Meeting between the DPF Board and the Hon. Minister of Finance, Planning & Economic Development – December 7, 2022

The DPF Board Chairman, Mr. Ben Patrick Kagoro, led a delegation from the Fund to a meeting with the Minister of Finance, Planning and Economic Development. The meeting is one of those scheduled with the Minister bi-annually, to appraise him on key undertakings of the Fund as well as achievements attained.

In his remarks, Hon. Kasaija commended the Fund for all its efforts in creating public awareness about the Fund. On his part, Mr. Kagoro informed the Minister that the Fund was currently implementing the 2022-2027 Strategic Plan, which was approved by the Board of Directors. This, he said, would guide the Fund’s efforts in the next five years. He further noted that the Fund was making concerted efforts on the human capital development front. This would ensure that staff are equipped with knowledge and expertise in deposit insurance.

While presenting to the Minister a report on the Fund’s undertakings during the financial year 2021/22 and the quarter ended September 2022, Mrs. Julia Oyet – the Chief Executive Officer, DPF – noted that the Fund had continued to register a number of achievements towards contributing to financial sector stability. She highlighted the following;

Enhanced public awareness on the DPF
Fully operationalized the Fund with all functions managed in-house.
Developed the Depositor Payout and Premium Management System which is being rolled out.
Increased the deposit insurance limit from UGX 3 million to UGX 10 million.
More than doubled the fund size.
Put in place regulations to operationalize the DPF.

The delegation from DPF shares a light moment with the Minister of Finance, Planning & Economic Planning. From left: Mr. Wilbrod Owor (Member of the DPF Board), Mrs. Angela Kiryabwire Kanyima (Director Legal & Board Secretary – DPF), Mrs. Julia Oyet (CEO – DPF), Hon. Matia Kasaija, Mr. Patrick Kagoro (Board Chairman – DPF), Mr. Emmanuel Kalema (Member of the DPF Board), Mr. Felix Nsimoomwe (Asst. Manager Board Affairs), Mr. Abdallah Sekibembe (Legal Officer – DPF).

Mrs. Oyet informed the Minister that the Fund was undertaking a number of activities, key of which, included the following:

The DPF permanent office premises development project.
Drafting of a standalone DPF Law.
Drafting of a backstop funding agreement with Government of Uganda / Ministry of Finance, Planning and Economic Development.
Engagements with various deposit insurance entities at the regional and international level. In this regard, the CEO was elected as the Vice-Chairperson of the African Regional Committee and the AGM held in Zimbabwe in August 2022. Relatedly, the CEO was elected to the IADI Executive Council at the General Assembly held in Buenos Aires in Argentina in October 2022.

In closing, Mr. Kagoro and Mrs. Oyet thanked Hon. Kasaija for his continued support and guidance to the Fund which has enabled it deliver on its mandate effectively. On his part, Hon. Kasaija encouraged the public to stop keeping money in pots and pillows, but rather deposit it in formal financial institutions.