection Fund (DPF) continued with the effort to engage the media in the different regions of the country.

The third edition of the media engagement was held in Hoima city and it brought together journalists from various media houses in the Bunyoro sub-region, creating a platform for open discourse and information exchange. The initiative was aimed at empowering members of the media in the region to enhance their capacity to disseminate accurate information across the broad spectrum of the public. The engagement’s objectives were:

To provide media practitioners with a general overview of the Fund and its operations.
To enhance media practitioners’ knowledge about the concept of deposit protection especially in Uganda and how the Fund contributes to financial sector stability.
To equip media practitioners with information that shall facilitate them to undertake accurate and informed reporting, counter negative messages, and support DPF in disseminating important information on deposit protection to the public.
To lay a firm foundation for and establish a reliable network of media actors/journalists.

Mr. Patrick Ezaga – Director Communications, responding to participants during the engagement.

The Fund used the occasion to share insights about its mandate, functions, and the broader landscape of deposit insurance. Mr. Patrick Ezaga, the Director Communications informed participants that the cardinal mandate of the DPF is to ensure that depositors of institutions regulated by Bank of Uganda are paid up to UGX 10million in the unlikely event of closure of their financial institution due to outright liquidation. He further noted that one of the major public policy objectives of the Fund is to contribute to building public confidence in the financial system and that the Fund exists to give assurance to the public that they can confidently deposit their money in institutions regulated by Bank of Uganda.

Mr. Ezaga emphasized the importance of collaboration between the Fund and the media in disseminating accurate and timely information to the public. “The media plays a crucial role in bridging the gap between the Fund and the public. This engagement is a testament to our commitment to fostering a cordial working relationship in execution of our respective mandates,” he stated.

In his remarks, Mr. Ahab Karugaba – Assistant Manager Investments, informed participants that at the current deposit protected limit of UGX 10m, 98% of depositors were covered.

During the interactive sessions, journalists had the opportunity to pose questions, seek clarification on how deposit insurance works in Uganda and the roles played by the Deposit Protection Fund, thus gaining a clearer understanding of the Fund’s operations.

In addition to addressing the queries, the Fund used the opportunity to highlight its recent initiatives and accomplishments. This included successful engagements with Contributing Institutions, the implementation of the Depositor Payout and Premium Management System, and the Fund’s contribution to a sound and stable financial sector.

The Fund’s proactive approach to engaging with the media in regional centers reflects a commitment to transparency, accountability and the promotion of deposit insurance messages.