Overview:
According to the report, at the current deposit protection limit of UGX 10 million,98.25% of the total number of deposit accounts had credit balances that were within the protected limit, and thus fully qualified for deposit protection. Deposit accounts whose credit balances were above the UGX 10 million limit constitute only 2% of the total deposit accounts.
The money held under the Deposit Protection Fund (DPF) has grown from UGX 1.35 trillion in June 2023 to UGX 1.61 trillion in September 2024.
This is contained in the Deposit Protection Fund Report for the Financial Year ended June 2024 and the Quarter ended September 30, 2024.
The report, which was presented to Finance Minister Matia Kasaija on Wednesday, also indicated the successful payout of protected deposits for the two financial institutions closed by the Bank of Uganda; EFC Uganda Ltd & Mercantile Credit Bank Ltd.
According to the report, at the current deposit protection limit of UGX 10 million,98.25% of the total number of deposit accounts had credit balances that were within the protected limit, and thus fully qualified for deposit protection. Deposit accounts whose credit balances were above the UGX 10 million limit constitute only 2% of the total deposit accounts.
The Finance Minister commended the DPF team led by the Board Chairman, Patrick Kagoro, for good progess and also urged them to continue benchmarking for the best deposit protection practices. He also asked the Board and Management to expedite the process of acquiring land for construction of the Head Office complex.
Mr Kagoro expressed appreciation of the Board to the Minister for his confidence in the team and the continued stewardship.
The Deposit Protection Fund is a government agency that provides protection to customers of deposit taking institutions licensed & regulated by Bank of Uganda.