Sustainable Saving Culture Takes Center Stage as Deposit Protection Fund Joins Other Financial Sector Players to Commemorate World Savings Day – October 31, 2025
Deposit Protection Fund of Uganda (DPF), on October 31, 2025, joined the Uganda Institute of Banking & Financial Services (UIBFS), Bank of Uganda, Uganda Bankers Association & other financial sector players to commemorate World Savings Day & kickstart the 2025 Banking & Financial Services Awareness Campaign (BFSAC) dubbed “Planned Adult” under the theme, “Financial Health – From Earnings to Sustainability.”
In the panel discussion with other regulatory players in the financial sector, the DPF Chief Executive Officer Dr. Julia Clare Olima Oyet (Mrs.) noted that in line with its mandate, the Fund carries out public awareness initiatives to inform depositors that their deposits are protected up to UGX 10million. This, she said, contributes to sustainability in their earning efforts as their confidence to transact with regulated financial institutions in enhanced. She added, “the Fund regularly publishes the updated list of Contributing Institutions on its website, social media platforms and in newspapers so that the public is made aware of the institutions in which their deposits are protected.” The Fund also runs adverts on both radio and TV, the former being the most consumed media platform by the less sophisticated depositor.
Dr. Oyet further stated that the Fund contributes to confidence in the financial sector by ensuring timely and accurate payments to depositors when their Contributing Institution gets closed for liquidation by Bank of Uganda. In the recent past, the Fund commenced reimbursing depositors of the now defunct EFC Uganda Ltd and Mercantile Credit Bank Ltd, on average 7 days after their closure by the Central Bank. She reminded the guests to ensure that they keep their personal information up to date, in their respective financial institutions.
The Governor Bank of Uganda Dr. Michael Atingi-Ego, represented by Mr. Philip Andrew Wabulya, the Executive Director Risk & Strategy at Bank of Uganda, gave a brief background about the World Savings Day stating that it started in 1924, with Uganda joining to commemorate it in 2016. The Governor noted that Bank of Uganda has implemented various financial literacy initiatives to empower citizens such as having outreaches in communities, schools and targeted media awareness campaigns. He also encouraged the financial sector players to establish ways in which the populace can easily save and encouraged them to develop products and services that make it convenient for them to do so.
