Meeting between the Hon. Minister of Finance, Planning and Economic Development and the DPF Board – December, 2023

The DPF Board Chairman, Mr. Ben Patrick Kagoro, led a delegation of the Fund’s Board members 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.

Hon. Matia Kasaija (center) in a photo with the delegation from DPF.

In his remarks, Hon. Kasaija commended the Fund for all its efforts which are contributing to a stable financial sector. He particularly commended the Board and Management for steadily growing the Fund and for the public awareness initiatives, which are increasingly contributing to the Fund’s visibility. The Hon. Minister noted that DPF was one of the few scandal-free agencies of government. He took exception to applaud the Board and management of the Fund for this and encouraged the Fund to continue in this path.

Mr. Kagoro appreciated the Hon. Minister for his guidance and for supporting the Fund’s efforts. He informed the Minister that following his request and guidance, the Fund had successfully conducted the inaugural Board Townhall in Jinja City, a platform during which Board Members interfaced with the public and leaders, engaging on the role and functions of the Deposit Protection Fund.

While presenting to the Minister a report on the Fund’s undertakings during the financial year ended June 2023 and the quarter ended September 2023, Dr. Julia Oyet, the DPF’s Chief Executive Officer noted that the Fund had continued to register several achievements toward contributing to financial sector stability. She highlighted the following key achievements:

Enhanced public awareness about the DPF through extensive awareness campaigns across various media channels and strategic engagements with partners.
Maintained the cost to investment income ratio at 12%, which was well within the acceptable 25% limit set by the Board.
Attained a 30% increment in the investment portfolio with approximately 70% derived from interest income and 30% from premiums paid by Contributing Institutions.
Increased deposit coverage, for which 98.25% of the total number of depositor accounts are fully qualified for deposit protection. This is well over the regional benchmark minimum coverage limit of 90.
Increased effective deposit coverage, for which the Fund can pay up to 20.71% of the total protected deposits. This is slightly above the 20% benchmark recommended for deposit protection agencies in the East Africa Region and the internal target of 20%.
Successfully concluded the recruitment process for a section of its staff, with a portion of the newly appointed employees having reported for duty.
Completion of the project for acquisition of the Depositor Payout and Premium Management System and the Human Resources, Investments Management and Accounting system.

The delegation from DPF shares a light moment with the Minister of Finance, Planning & Economic Planning. From left: Ms. Jacinta Anyinge (Assistant Manager Legal – DPF), Mr. Bob Munene (Principal Economist Financial Services Department – MoFPED) Mr. Abdallah Sekibembe (Legal Officer – DPF), Mrs. Angela Kiryabwire Kanyima (Director Legal & Board Secretary – DPF), Mr. Felix Nsimoomwe (Manager Board Affairs), Mr. Emmanuel Kalema Musoke (Member of the DPF Board), Dr. Andrew Obara (Member of the DPF Board), Ms. Roy Nambogo (Member of the DPF Board), Mr. John I.K. Byaruhanga (Member of the DPF Board). Seated, from left: Mr. Ben Patrick Kagoro (Board Chairman – DPF), Hon. Matia Kasaija, Dr. Julia Clare Olima Oyet (Chief Executive Officer – DPF).

Dr. Oyet informed the Minister that the Fund was undertaking several activities, key of which, include the following:

The DPF permanent office premises development project.
Drafting of a backstop funding agreement with the Government of Uganda / Ministry of Finance, Planning and Economic Development.
Conducting a public awareness survey.
Memorandum of Understanding with the Federal Deposit Insurance Corporation of the USA (FDIC).
Hosting of the IADI-ARC Conference in 2024 in Kampala.

In closing, Mr. Kagoro and Dr. Oyet thanked Hon. Kasaija for his continued support and guidance to the Fund which has enabled it to deliver on its mandate effectively. Hon. Kasaija congratulated the Fund on the milestones attained and upon being elected to host the 2024 IADI-ARC Conference which he said, would market Uganda to the world and bring foreign exchange to the country.