The Deposit Protection Fund (DPF) of Uganda has intensified efforts to promote public awareness and build confidence in the financial sector. As part of this commitment, the Fund recently hosted a highly successful media engagement in Lira City.
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The DPF, a government agency tasked with safeguarding depositors in the event of a financial institution’s collapse, currently protects deposits up to 10 million Uganda Shillings per account. Beyond this limit, any additional funds are addressed during the liquidation process.
Patrick Ezaga, Director of Communications at the DPF, emphasized the crucial role of the media in reaching Uganda’s diverse population. “The media is our key ally in reaching the masses. This engagement was an opportunity to share essential information about deposit protection and gather feedback to refine our approach,” Ezaga stated.
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The initiative sought to bridge the knowledge gap among journalists, equipping them with a deeper understanding of the DPF’s mandate. Participants called for a review of protection limits, particularly for corporate accounts, to reflect the unique needs of businesses.
To ensure that DPF’s messages reach grassroots communities, the agency announced plans to translate its information into major local languages. These translations will be disseminated through radio stations and other localized channels, enabling underserved populations to better understand their rights and the Fund’s role.
Ezaga also highlighted the importance of depositors maintaining up-to-date personal records with their financial institutions. “Accurate information is critical for prompt payouts in case of bank closures. We urge all depositors to update their contact details and account information during peace times to avoid delays,” he said.
The DPF’s current protection limit of 10 million Uganda Shillings, set in 2019, is undergoing review to reflect evolving economic realities. Stakeholder feedback, including inputs from this media engagement, will guide the Fund’s recommendations to the Ministry of Finance and Parliament.
Through ongoing public awareness initiatives, the DPF aims to foster trust and understanding of its role in protecting depositors and contributing to the stability of Uganda’s financial sector.
“With these efforts, we are moving beyond awareness to building appreciation and trust in what DPF stands for,” Ezaga concluded.
