DPF participates in commemoration of the World Savings Day 2022 – October 31, 2022

The Deposit Protection Fund of Uganda (DPF) joined financial sector players, stakeholders and the rest of the world in commemorating this year’s World Savings Day on October 31, 2022 under the theme, “Start small, grow big; be green smart,” with the objective of encouraging the public to save and transfer their savings into bank accounts.

Mr. Balaam Ssempala (Left), addressing the media.

At a press conference organized by the Bank of Uganda in partnership with the Uganda Institute of Banking and Financial Services (UIBFS), Mr. Balaam Ssempala, Ag. Chief Executive Officer represented the Fund. The event drew participants from the Financial Sector Safety-net Forum.

In his remarks, Mr. Ssempala noted that the Fund was pleased to be part of the savings drive and encouraged the public to ensure that a realistic portion of their deposits in a bank or financial institution are preserved as savings. He informed the media and participants that DPF is mandated to ensure that depositors are paid their protected deposits of up to UGX 10 million in the event of failure or closure of a contributing institution regulated by the Bank of Uganda. He further added that the DPF is currently executing a protracted countrywide drive to create and enhance awareness about its role and mandate. “Our consistent appeal to the public is that those who are still keeping their money in the unsafe unregulated establishments or in their homes should have confidence in the financial system and move their hard-earned money to regulated institutions. You should save with confidence and rest assured that your savings and deposits are protected by the DPF,” he remarked.

“You should save with confidence and rest assured that your savings and deposits are protected by the DPF.” – Mr. Balaam Ssempala

Mr. Ssempala also reminded the general public to ensure that their personal details such as National Identification Number (NIN), mobile phone number and alternative bank account are updated with their respective commercial bank. This will enable the DPF to compensate depositors within the ninety (90) working days stipulated in the law upon closure of a contributing institution.

While encouraging the public to save in regulated financial institutions, Dr. Michael Atingi-Ego, the Deputy Governor, who was the Chief Guest at the event, likened saving hard-earned money at home – in a pot, mattress, or hole in the ground – to taking one step forward and two steps backwards because it is full of risks.

Deputy Governor, Bank of Uganda, Dr. Michael Atingi-Ego addressing participants.

Dr. Atingi-Ego paraphrased his message to the public into the following questions, “Would you rather save in a clay pot that cracks easily or in a secure vault in a bank? Can your money grow in a mattress or in a bank that pays interest on savings? Does putting money in a hole in the ground or a box in a roof offer protection from rodents, fire, and flooding or in a bank account that the Deposit Protection Fund insures?” In concluding, the Chief Guest wished all stakeholders a memorable commemoration of the World Savings Day 2022.