The Deposit Protection Fund of Uganda (DPF) has launched a public sensitization campaign in Soroti City aimed at increasing awareness about the safety of deposits in licensed financial institutions.
Speaking during a town hall engagement, Patrick Ezaga, the Director of Communications at the DPF, said the outreach in the Teso sub-region is part of the Fund’s nationwide effort to educate citizens about its mandate and the benefits of saving within the formal financial system.
“We are very pleased to be in Soroti City executing one of our core mandates to ensure that depositors across the country are fully aware of the protection available to them through the DPF,” Ezaga said.
He explained that the DPF, a government agency under the Ministry of Finance, guarantees the safety of deposits up to Sh10 million in the event that a financial institution is closed.
Ezaga noted that this limit covers nearly 98 percent of all depositors in Uganda, most of whom fall within the low-income bracket.
“Ten million may sound like a small amount, but it covers the majority of depositors, especially those at the bottom of the pyramid. We are here to assure the public that their money is safe in regulated banks,” he emphasized.
Over the past two days, the DPF team has met district leaders, Resident District Commissioners (RDCs), Chief Administrative Officers (CAOs), technocrats, and representatives of commercial banks in the sub-region.
The discussions focused on addressing public concerns and demystifying misconceptions about the banking sector.
Wednesday’s town hall session brought together participants from the transport sector, boda-boda industry, small-scale enterprises, and civil society organisations.
Ezaga said such engagements provide an opportunity for citizens to interact directly with financial sector representatives and seek clarity on key issues affecting depositors.
“Our goal is to remove the fear that many people have towards banking and to encourage them to keep their money in formal institutions. When you save in a regulated bank, your funds are not only safe but also protected by the DPF,” he added.
Ezaga also warned the public against informal saving schemes that often defraud unsuspecting members, advising that it is better to accept minimal bank charges than risk losing all their savings.
“Someone may fear bank charges, yet those are minimal compared to the risk of losing everything. It’s wiser to pay a small fee for safety and assurance,” he said.
The DPF continues to use multiple platforms — including radio, television, and community engagements — to promote financial literacy and strengthen Uganda’s culture of saving in formal financial institutions.
