Uganda Hosts Africa Regional Committee Conference
The Deposit Protection Fund is hosting the Africa Regional Committee Conference and Annual General Meeting, focusing on financial stability and depositor protection in a dynamic financial ecosystem.
Minister of Finance Matia Kasaija
The Deposit Protection Fund (DPF) is hosting the Africa Regional Committee (ARC) Conference and Annual General Meeting from August 27 to 30, 2024.
The conference, under the theme “Ensuring Financial Stability and Protecting Depositors in a Dynamic Financial Ecosystem,” gathers experts from African member countries with deposit insurance entities.
Minister of Finance Matia Kasaija emphasized the importance of robust contingency planning to ensure financial stability in the face of a rapidly evolving financial ecosystem.
He highlighted the government’s consistent commitment to protecting depositors, enhancing financial literacy, and promoting financial inclusion.
“Over the years, the government has demonstrated its resolute and unwavering intention to protect depositors,” he stated during the opening ceremony on August 27.
Dr. Julia Clare Olima Oyet, CEO of the Deposit Protection Fund, underscored the significance of deposit insurance in safeguarding vulnerable depositors, referring to them as “Omuntu wa wansi” (the common man).
She remarked that recommendations arising from member engagements contribute to policy formulation within the International Association of Deposit Insurers (IADI) and national governments.
“It is well known that twenty years ago, when a few banks were put under liquidation, depositors waited months, if not years, to receive their protected deposits. With the establishment of the Deposit Protection Fund as a legal entity with its own Board and staff, this is now a thing of the past,” she said.
Michael Atingi-Ego, Deputy Governor of the Bank of Uganda
Michael Atingi-Ego, Deputy Governor of the Bank of Uganda, noted that the creation of an autonomous Deposit Protection Fund and the recent increase in the deposit insurance threshold to UGX 10 million demonstrate the country’s commitment to a resilient financial sector.
He further noted that the protection of depositors extends beyond the insurance threshold, with mechanisms in place to safeguard larger deposits.
