Standard Chartered Bank courtesy visit to Deposit Protection Fund of Uganda
Standard Chartered Bank (U) Limited CEO Mr. Sanjay Rughani paid a courtesy visit to the Deposit Protection Fund of Uganda on September 12, 2023. Mr. Rughani was accompanied by Mr. Hannington Ssaka Mayanja, the bank’s Compliance Manager. DPF’s CEO Dr. Julia Oyet hosted the guests accompanied by DPF’s Director Communications Mr. Patrick Onen Ezaga and Director Finance & Operations, Mr. Yusuf Mukiibi.
Mr. Rughani thanked the Fund’s Chief Executive Officer for the warm welcome and opportunity to host them. He informed the Fund’s team that the bank is globally celebrating 111years of existence, Uganda inclusive. He expressed his gratitude for the cordial relationship the bank has built with the Fund especially towards ensuring that both entities achieve their objections. He enumerated the new products that the bank had developed in order to create and enhance a better experience and attract more depositors as well as retain existing ones.
On his part, Mr. Mayanja was pleased to inform the Fund that the bank continues to uphold high compliance levels with DPF requirements in order to enable it operate smoothly given the regulatory environment. He also applauded the Fund for its continuous checks and engagements which have enabled the bank to always ensure it is complaint.
Dr. Julia Oyet congratulated the bank upon its milestone of making 111years in existence and applauded them for standing the test of time. She narrated a brief history of DPF and its mandate, reiterated the protected limit of UGX 10,000,000 and noted that this limit covers up to 98% of depositors of Contributing Institutions. She informed the bank’s team that the Fund is a member of the International Association of Deposit Insurers as well as the Africa Regional Committee in which she is the Chairperson and that DPF upholds best international practices in its operations.
The DPF Director Finance and Operations, Mr. Yusuf Mukiibi updated the bank team about the Depositor Payout and Premium Management System which the Fund has developed and informed them that the system would be used to pay depositors in a timely manner in the unlikely event that a Contributing Institution were closed. He added that the system would also automatically compute premiums and bill Contributing Institutions accordingly. Mr. Mukiibi also applauded the bank for its high level of compliance with the Single Customer View project.
The guests were updated about the Fund’s public awareness efforts by the Director Communications, Mr. Patrick O. Ezaga. He emphasized the need for the bank to work in close collaboration with DPF in its public awareness activities such as engagement with staff and display of DPF promotional and visibility materials in the banking halls.
