The Deposit Protection Fund of Uganda held an on-site inspection exit meeting with I&M Bank at the latter’s Head Quarters in Kampala. The DPF team led by Mrs. Julia Clare Olima Oyet, DPF Chief Executive Officer, interacted with the I&M Bank team led by Mr. Duncan Karugaba, the Head of Operations. The meeting followed an on-site inspection exercise that was successfully conducted by a team from the Deposit Protection Fund.
Mrs. Oyet commended the bank for their cooperation during the exercise and noted that the engagement was on two fronts namely; to update I&M Bank about the major projects at the Fund and to share findings from the inspection exercise. She shared a brief on deposit protection concept as well as the mandate of the Fund and the ways in which it contributes to financial sector stability.
Mrs. Oyet informed Mr. Karugaba and his team that among the key projects being undertaken by the Fund was the rolling out of Depositor Pay-out and Premium Management System, the Single Customer View (SCV) project and the public awareness drive through which the public is being educated about DPF’s mandate and deposit protection in entirety.
Mr. Moses Tamale, the Ag. Director Finance and Operations noted that operationalization of the Deposit Pay-out and Premium Management System was now being rolled out to all Contributing Institutions. Mr. Tamale emphasized that the System would enable Contributing Institutions share information with the Fund on depositor records on a regular basis to enable the latter to pay depositors fast and conveniently in the unlikely event of a closure or failure of the Bank.
Mr. Karugaba appreciated the DPF for the engagement and observed that among other things, his team and himself were able to gain a deeper insight into the role of the Fund. On behalf of I&M he committed to work on the recommendations presented in the inspection report, as well as continue bilateral engagements on the same.