Uganda Hosts IADI Africa Regional Committee (ARC) Conference & Annual General Meeting, August 27–30, 2024
The Deposit Protection Fund of Uganda (DPF) in collaboration with the Bank of Uganda hosted the International Association of Deposit Insurers (IADI) – Africa Regional Committee (ARC) Conference and Annual General Meeting on August 27 – 30, 2024. The Conference was held under the theme; ‘Ensuring Financial Stability and Protecting Depositors in a Dynamic Financial Ecosystem’. Participants were drawn from across deposit insurance jurisdictions in the African region and beyond.
The Minister of Finance, Planning and Economic Development of the Republic of Uganda, Honorable Matia Kasaija was the Chief Guest. In his keynote address he highlighted the critical role of deposit insurance in safeguarding the financial system and ensuring public confidence while contributing to the absorption of the populace to the formal finance system. Hon. Kasaija noted that ensuring financial stability was a key factor to motivate the uptake of formal financial engagement especially among the less sophisticated depositors. He expressed comfort at the fact that at the current protected limit of UGX 10 million, up to 98% of the less sophisticated depositors were fully covered.
The Deputy Governor Bank of Uganda, Dr. Michael Atingi-Ego emphasized the critical role of deposit insurance in maintaining financial stability and public confidence. He highlighted the importance of vigilance, collaboration, and robust safeguards to ensure the tranquillity of financial systems, drawing a parallel with the serene waters of Lake Victoria.
He acknowledged the support of the Minister of Finance, Planning, and Economic Development, and praised the recent reforms, including the establishment of an autonomous Deposit Protection Fund and the increase of the deposit insurance threshold to 10 million shillings. These measures, he noted, are vital for fostering a resilient financial sector. Dr. Atingi-Ego’s remarks underscored the necessity of deposit insurance in preventing bank runs and protecting depositors, ultimately contributing to the economic prosperity and social well-being of the nation.
In his remarks, the Chairman of the DPF Board Mr. Ben Patrick Kagoro echoed the sentiments of collaboration and progress. He stressed the importance of strong governance and regulatory frameworks to ensure the effectiveness of deposit insurance systems. Mr. Kagoro enumerated some of the key achievements of the DPF, including the increase in the deposit insurance threshold and the establishment of an autonomous fund. He also emphasized the need for continuous improvement and adaptation to emerging financial challenges. He emphasized resilience and robustness as the cornerstones for the growth of deposit insurance systems in Africa.
On her part, Dr. Julia Clare Olima Oyet (Mrs.), the CEO of the Deposit Protection Fund of Uganda and Chairperson of the IADI Africa Regional Committee (ARC), warmly welcomed delegates to the IADI – ARC Conference 2024. She emphasized the importance of collaboration among deposit insurance agencies across Africa to enhance financial stability and protect depositors. Dr. Oyet took cognisance of the growth of the ARC, now comprising of fourteen member countries. She made special mention of the potential members present namely Ethiopia, Eswatini, Burundi, and Mozambique.
The event attracted deposit insurance practitioners from fifteen African countries, together with representatives from the International Association of Deposit Insurers, the World Bank and other International financial organizations.
The conference’s main purpose was to share regional and global experiences on how effective deposit insurance schemes contribute to enhanced public confidence in the financial sector and ultimately financial stability in a dynamic financial ecosystem.
