MINISTER OF FINANCE, PLANNING AND ECONOMIC DEVELOPMENT HOSTS DPF BOARD
Hon. Matia Kasaija, Minister of Finance, Planning and Economic Development (7th R) with other DPF Board members and Management after the meeting.
The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija hosted the Board and management of the Deposit Protection Fund of at the Ministry HQs on December 11, 2024. The bi-annual engagement is a platform to update the line Minister about the key developments at the Fund. The Board Chairman Mr. Ben Patrick Kagoro, led the team and presented to the Minister the Report for the Financial Year ended June 2024 and the Quarter ended September 30, 2024. Key highlights of the report were;
- Payment of protected deposits for the closed EFC Uganda Ltd and Mercantile Credit Bank Ltd was handled seamlessly and in record time.
- The Fund size had grown from UGX 1.35 trillion in June 2023 to UGX 1.61 trillion as at September 2024.
- At the current protection limit of UGX 10million, 98.25% of the depositors are fully covered.
- Deposit accounts exceeding UGX 10million constitute 2% of the total deposit accounts.
The Minister commended the Board, management and staff of the Fund for the progress attained and encouraged them to stay on course. He reiterated his earlier directive to the Board and Management to hasten the acquisition of land for the DPF Head Office. He also emphasised the importance of benchmarking with the best with a view to adopting the best deposit insurance practices. On behalf of the members, the Chairman Mr. Kagoro expressed appreciation of the Board to the Minister for his confidence in the team and the continued stewardship to the Fund.
